The Bank of Portugal (BdP) warns that renegotiating mortgage loans because of interest is not default. The clarification comes after some banks have told customers that they would go to a "black list" if they chose to renegotiate credit conditions.
The regulator says that a renegotiation motivated by difficulties in paying the installments is not at issue, claiming that it is just a matter of wanting better credit conditions, when negotiating within the scope of the new regime approved by the government to mitigate the impact of the rapid rise in rates of interest.
In a new answer included in the list of frequently asked questions available on the Bank Customer Portal, the regulator writes that “the renegotiated contracts under the new regime of the Action Plan for the risk of default (PARI), defined by Decree-Law no. -A/2022, of November 25, do not have any specific marking in the Credit Responsibility Center that allows banks to identify them”.
The BdP explains that credit renegotiations can be identified in the Credit Responsibility Center according to one of the following characteristics: “Renegotiation due to default – when a contract has been renegotiated due to non-payment of credit; Regular renegotiation – when there has been a change in the initial contractual conditions without there being a situation of default on the part of the debtor”.
Based on these two characteristics, the regulator clarifies that “a contract renegotiated under the new PARI regime will be characterized as a “regular renegotiation”, not distinguishing itself from other renegotiated credit contracts, for example, due to contractual improvements due to greater negotiating power of the customer". He also stresses that this renegotiation is not related to financial difficulties.
The regulator also explains that the Credit Responsibility Center “is a database, managed by the Bank of Portugal, with information provided by the institutions that grant credit”, about the loans they gave to their customers. This information is communicated monthly by the various entities, about each borrower, without, however, identifying the location or the entity that granted the loan.
Consumer must complain without fear
At Renaissance, the coordinator of DECO's Financial Protection office tells consumers to complain. “Families should not feel threatened or coerced into not renegotiating credit because they have regular information at Banco de Portugal, because this information will certainly not prevent them from having access to other credit responsibilities.”
According to this official, the consumer should request the complaints book from the credit institution itself, but can also use the complaints book found on the Banco de Portugal website.
“You shouldn't stop expressing your discontent. In recent times we have had many complaints from consumers in this regard, who feel discouraged from renegotiating their credit with the threat of negative information in the Credit Responsibility Center”, he accuses.
Natália Nunes recalls that a different situation is when the information that appears is “renegotiation in default”. "This is information of a negative nature and that could have consequences for the consumer."
Font: Renascença
