Have moratoriums been conceded to bank customers?

Yes; under BNA’s Order 4/2020, of 30 March, (“Order 4/2020”), bank customers may benefit from a 60-day moratorium to pay the instalments of their bank loans, said moratorium covering capital and interest.

 

Who may benefit from this moratorium??

Generally, bank customers that:

  • expressly request it in writing before the relevant bank; and
  • are parties to credit operations that are in order and that are already under a reimbursement stage or initiated such stage, in March 2020.

 

Besides the moratorium, are there any other benefits to these customers??

Yes; banks are prevented from modifying the amount if the instalments and must suspend all admonishments, constitution of customers in arrears and enforcement proceedings resulting from the delay in the compliance of the obligations to pay capital and interest, when such payments cannot be made as a result of the impact of the COVID-19 pandemic. 

 

Must I immediately modify my contract to benefit from the above measures? 

No; banks are under the obligation to adopt the necessary measures to ensure that the relevant contractual addendums are made a posteriori.

 

Will expenses and commissions be charged as means to benefit from the above measures?

No; the measures foreseen in Order 4/2020 are exempt from expenses and commissions.

 

 

 

(*) This is without prejudice to the "impacts on the management of contracts", that are equally relevant to this matter.

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This information is being updated on a regular basis.

The information provided and the opinions expressed herein have been prepared with the help of VdA Legal Partners and are of a general nature. They are not in lieu of appropriate legal advice in connection with specific cases.