Borrowers Support Fund – in short BSF – what exactly is it? BSF is a tool that has been supported by the Borrower Support Fund in our country relatively recently – just over a year ago. According to the assumption, this fund has a very large sum of money from Bank Goodpwa Krawgo (it is about PLN 600 million). This money is to be distributed among borrowers who are struggling with a very difficult situation and problems with repayment of their obligations.
However, assistance from BSF is not granted to everyone. The Act clearly defines who can apply for support from this fund. First of all, these are the unemployed, persons whose loan installment exceeds at least 60% of their salary, and those whose income per one person in the family is lower than PLN 634 after deduction of the loan installment. The BSF can be used by people with credit in their home currency as well as those with a foreign currency loan.
Tasks of BSF
The main role of BSF is to provide assistance in the form of taking over the obligation to repay their loan installments for a specified period of time. This means that the fund will provide repayment of the installments of a given borrower for a period not longer than 18 months. Thanks to this, the borrower is able to master the situation and, for example, find a new job that will later help him pay the debt. Assistance may be withdrawn before a certain period of time. This may happen in the case when a given borrower finds a new job, and the basis for providing assistance was the unemployed status.
The BSF program provides support up to a maximum of PLN 1,500 monthly installment
This means that if the fund provides support for a period of 18 months, the amount borrowed from it is PLN 27 thousand. We will have to pay this sum to the fund later. Beginning of the return of borrowed money takes place only after 2 years from the end of support. However, the repayment can be postponed, but up to a maximum of 8 years.
An application to the BSF in accordance with the provisions of the Act should be submitted to the bank in which we entered into the obligation. In the application, it is necessary to refer to the circumstances that enable the borrower to benefit from the fund’s assistance. The bank then has 30 days to consider such a request. If there are no obstacles to providing assistance, then the borrower is invited to sign an agreement with Bank Goodpwa Krawgo.
It is this bank that will settle accounts with our bank in which we have a credit obligation. It is important that we do not receive money from the fund, the financial assistance is transferred directly to the bank as installment. Despite easy access to this fund, the program enjoys little interest – only a few hundred people have benefited from the help. There is a rather strange phenomenon, as more than 60,000 Poles are struggling with late payment of installments.