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Credit Default

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Credit default: Information to be disclosed to the public on default under credit agreements and the support network for indebted consumers

Credit default

novobanco monitors the financial situation of its customers in order to identify signs of deterioration in their financial capacity, ensuring compliance with credit responsibilities and a set of support procedures to help customers prevent situations of default. Plano de Ação para o Risco de Incumprimento - Action Plan for the Risk of Default (PARI)

Please consult the information note on default under credit agreements and the support network for indebted consumers.

 

Risks of excessive indebtedness

Credit instalments are regular expenses within a household budget. It is essential that banking customers consider in advance whether they have the financial capacity to ensure payment of the instalments of the loans they intend to take out.

For more information on managing a household budget, please visit the Todos Contam portal at www.todoscontam.pt

 

Risk of default: Plano de Ação para o Risco de Incumprimento - Action Plan for the Risk of Default (PARI)

Default on credit responsibilities occurs when the customer fails to pay an instalment of the contracted loan on the due date. Customers with loans in default are subject to penalties and their assets may be seized.

Customers should take a preventive approach and anticipate a possible situation of default. If you foresee difficulties in paying your loans, you should immediately alert novobanco by email at unidade.pari@novobanco.pt.

If you report that you are experiencing difficulties in paying your loans, the Bank is required, under Decree-Law no. 227/2012 of 25 October, to assess your risk of default within the scope of the Plano de Ação para o Risco de Incumprimento - Action Plan for the Risk of Default (PARI).

You must send the documents requested by the bank within 10 days. The bank is not required to assess the situation if customers do not provide the requested information and documents. Within 15 days after the requested elements have been made available, the bank must propose solutions, whenever viable, to avoid default on the loans concerned. 

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Regularisation of defaults: Procedimento Extrajudicial de Regularização de Situações de Incumprimento - Out-of-court Procedure for the Regularisation of Default Situations (PERSI)

Whenever situations of actual default occur, customers should seek support in order to benefit from suitable solutions to regularise that default under PERSI, created by Decree-Law no. 227/2012 of 25 October, which aims to promote the regularisation of default situations through solutions negotiated between the customer and the bank.

The bank is required to include loans in default in PERSI between the 31st and the 60th day after  default occurs. If the customer has warned of the risk of default, the bank must start PERSI as soon as non-payment of an instalment occurs. A customer with a loan in default may request immediate inclusion of that loan in PERSI at any time.

Within the 5 days following the start of PERSI,  customers will be informed by the bank of that fact, as well as of their rights and duties within the scope of this procedure.

For more information, please contact your branch manager or call Linha Direta - Direct Line on +351 21 883 77 00, cost agreed between the customer and the telecommunications operator, or on 707 24 7 365, cost of €0.09 per minute from the fixed network and €0.13 per minute from the mobile network, plus VAT at the legal rate in force, with personalised service on business days from 8:00 am to 10:00 pm and on weekends and public holidays from 9:00 am to 6:00 pm.

In the event of termination of PERSI, customers who have mortgage contracts in default and who are also borrowers under credit contracts with other institutions may request the intervention of the Credit Mediator, maintaining the safeguards provided for under PERSI for an additional period of 30 days, under article 22 of Decree-Law no. 227/2012 of 25 October.

 

Rede de Apoio ao Consumidor Endividado - Support Network for the Indebted Consumer (RACE)

Customers with loans at risk of default or in arrears with their instalments may obtain information, advice and support from RACE free of charge.

RACE is made up of consumer information and arbitration centres and other entities qualified and recognised by the Direção-Geral do Consumidor. For more information on RACE, please visit the Direção-Geral do Consumidor website at www.consumidor.gov.pt

 

Other information on the regimes relating to default under credit agreements

For further information, please contact your branch manager or call Linha Direta - Diret Line on +351 21 883 77 00, cost agreed between the customer and the telecommunications operator, or on 707 24 7 365, cost of €0.09 per minute from the fixed network and €0.13 per minute from the mobile network, plus VAT at the legal rate in force, with personalised service on business days from 8:00 am to 10:00 pm and on weekends and public holidays from 9:00 am to 6:00 pm.

You may also consult the Bank Customer Portal at https://clientebancario.bportugal.pt/en and the Todos Contam portal at www.todoscontam.pt

 

Frequently Asked Questions

Plano de Ação para o Risco de Incumprimento - Action Plan for the Risk of Default (PARI) is a procedure provided for in Decree-Law no. 227/2012 of 25 October, consisting on the systematic monitoring by banks of the performance of credit agreements and the management of situations involving risk of default.

Therefore, whenever the bank detects signs of deterioration in the customer’s financial capacity or the customer communicates facts indicating a risk of default, the bank takes the necessary steps to assess those signs, in order to determine the existence of a risk of default and its extent. For this purpose, the bank assesses the banking customer’s financial capacity and may request the information and documents that are strictly necessary and appropriate for that purpose.

If you are at risk of default, you should follow the instructions set out in the bank’s communication, namely regarding the documentation requested, which must be sent to our PARI Unit through the email unidade.pari@novobanco.pt.

PARI was created precisely for this type of situation. Contact our PARI Unit through the email unidade.pari@novobanco.pt and follow the instructions given to you, particularly with regard to the documentation required.

 

You have 10 days to submit the requested documents. 
The bank is not required to assess the situation if you do not send the requested information and documents.

 

After receiving all the documentation requested from you, the bank will assess your financial capacity to meet the obligations arising from the credit agreement and will reply within a maximum period of 15 days.

If there is financial viability, this reply will include one or more proposals that will enable you to solve your risk of default situation, which may include, in particular:

  1. Entering into a new credit agreement for the purpose of refinancing your debt

  2. Changing the conditions of your credit agreement, such as extending the term, setting a grace period, and so on

  3. Consolidating several credit agreements

The bank seeks to find the best solutions suited to your case in order to avoid a situation of default. However, you are not required to accept the solutions presented by the bank. We will try to understand how to accommodate any additional concerns you may have regarding the proposals presented and clarify any questions related to them.

Procedimento Extrajudicial de Regularização de Situações de Incumprimento - Out-of-court Procedure for the Regularisation of Default Situations (PERSI) was also created by Decree-Law no. 227/2012 of 25 October and aims to promote the regularisation of default situations through solutions negotiated between the customer and the bank.

Whenever you fall into arrears in fulfilling your obligations under a credit agreement, the bank will inform you of that delay within a maximum period of 15 days.

If the non-compliance with the obligations of the credit agreement continues, you will automatically be included in PERSI between the 31st and the 60th day after the default, and you will also be informed of that fact.

If you are in arrears in fulfilling your obligations under the credit agreement, you may also request your inclusion in PERSI and, if you have previously warned of the risk of default and then fall into arrears in fulfilling your obligations, you will also be included in PERSI.

After inclusion in PERSI, the bank assesses your financial capacity and may request additional information from you for that purpose, which you must provide within a maximum of 10 days.

Up to 30 days after inclusion in PERSI, the bank must communicate the result of the assessment of your financial capacity and, if it considers that you are able to repay the capital or pay the due and future interest under the credit agreement, it will present one or more regularisation proposals suited to your financial situation, objectives and needs.

If you wish to propose changes to the bank’s proposal or propose an alternative solution, the bank has 15 days to respond.

The Todos Contam portal at www.todoscontam.pt contains important information that may help you manage your household budget, as well as credit calculators.

You may obtain information, advice and support from the Rede Extrajudicial de Apoio ao Cliente Bancário - Extrajudicial Support Network for Banking Customers (RACE), free of charge, in financial matters.

RACE is a network made up of consumer information and arbitration centres and other entities qualified and recognised by the Direção-Geral do Consumidor. For more information on RACE, please visit the Direção-Geral do Consumidor website at www.consumidor.gov.pt

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