Financial follow up service
Financial follow up service
Set of solutions for pre-default and actual default situations.
What is it?
The Financial Monitoring Service (FSS) is made up of a set of solutions that can be implemented quickly, allowing Millennium bcp Customers who are experiencing financial difficulties to maintain normal compliance with their credit responsibilities to the Bank. The SAF covers the following products:
Mortgage loan contracts
Personal loan contracts
Car leasing
Credit card balances
Overdrafts on Demand Deposit accounts
This service has been adjusted to the national reality, representing, currently, a solution for situations of financial difficulties. Its implementation may occur at the request of Customers or by initiative of Millennium bcp (the latter always with their agreement).
Legal setting
Although this service was created prior to the publication of Decree-Law 227/2012, it fits in the Action Plan for Default Risk (PARI) enshrined in that law, as it aims at the swift adoption of measures to prevent default.
For more information on the legal framework, click here.
Situations covered by SAF
Unemployment
Substantial reduction in disposable income, as a result of a drop in salary
Illness of the household, entailing high and recurrent expenses
Recurrent expenses with elderly relatives or others requiring special care
Other similar situations
