Head of the Prime Minister’s Office: Forex Car Loan Holders Should also Receive Help

Budapest, August 21 (MTI) – Holders of foreign-currency car loans should be helped just as much as mortgage-holders, as their contracts with banks have also been declared unfair by the supreme court, Janos Lazar, the head of the prime minister’s office, said.

Although mortgage-holders have always enjoyed more attention due to their bigger risk of losing a home, car buyers should also be protected, Lazar told Thursday’s issue of tabloid Blikk. This is all the more important as defaulting car loan holders can eventually also face losing real estate used as collateral.

“They are no longer able to make repayments and their vehicle is worth a fraction of the debt, which is growing, despite borrowers regularly making payments on time,” Lazar told the paper.

He said the government planned to carry out the second phase of forex loans bailouts: the conversion of foreign currency loans into forint-denominated ones.

Photo: www.fidesz.hu

Source: http://mtva.hu/hu/hungary-matters