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The end of Moratoria

The effects associated with the Covid-19 pandemic forced the adoption of several measures to address the economic and social impacts. Among the measures implemented is the moratorium regime, regulated by Decree-Law 38/2020 of 31 March, which has undergone successive amendments and whose most current version is Decree Law 54/2021. Initially instituted for six months, its validity has been successively extended, and is due to end on 31 March 2022. 

This means that the time is approaching when you must resume paying the installments of your credit if you have benefited from the moratorium and your credit is still in the moratorium. 

Find out how to prepare for the end of your moratorium 
What is a Moratorium?
In some exceptional cases, when the client has a debt with the commercial bank, a postponement of the payment of this debt may be agreed, a temporary suspension of the payment of part or all of the installment, known as a Moratorium. Thus, when people and companies face exceptional financial difficulties and are having trouble honoring commitments, this can be a solution to avoid defaulting.

It should be noted that even though it is temporary relief in the budget because of the decrease in income, the moratorium has a deadline, after which it is necessary to resume the payment of the credit installments, so certain precautions should be taken.
When does the Moratorium end?
The suspension of debt installment payments associated with the moratorium regime in Cape Verde ends on 31 March 2022.
This means that you should have your budget prepared to resume payment of principal and interest as of April 1, 2022.
My Moratorium has ended. how much will i pay?
Caixa has a communication plan in place to provide all its customers who have benefited from the moratorium with clear and accurate information about the end of the moratorium.

These customers will be contacted to advise of the end of the moratorium and the resumption of payment of credit installments, receiving information on the date on which the first installment will fall due after the moratorium, as well as the new value of their credit installments (capital and interest), which may be higher than the previous installment.

If you take advantage of the Covid-19 Moratorium but have not yet received communication from Caixa, you should contact your home branch or any of our branches  - Contacts.
Prepare your budget for the end of the Moratorium
Families and businesses affected by the pandemic have resorted to the Covid-19 Moratorium to cope with significant income losses. However, despite the still uncertain scenario, it is necessary to resume credit payments.

Here are some suggestions to help you understand how to balance the financial situation so that the resumption of payments is no longer a problem:

  • Build a monthly budget that includes all your household income and expenses (fixed and variable). To understand the impact of the end of the Covid-19 Moratorium, you should make one version of your budget with the moratorium, and another without.
  • Analyse your household budget to identify where you can reduce and optimize household expenditure. Given that with the end of the moratorium, expenses will increase, it is essential to find ways to save.
  • It is advisable to have monthly savings account in case of a contingency. 
  • If you have more expenses than income in your family budget or if saving money is difficult, the best solution is to make adjustments in expenses.
Help with Post-Moratorium care
If you think that you may eventually have difficulty meeting the installment payment amount you should alert your agency so that your situation can be assessed and payment solutions that best suit your case can be sought.
The sooner you identify the alternatives and look for solutions, the easier it will be to avoid default. 
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