How “complete” does a restructuring application, submitted in response to a distressed loan notice, have to be?

The application has to be complete enough to begin the process, but it does not have to include all information needed to make a restructuring decision. The Act and FCA rules define a restructure application as a written request from a borrower to restructure the loan(s) that is submitted on appropriate forms and supported by financial information and repayment projections. The information provided should be enough to “support a sound credit decision,” but lenders are expected to provide additional data, such as available loan terms and conditions.

FCA expects the qualified lender to negotiate with (help) the borrower to develop the best plan possible, using sound credit standards and realistic projections. Congress added a provision in the Act providing for lenders and borrowers to meet to develop a restructure plan. Lenders may develop a restructuring plan without an application from the borrower.

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