Breech of Credit Contracts
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Risks of Excessive Indebtedness
Credit instalments constitute regular charges for the family budget of bank customers. It is essential for bank customers to previously weigh up whether they have financial capacity to assure the payment of the instalments arising from the loans they wish to take out.
For further information on family budget management, see the portal “Everyone Counts”, at www.todoscontam.pt.
Risks of Excessive Indebtedness
Default on credit liabilities occurs when the bank customer does not pay, on the established date, the instalment of the credit contract that was concluded.Customers with credit in situations of default are subject to penalties and their assets may be seized.The bank customer should have a preventative attitude, anticipating any possible situation of default. If you foresee difficulties in the payment of your charges, you should promptly warn the credit institution..If the bank customer communicates difficulties in ensuring the payment of his charges, the credit institution is obliged, pursuant to Decree-Law number 227/2012, of 25 October, to assess his risk of default. The credit institution should propose solutions to prevent breach of contract, whenever feasible.
To inform ActivoBank of the existence of difficulties in the payment of your charges, contact an Active Point or call 707 500 700 on Monday to Friday from 8h to 22h, Saturday from 10h to 20h, Sunday and public holidays from 12h to 20h.
PERSI (Extrajudicial Procedure for Settlement of Situations of Default), created by Decree-Law number 227/2012, of 25 October, seeks to promote the settlement of situations of default through negotiated solutions between the bank customer and credit institution.Credit institutions are obliged to integrate credit in default in PERSI between the 31st and 60th day after the occurrence of the default. Credit institutions are also obliged to initiate PERSI as soon as the non-payment of an instalment occurs, in cases when the bank customer has been warned of the risk of default. Bank customers with credit in default may at any time request the immediate integration of this credit in PERSI.
During the 5 days following initiation of PERSI, the bank customer will be informed of this fact, as well his rights and duties under this procedure.
Exceptional system for protection of customers with breach of mortgage loan contracts
Customers with loans relative to permanent own residence who have defaulted and are in a particularly vulnerable situation may request the credit institution to allow access to the exceptional system, provided that they meet the legally established requirements. This system, designed to protect mortgage loan debtors in very difficult economic situations, was approved by Law number 58/2012, of 9 November, and shall be enforced up to 31 December 2015, with possible extension.
Under this system, the credit institution is obliged to present the bank customer with a proposed debt restructuring plan, when such is feasible. In exceptional situations, the credit institution should propose solutions which lead to the partial or total extinction of the debt.
Bank Costumer Support Network
Bank customers with credit at risk of default or with payment of instalments in arrears may obtain information, advice and follow-up from the extrajudicial network of support to bank customers, free of charge.The bank customer support network is composed of qualified entities recognised by the Directorate General for the Consumer.For further information on the support network, see the “Consumer Portal”, at www.consumidor.pt.
For other information on the systems relative to breach of credit contracts, contact ActivoBank customer care, Monday to Friday, from 8h to 22h, Saturday from 10h to 20h, Sunday and public holidays from 12h to 20h, through telephone numbers 707 500 700; 918 788 486 965; 965 998 486 and 935 228 486, an Activo Point or the Bank Customer Portal at http://clientebancario.bportugal.pt, and the portal “Everyone Counts”, at www.todoscontam.pt.