Financial education
1. Member States shall promote measures that support the education of consumers in relation to responsible borrowing and debt management, in particular in relation to credit agreements. Clear and general information on the credit granting process shall be provided to consumers in order to guide them, in particular those who take out, particularly by means of digital tools, consumer credit for the first time. In creating and promoting those measures, Member States shall consult relevant stakeholders, including consumer organisations.
Member States shall also ensure that information regarding the guidance that consumer organisations and national authorities may provide to consumers is disseminated.
2. The Commission shall assess and publish a report on the financial education available to consumers in the Member States and identify examples of best practices which could be further developed in order to increase the financial awareness of consumers.
Arrears and forbearance measures
1. Member States shall require creditors to exercise, where appropriate, reasonable forbearance before enforcement proceedings are initiated. Such forbearance measures shall take into account, among other elements, the consumer’s individual circumstances. Creditors shall not be required to offer forbearance measures reiteratively to consumers, unless in justified cases.
Creditors shall not be required to perform a creditworthiness assessment in accordance with Article 18 when modifying the existing terms and conditions of a credit agreement in accordance with the third subparagraph, point (b) of this paragraph, provided that the total amount payable by the consumer is not significantly increased when modifying the credit agreement.
The forbearance measures referred to in the first subparagraph:
(a)
may include, among other possibilities a total or partial refinancing of a credit agreement;
(b)
shall include modification of the existing terms and conditions of a credit agreement, which may, among other possibilities include:
(i)
extending the term of the credit agreement;
(ii)
changing the type of the credit agreement;
(iii)
deferring payment of all or part of the repayment of instalments for a period;
(iv)
reducing the borrowing rate;
(v)
offering a payment holiday;
(vi)
partial repayments;
(vii)
currency conversions;
(viii)
partial forgiveness and debt consolidation.
2. The list of potential measures in paragraph 1, third subparagraph, point (b), shall be without prejudice to national law and shall not require Member States to provide for all of those measures in national law.
3. Where Member States allow creditors to define and impose charges on the consumer arising from a default, those Member States may require that those charges are no greater than is necessary to compensate the creditor for costs it has incurred as a result of the default.
4. Where Member States allow creditors to impose additional charges on the consumer in the event of default, those Member States shall place a cap on those charges.
5. Member States shall not prevent the parties to a credit agreement from expressly agreeing that the return or transfer to the creditor of goods covered by a linked credit agreement or proceeds from the sale of such goods is sufficient to repay the credit.
Debt advisory services
1. Member States shall ensure that independent debt advisory services are made available to consumers who experience or might experience difficulties in meeting their financial commitments, with only limited charges payable for such services.
2. For the purpose of fulfilling the obligations laid down in paragraph 1, creditors shall have processes and policies in place for the early detection of consumers experiencing financial difficulties.
3. Member States shall ensure that creditors refer consumers who experience difficulties in meeting their financial commitments to debt advisory services easily accessible to the consumer.
4. The Commission shall, by 20 November 2028, present a report providing an overview of the availability of debt advisory services across Member States and identifying best practices for the further development of such services. Member States shall, by 20 November 2026, and every year thereafter, report to the Commission on available debt advisory services.
