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If
you ever find yourself in Debt in Portugal, the same applies
as to anywhere else in the world, i.e. Don't bury your head
in the sand and hope that it will go away because it most
definitely won't!
It is a sad fact that in this day and age and due the
current economy many people are finding themselves with
money worries and debt in Portugal is no different to
anywhere else.
If you have a loan, credit cards or a mortgage etc and you
are starting to struggle to make the repayments the first
thing that you should do is to contact the lender and
explain the situation. You will not be the first and you
won't be the last so don't be embarrassed, the sooner it is
brought to the attention of the lender the sooner a solution
can be found.
If a solution cannot be found or if the debtor refuses to
face up to any problems the Portuguese law has systems in
place which will enable the banks etc to reclaim their
money.
A law firm is usually engaged quite early in the process and
these law firms have teams who specialise in debt and whose
main aim is obviously to recover any money that is owed but
they are also open to mediation in order to get the matter
sorted out.
If mediation is unsuccessful the debtor will usually receive
a letter demanding full payment, usually within ten days and
if this is not forthcoming the matter can be taken through
the Portuguese legal system.
It is worth noting that it is extremely common for the law
firm to come to an arrangement with the debtor to make a
series of monthly payment until the debt is cleared. This
method has proven to be a highly popular and friendly way of
resolving someone's debt in Portugal.
It is only when someone does not reply to letter from the
law firm or misses any monthly payments that the courts are
brought in as a last resort. |
