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As soon as the institution becomes aware of the debtor's financial difficulties, it must inform the debtor of the existence of the Code of Good Practice.

In addition to communicating the existence of the Code, it must also provide information on its content and on how to request the measures it contains.

This obligation arises at the time the institution becomes aware of the debtor's financial difficulties, which is usually when:

  • The debtor approaches his/her bank, explaining his financial problems.
  • The debtor requests greater debt flexibility.
  • The debtor has fallen behind with payments or has not paid the mortgage instalment.

It is very important that the institution acts quickly in order to be able to restructure the debt and prevent it from increasing due to the accumulation of unpaid instalments, late-payment interest, non-payment fees, expenses and costs.

Therefore, the bank must send this information individually and specifically to the client. In addition, you must:

  • Provide a telephone number and an email address where you can answer questions and receive customer requests.
  • Highlight this information on a prominent place on your website.
  • Inform through its commercial network of offices.

Failure to comply with this obligation could result in sanctioning proceedings against the bank.

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