Bank institutions are part of the life of each citizen, business company or another form of corporate structure. Nearly every person has had to communicate with bank institutions on different occasions. A number of regulatory actions regulating the sector are available, such as the Credit Institutions Act, the Bank Deposits Insurance Act, the Bank Insolvency Act and more.
The services offered in the bank sector are numerous, such as user, mortgage or other credits, as well as their servicing, overdrafts, relationships regarding accounts in BG Lev or foreign currency, bank securities, general term issues and more. User credit is the product which concerns mostly the users, whereas the occasions for resorting to such a type of service vary widely – from house renovation, through car purchase, to a journey, whereas the credits under this hypothesis are usually short-term. Mortgage credits, on their part, are long-term and usually vary between 20 and 35 years. In this case, natural persons and legal entities satisfy their needs through the purchase of a real-estate, whereas as a guarantee for failed implementation of the payment scheme, an encumbrance (mortgage) is established on the purchased real estate. Another service offered by the credit institutions is the Bank Security which may be defined as the Bank’s intervention in a commercial deal through which the Bank becomes a guarantor under a receivable.
Today, business crediting is also very topical, where owners of an existing business or entrepreneurs starting business have decided to assist their idea or vision. Irrespective of whether the vision is just starting to take shape or has already taken shape, additional financing is a relieved approach for its implementation, whereas the banks have already established centres for business clients, who provide not only credit, but cooperate with the entrepreneurs. Naturally, this sounds quite attractive, but we should note down that bank receivables are privileged, therefore, all communication details and the respective papers and documents should be specified carefully before being signed.
As a fixed tier of public and economic life, “Ivanchov & Partners” recommend to everyone, when concluding any deal or contract with a bank, to previously consult as a must an Attorney-at-Law. In this respect, the firm offers the following services:
- Legal advice regarding user credits;
- Legal support in relation with mortgage credits;
- Advice on overdrafts, currency operations and general terms;
- Overall legal service concerning business crediting of starting or already existing business;
- Procedural representation before the judicial system in relation with liabilities to banks and other credit institutions;
Comprehensive legal service of banking and non-banking credit institutions;