Credit agreement default

Everything you need to know about credit agreement defaults and the extrajudicial support network (Notice of Banco de Portugal nº 7/2021).


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Monthly loan repayments are regular charges of a household budget. It is essential that Customers consider in advance whether they have the financial capacity to afford the repayments of the loans they want to take.
For more information on family budget management, check out Todos Contam.

A default on credit liabilities occurs when a Customer does not pay on the due date an installment of the loan agreement.

Customers with defaulting loans are subject to penalties and their assets may be seized.

The Customer should have a preventive attitude, anticipating a potential situation of default. If you anticipate difficulties in paying your loan, you should let us know right away.

If you inform us that you’re having difficulties in paying the loan, Millennium is obliged, under Decree-Law 227/2012 of October 25, to assess the risk of default.

You must provide the information and documents requested by Millennium within 10 days. Millennium is not obliged to assess the situation if the customer does not provide the requested information and documents. Within 15 days after the providing the documents, Millennium should offer solutions to avoid the breach of the credit agreement, whenever feasible. You can also use the Banco Mail service to send us the required documents to assess your credit default risk or to get additional information.

To inform Millennium of any difficulties in paying your loan, you can send an email through Banco Mail service, available on the app or website (Topic: Credit Default Risk), visit your branch or call numbers 91 827 24 24, 93 522 24 24, 96 599 24 24 (Call to national mobile network) and +351 21 005 24 24 (Call to landline network). Available 24 hours a day. The cost of communications depends on the tariff agreed with your operator.

The Extrajudicial Procedure for the Regularization of Defaults (PERSI), created by Decree-Law 227/2012 of October 25, aims to promote the regularization of defaults through solutions negotiated between the Customer and the institution.

Institutions are obliged to include default loans in PERSI between the 31st and 60th day after the default occurs. If the Customer has warned of the risk of default, institutions must start the PERSI as soon as a monthly repayment isn’t made. The Customer with a loan default may request at any time the immediate integration of this loan in the PERSI.

Within 5 days after the start of the PERSI, the Customer shall be informed of this fact, as well as of the rights and duties under this procedure.

Customers with loans at risk of default or with delayed payments can get information, advice and monitoring from RACE free of charge.

RACE is made up of information and arbitration centers for consumer disputes and other entities qualified and recognized by the Directorate-General for the Consumer. For more information about RACE, please check the website of the Directorate-General for Consumer Affairs at www.consumidor.pt.

For further information on the regimes regarding default on loan agreements, please check the Millennium bcp Financial Monitoring Service on 21 003 7501 (landline network, personalized telephone service available 24 hours/day, from Monday to Sunday, 365 days a year), the Bank Customer Portal, at the Bank Customer Portal and the portal Todos Contam.