The Cartu Foundation is releasing a statement in connection with the loans written off in 2018.

As the Foundation explains, in 2018 “Cartu” purchased all those loans that met the pre-announced criteria. Specifically, loans whose principal did not exceed 2,000 lari and in respect of which the debtors (natural persons) had not paid the interest on the loan during the last one year.

In addition, according to “Cartu,” the loans were redeemed only from those financial institutions that expressed consent to participate in this programme.

According to their explanation, “if today any credit institution has demanded from any natural person the repayment of a loan from the said period, this is either a mistake, which can be easily verified, or this concrete obligation did not meet the established criteria and accordingly did not fall into the 2018 programme.”

“Recently statements containing false information have been spread on social media, to which we consider it necessary to respond.

We inform you that in 2018, within the framework of the ‘Social Solidarity Act,’ the ‘Cartu Foundation’ redeemed problematic obligations of natural persons in the amount of four billion one hundred four million four hundred twenty-nine thousand four hundred eighty-four (4,104,429,484) lari.

By this unprecedented act of charity the forgiveness of one million three hundred eighty-seven thousand two hundred ninety-six (1,387,296) lari of loans of six hundred fifteen thousand one hundred sixty-four (615,164) persons was carried out.

The programme affected 55 banks and financial institutions of other legal form operating in Georgia. The writing-off of such a large volume of problematic loans undoubtedly alleviated their situation and improved the country’s financial environment.

The Foundation purchased all those loans that met the pre-announced criteria. Specifically, loans whose principal did not exceed two thousand (2,000) lari and in respect of which the debtors (natural persons) had not paid the interest on the loan during the last one year.

Here we also emphasise the circumstance that the loans were redeemed only from those financial institutions that expressed consent to participate in this programme.

Citizens whom this programme affected can verify their status and obtain the corresponding certificates from the credit information bureau Creditinfo.

Also, in the event of a citizen’s written application, the ‘Cartu Foundation’ will issue the corresponding information (certificate) regarding a concrete loan.

The ‘Cartu Foundation’ once again declares that it redeemed these obligations solely for the purpose of their forgiveness and any kind of claim by the Foundation on the loans is excluded.

Thus, if today any credit institution has demanded from any natural person the repayment of a loan from the said period, this is either a mistake, which can be easily verified, or this concrete obligation did not meet the established criteria and accordingly did not fall into the 2018 programme.

We call on all interested persons not to follow the agitation raised by unscrupulous persons and to verify the status of their obligations in the corresponding structures,” the statement notes.