10 POINTS TO KNOW IF YOU’RE A BORROWER OR GUARANTOR
1. Personal repayment schemes with protection of the primary home, where possible.
2. Write-off of unsecured debt costs of maximum 15,000 euros.
3. Mandatory restructuring of debts of up to 300,000 euros, where the primary home has a value of up to 250,000 euros.
4. In the case of mandatory restructuring, the borrower maintains the right to live in the primary home.
5. Provision for all those who earnings in the past two years.
6. If the borrower stock to the repayment programme, he/she may be relieved of unsecured debts
which have not been restructured.
1. The obligation of the guarantor is equal to the difference between the value of the mortgaged security and the balance of the loan.
2. The creditor is limited to a time frame of up to two years to take legal action against guarantors.
3. Guarantors may repay amounts by monthly installments.
4. The guarantor’s primary home may not be foreclosed in order to recover the debts of the first borrower, unless in the case when the guarantor has put up his/her primary home as security for the borrower’s loan.