State Trading Organization (STO) will be bringing noticeable changes to their credit schemes and fine policies.
Among the major policy changes to their credit schemes, STO has decided to amend their guarantor criteria. Under the planned change, guarantors signing up to endorse parties for purchase of goods on credit must clear any financial obligations to the company within seven days.
STO demands any failure by guarantors in settling any outstanding transaction to the company will be reflected with cancellation of credit purchase forms presented by individuals endorsed by said guarantors.
Potential debtors can present credit scheme purchasing forms only after any outstanding payment has been cleared from the guarantors’ end.
Debtors are also required to notify the creditor; STO, in case the former’s employment details change.
STO will be imposing a fine of 0.05% per day exceeding the due for all credit purchases.
The largest state-based corporation will be exclusive in their credit scheme towards public sector employees who have been employed for six months or more.
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