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The Ministry of Finance revealed additional details about the auction for creditors who will participate in the Desenrola program, a federal government initiative.
Implemented in July of this year, Desenrola is close to evolving into a subsequent stage. According to recent updates from the Ministry of Finance, the proposal is to settle approximately R$161.3 billion in Brazilians' financial debts in the coming days. The goal is to help citizens resolve their debts.
On Thursday (21), Marcos Barbosa Pinto, Secretary of Economic Reforms at the Ministry of Finance, provided several clarifications about the imminent phase of Desenrola in an interview given to the newspaper Folha de São Paulo. “Over-indebtedness is a persistent problem in Brazil, intensified by the health crisis,” he said.
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Who is Eligible
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According to information from the Ministry of Finance, the next Desenrola cycle will focus on individuals whose per capita income is, at most, two minimum wages and have debts of up to R$ 5 thousand accumulated until December 31 of the previous year, corresponding to Band 1.
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With this new phase of Desenrola, it is estimated that around 32 million individuals from all parts of Brazil will benefit. Of these, approximately 29 million have debts of up to R$1,000,000, and another 16 million are in default and registered in the federal government's CadÚnico system.
People in Band 2 will continue to receive assistance, that is, those with a per capita income of up to R$20,000 and debts contracted exclusively with banks until the end of last year.
About the Auction
Next Monday (25), the federal government will begin the discount auction. At that time, the more than 700 creditors qualified for Desenrola will declare the percentage of discounts they are willing to grant. Only the entities likely to provide the greatest advantages will be selected.
For auction purposes, contracts will be segmented into several lots, categorized by nine sectors and by the date of the financial issue. The sectors are as follows:
- Financial services;
- Securitization companies;
- Retail trade;
- Electricity;
- Telecommunications;
- Education;
- Sanitation;
- Micro and small business;
- Other sectors.
Batches will also be organized according to the age of the debt, separated by year: 2019, 2020, 2021 and 2022.
Each batch will have a minimum discount, varying according to the group of debts. The Ministry of Finance reports that the average discount should reach 58%.
Perspectives of the Unfolding
The effectiveness of the auction organized by the federal government is still uncertain. Supporters of the measure believe that the method encourages competition between companies to offer better discounts to consumers. However, opponents claim that some companies may find the discounts excessive and decide not to participate.
Schedule of the Unfolding
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The aforementioned auction will run for three days, starting on Monday (25) and concluding on Wednesday (27). For consumers, the selected discounts will be available in the first week of October, according to the Ministry of Finance.
Once the discount is presented, the citizen may settle the debt in cash, for amounts up to R$1,991,000, or choose to pay in installments over up to 60 months, with an interest rate of up to R$1,991,000 per month. In the latter scenario, the Union will guarantee the payment.
