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Know your rights when making payments in Europe.
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Key tips to protect yourself when choosing online or mobile banking services.
In the course of the agreement, customers may request to change the conditions of the loan or choose to pay the amount owed, or part thereof, before the end of the repayment term.
Bank customers may, at any time, request changes to the loan conditions. However, the renegotiation of these conditions requires the agreement of the bank customer and the credit institution.
Credit institutions may not charge any fees if the aim of the renegotiation is to change the terms of the loan agreement or the interest rate regime.
If the renegotiation of the conditions of the credit agreement occurs within the out-of-court arrears settlement procedure (OASP), the credit institution cannot charge bank customers fees for the analysis and formalisation of the transaction.
Whenever, in the renegotiation, the credit institution and the customer intend to increase the total credit amount, the institution must update the customers’ financial information and reassess their creditworthiness.
Customers may repay the credit agreement in advance, in whole or in part. To this end, they must notify the institution 30 in advance by letter or other durable medium.
If the early repayment occurs in a period in which the nominal rate of the agreement is fixed, customers may have to pay a fee that cannot be more than:
0.5% of the amount of capital repaid, if the period remaining between the early repayment date and the stipulated date for the end of the credit agreement is more than one year;
0.25% of the amount of capital repaid, if the period remaining between the early repayment date and the stipulated date for the end of the credit agreement is less than or equal to one year.
No early repayment fee is payable if:
The repayment occurs in a period in which the nominal rate of the agreement is variable;
The credit agreement is in the form of an overdraft facility;
The repayment has been made in execution of an insurance agreement to guarantee the credit.
In any case, the fee payable for early repayment may not exceed the amount corresponding to the amount of interest that would be required of the customer for the period between the date of the early repayment and the date stipulated for the end of the fixed rate period.
In the event of early repayment of the loan in full, bank customers have the right to receive a document from the institution extinguishing the real guarantee associated with the loan – e.g. a mortgage on a car (extinction). This document must be issued free of charge within 14 business days of the date of termination of the agreement.
For credit agreements entered into before 1 July 2009, the rules in force for early repayment are different (Decree-Law No. 359/91).
Decree-Law No. 133/2009 (only in Portuguese)
Decree-Law No. 359/91 (only in Portuguese)
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Loans – Arrears management