Customers with ongoing loans have 53 days left to decide whether to accept addenda or go to court

The nearly 4 million customers with ongoing loans for whom banks considered the addenda created based on emergency ordinance OUG 50/2010 as tacitly accepted have to decide over the next 53 days if they accept the situation or cancel the documents, and return to the original version of the contracts.

The option of cancelling the addenda - which entails returning to the original version of the contract - could be considered by customers unhappy with the new terms offered by the bank and who could gain more advantages in court, by challenging certain clauses they regard as abusive. On the other hand, bankers would prefer to see this matter settled once and for all and say they are not thinking about cancelling the addenda at present.

The law regarding OUG50/2010, published in the Official Gazette on December 30th says in the case of the addenda considered to be tacitly accepted, the contract is considered as modified, but allows the two parties (customers and bank) 60 days to change their minds. This means they are due to make a decision within 53 days.