The out-of-court arrears settlement procedure (OASP) is a negotiation model that aims to facilitate an agreement between the bank customer and the credit institution to settle arrears situations, avoiding the need to go to court.

This negotiation model applies to all credit agreements entered into by private bank customers.

Credit institutions must start the OASP between the 31^st and 60^th days after non-payment by the bank customer. The defaulting bank customer may also request access to the OASP.