If you have a Infonavit credit in Times Minimum Wages, you have the disadvantage that each beginning of the year the debt “is updated” and as a consequence the amount of money you owe rises. In order for this situation not to be repeated, the Institute of the National Fund for Housing for Workers (Infonavit) launched the program Universal Shared Responsibility Window.
Al convert your debt to pesosit will no longer be increasing at the beginning of the year and that translates into less money to pay With which the time to pay off the credit is reduced. Among the advantages of carrying out this procedure is set monthly installments and fixed balances for what remains to pay. With that you avoid increases in payments, so you can make a better schedule.
This program was announced in May, however, the number of borrowers who are eligible for this benefit is more than 2.6 million, so it is important that they find out about the benefit and go to their nearest Infonavit offices to see the best options to restructure your credit. Although the ideal and easiest way is to do it online through My Infonavit Account. This means that you will be able to choose the conditions of your debt restructuring to define the monthly payment.
It is important to note that the credits that were granted through Infonavit Total do not apply, nor do the debts that are close to being settled. Infonavit points out that this program is aimed at people who, as the years go by, see that their debt is growing like a snowball and end up with unpayable loans.
Benefits of changing Infonavit debt from VSM to pesos:
- Prevent the amount of your debt from increasing each year due to increases in inflation.
- One of the benefits it gives you is a discount on your balance.
- They will support you with your Infonavit payments.
- They will give you a clear deadline. This way you will know when you will finish paying your credit.
- You will have fixed monthly payments the time you have left to pay your credit
- Last but not least, there will no longer be an annual increase to the balance as there used to be every December 31st.
Steps to change your Infonavit credit from VSM to pesos:
- The first thing you have to do is register in My Infonavit Account, creating a user with a password.
- Within your account, on the left side, click on the menu where it says My Credit
- Go to Shared Responsibility
- Within the Shared responsibility module you will find different information such as your discount to the total balance, the number of months remaining to pay, the amount to pay monthly, the amount with which Infonavit will support you, among many other things.
The requirements to request the change of minimum wages to pesos is to be over 40 years old, have a history of your last 24 consecutive payments covered (without delays) and have had a credit or have had it for more than 15 years and that your debt is more 1.5 times the original.
Before wanting to apply, it is advisable to check your balance. Note: If your credit currently has a debt restructuring applied, you do not apply for the program to change your debt from minimum wages to pesos.
At the time of applying for this program, an amortization table will be generated, where a new amount of debt will also come that could be reduced and as we mentioned before, establishing the global amount to be paid, the number of monthly installments and the time in which you should pay it off.
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You should know that at the time of carrying out your exercise of changing your credit, do not establish a very high monthly payment that you cannot pay, because that would imply that you will most likely default on the payments and the remedy will be worse than the disease.
For more information related to the Infonavit You can visit our Economy section.