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Desenrola Brasil is an initiative created to help Brazilians pay off their debts, considering the current increase in default rates in the country. The federal government presented this initiative on Monday (17), with the collaboration of Banco do Brasil, Caixa, Bradesco, Itaú, PicPay and Santander.
However, there was considerable anticipation surrounding Nubank’s participation in the program, as the digital bank has approximately 75 million customers.
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In fact, Nubank was uncertain about participating in the Desenrola Brasil program, since the digital bank has limited access to presumed tax credits. As reported by the newspaper O Globo, the fintech decided to join the debt restructuring program, bringing relief to many Brazilians.
In addition, Nubank has a low-income customer base in Brazil. Precisely, this is the target audience of the Desenrola Brasil program, making the digital bank’s participation highly significant and necessary.
Confirmation of Nubank’s participation in Desenrola Brasil came with the following statement:
The institution will regularize the negative credit records of people with debts of up to R$ 100 and will provide additional details about its participation as it progresses through the process. It will also announce, at the appropriate time, the conditions and criteria for negotiations within the program, as well as the customer service channels that will be made available.
How Desenrola Brasil works
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According to the Ministry of Finance, Desenrola Brasil will take place through a reverse auction among creditors, organized by type of credit. Thus, those offering the largest discount will benefit from the program, bringing the debt into renegotiation with the guarantee that it will be settled.
Furthermore, according to the federal government, Desenrola Brasil will be developed in three phases. Thus, the first two began on Monday (17), potentially eliminating bank debts of up to R$ 100. During the auction, financial institutions may use resources to guarantee the negotiation of the debts.
However, Desenrola Brasil will not negotiate certain types of debts, such as rural credit debts, debts guaranteed by the Union, debts owed to public entities, debts with any provision for public funding, debts without credit risk fully assumed by the banks, and debts with interest rate equalization by the Union.
Program tiers
Desenrola Brasil has two tiers, the first of which includes people who earn up to two minimum wages or are registered in the Cadastro Único, and who had negative credit listings through December 31, 2022.
In this context, Brazilians in this tier will be able to renegotiate their debts of up to R$ 5,000. Therefore, payment will be made either upfront or in up to 60 installments, with a discount and reduced interest.
Read also: Restructuring of Bolsa Família? Understand the changes with the current MP
The money used to pay these debts may come from loans provided by a financial institution, guaranteed by the federal government's Fundo de Garantia de Operações (FGO).
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The second track of Desenrola Brasil, according to the Ministry of Finance, will be for those with bank debts. Thus, there is the possibility of direct renegotiation between customers and banks. In these cases, the transactions will not have the FGO guarantee.
