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The Desenrola Brasil Program for debt renegotiation begins
Starting Monday (17), the Ministry of Finance authorizes financial institutions sanctioned by the Central Bank (BC) to begin renegotiating debts under the Emergency Debt Renegotiation Program. The Official Gazette of the Federal Government published the Ordinance, and program Tier 2, aimed at people with monthly incomes between two minimum wages (R$2,640) and R$20,000, is the focus of this stage.
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The announcement indicates that the program will benefit more than 70 million indebted Brazilians. Luiz Inácio Lula da Silva, the president, expressed his satisfaction at helping the population “regain their dignity” by paying their outstanding debts on his social media accounts.
How will Desenrola Brasil's renegotiation take place?
Debtors will have at least 12 installments to settle their debts with financial agents. However, to take advantage of this benefit, they must have been registered in the defaulting borrowers' database by December 31, 2022.
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What will the conditions be for Tier 1 in Desenrola Brasil?
The Ordinance regulating the program also outlines the specific rules for tier 1 of Desenrola Brasil. Financial agents must request authorization on the Desenrola Brasil Operations Guarantee Fund (FGO) platform and comply with the technological and commercial criteria established in the FGO Desenrola Brasil Operational Procedures Manual.
Debtors classified in tier 1 are those with debts of up to R$ 5,000, with an income of up to two minimum wages or registered in the Single Registry for Social Programs of the Federal Government (CadÚnico). The start of this stage of the program is scheduled for September.
The next stages of Desenrola Brasil
Fernando Haddad, the Minister of Finance, stated that the next stage of Desenrola Brasil will include discount auctions with the participation of financial agents. Thus, the discount offered by the creditor will influence how the debtor can pay in installments, always with the guarantee of the National Treasury.
What do the Banks say?
In partnership with the Ministry of Finance, FEBRABAN and its member banks issued a statement this Monday, July 17, 2023, for everyone interested in the Desenrola Brasil program, with questions and answers:
What will happen to non-bank debts?
At the current stage of the program, the Desenrola Brasil Program will consider only debts from the financial sector. Non-bank debts will be eligible for renegotiation only for customers in Faixa 1, which begins operating in September 2023.
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How can I participate in this stage of Desenrola?
Citizens should contact the financial institution where they have debts through its channels (internet, apps, call centers or branches) to begin negotiations.
What special conditions will be offered?
Each financial institution will independently define the financing conditions for this phase.
What are the initial and final enrollment deadlines?
Starting on 07/17/2023, Faixa 2 renegotiations may be carried out until 12/30/2023, when the Desenrola Brasil Program ends.
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How many installments can I split my debts into?
Citizens and the lending bank will directly negotiate the terms for interest rates and debt installments.
Can debts with stores or public services be negotiated at this stage?
For those in Tier 2, no. Non-bank debts will be included for those in Tier 1, which will begin in September 2023.
I have non-bank and bank debts. Can I join Phase 2 now and then Phase 1 in September?
No. People in Tier 2 will only renegotiate their bank debts.
If a citizen pays some installments and fails to pay the other amounts, will they be reported to credit bureaus?
Yes. Renegotiating debts under better terms requires full payment. If a citizen pays part of the renegotiated debts, they will be reported to credit bureaus for the amount they fail to pay. Late-payment interest and a late fee will be applied to this unpaid amount.
If my bank has not joined Desenrola, can I negotiate?
Not all banks will participate in the Desenrola Brasil Program. However, if the bank is not registered with the Program, the citizen can try to renegotiate their debts or transfer the debt to another institution.
Read also: WITHDRAWAL OF ‘FORGOTTEN MONEY’ FROM BANKS IS RELEASED; SEE HOW TO DO IT.
Will citizens who join the Program automatically have access to credit?
No. The bank will analyze all the documentation and decide whether or not to grant the credit.
Will there be debt forgiveness under the Desenrola Brasil Program?
Customers who have total debt of up to R$ 100 with any participating bank will have their debt-related negative credit record automatically suspended upon joining the program. With their name cleared, they will be able to reorganize their personal finances and renegotiate payment of this same debt with the financial institution. Each financial institution will offer specific conditions for debt renegotiation, which will be detailed when the customer contacts the institution through its official channels (physical branches, website or app).
Are there any restrictions on debt renegotiation?
Although the suspension of negative credit reporting for debts of up to R$ 100 is an advantage, this is not a total exemption from the debt. If the customer does not renegotiate or does not pay the renegotiated amount, the debt will be reported negatively again. Likewise, if the customer pays only part of the renegotiated debts, they will have a negative credit report for the amount they fail to pay. Late-payment interest and a penalty will be applied to this unpaid amount.
Where can I find more information about the Desenrola Brasil Program?
Citizens can obtain more information about the program on the official Desenrola Brasil Program website and on the social media channels of the Ministry of Finance. FEBRABAN and its member banks will also provide detailed information about the program and the procedures for participating.
In addition, the Central Bank's ombudsman service and consumer protection agencies, such as Procon, are available to provide information and support to consumers.
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Finally, the Ministry of Finance recommended that consumers carefully analyze their financial situation before committing to any debt renegotiation. It is important to understand the agreement terms, interest rates, number of installments, and installment amounts to ensure that debt repayment is feasible. In addition, it is essential to continue meeting your financial obligations after the renegotiation to avoid future default problems.
The Desenrola Brasil Program is a government initiative to help citizens renegotiate their debts and improve their financial situation. The program offers various terms and payment options, with the aim of facilitating the renegotiation process for citizens. However, it is important for each person to carefully analyze their own circumstances and ability to pay before committing to any type of renegotiation. The ultimate goal is the financial recovery and economic stability of Brazilians.
