Set of solutions for pre-default and effective default situations.
Excessive debt risks
Credit instalments are a regular part of the family budget of bank customers. It is essential that the bank customer first consider whether he/she/it has the financial capacity to ensure the payment of instalments resulting from the loans he/she/it intends to enter into.
For more information on family budget management, please check the Website "Todos Contam", at www.todoscontam.pt.
Risk of Default
The default on credit responsibilities occurs when the bank customer does not pay the instalment of the credit agreement he/she entered into on the scheduled date.
Customers with default credit are subject to penalties and their assets can be seized.
The bank costumer must have a preventive approach, anticipating a possible situation of default. If you anticipate difficulties in paying your responsibilities, you must promptly alert the credit institution.
If the bank customer communicates that he/she/it has difficulties in paying his/her/its responsibilities, the credit institution is obliged, under Decree-Law 227/2012, of October 25, to assess his/her/its risk of default. The credit institution should propose solutions to avoid default on the credit agreement, whenever feasible.
To inform Millennium bcp on your difficulties in paying your responsibilities, please contact your branch or call 707 310 300 (Personal assistance, business day from 8:30 a.m. to 10 p.m. and on non-business days from 10 a.m. to 10 p.m.).
PERSI - Extra-Judicial Procedure for the Correction of Default Situations, established by Decree-Law 227/2012, October 25, aims to promote the settlement of default situations through solutions negotiated between the bank costumer and the credit institution.
The credit institutions are obliged to integrate the default loans in PERSI between the 31st and the 60th day after the occurrence of the default. The credit institutions are also obliged to start PERSI as soon as there is a non-payment of an instalment, in cases where the bank costumer has warned about the risk of default.
The bank customer who has a credit in default can request, at any time, the immediate integration of that credit in PERSI.
Within 5 days after the start of PERSI, the customer will be informed of this fact, as well as of his/her rights and duties under this procedure.
Bank Customer support network
Bank customers with credits at risk of default or with a delay in the payment of their instalments can obtain information, advice and monitoring from the extra-judicial customer support network, free of charge.
The bank customer support network is made up of qualified entities recognised by the Direção-Geral do Consumidor.
For further information on the support network, please check "Portal do Consumidor", at www.consumidor.pt.
For further information on credit default schemes, please check the Financial Monitoring Service of MIllennium bcp (707 310 300 (Personal assistance, available every day from 8:30 a.m. to 10 p.m.) - the Bank Costumer Website http://clientebancario.bportugal.pt
, and the Website "Todos Contam" at www.todoscontam.pt
Source: Banco de Portugal