Penalties for non-compliance
If the bank or the debtor do not comply with the obligations established for the application of the Code of Good Practice, they may be penalised.
The debtor defaults if:
- Benefits from the Code of Good Practice when he/she does not meet the exclusion threshold.
- Seeks to voluntarily and deliberately meet or continue to meet the threshold of exclusion.
In these cases, it will be responsible for the damages that may have occurred, as well as all the expenses generated by the application of the relaxation measures.
The entity fails to comply with the organization and discipline regulations if:
- Does not advertise the Code of Good Practice or inform the debtor of its existence and content and the possibility of benefiting from it.
- Does not apply the measures of the Code to the debtor who has been proven to meet the exclusion threshold.
- It does not apply the measures of the Code in case of assignment of the credit to a third party.
- Does not submit to the Banco de España the monthly information required by the Control Committee in relation to the requests received.
These breaches are considered a serious breach of the Law on the regulation, supervision and solvency of credit institutions.
FREQUENTLY ASKED QUESTIONS
What is meant by saying that a restructuring plan is not viable?
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Can I request debt restructuring if the loan was not used to purchase my home?
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