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The argument of the financial entities to deliver this benefit was to generate relief for their debtors during the crisis caused by COVID-19.
However, the headaches of many companies that have tried to request revolving loans with Bancolombia have already started, and the answer is that overdrafts were reduced by 50% and now the liquidity of companies is affected to respond to suppliers and comply with obligations.
“We received a communication from Bancolombia informing us that due to our economic well-being, revolving loans have been temporarily eliminated and our overdraft quotas, which we have maintained for many years, are reduced by between 30 and 50%,” reported businessman Iván Pinilla. , in Caracol News.
According to him, this decision of the bank affects the companies because they cannot have that money to cover the needs in the midst of the current emergency.
Bancolombia responded to business clients who have this problem and assures that the priority is to take care of money in the midst of this economic crisis.
“Our priority has always been the responsible sale and care of the money of more than 12 million customers in Colombia. We decided to limit some products with a rotating quota, but we maintain other instruments in force to meet their short-term needs, “the bank said.
But the problem is not only with companies. According to Noticias Caracol, clients should be careful when requesting grace periods because this generates accumulation of interest, which will be charged at some point.
In fact, a few months ago, lawyer Abelardo de la Espriella denounced that some banks were making a ‘move’ with said grace periods during COVID-19.
“Look at this last pearl: it turns out that if a customer stops paying, apart from being liable for the default rate, he must assume some collection costs. For collections management, the banks have a call center, in which in addition to offering their products, they are in charge of scampering defaulters, which allows them to bill between 5% and 15% more on the overdue debt. That loan becomes a drop by drop ”, details the lawyer.
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