For the very first time in the history of the European Union, the new credit Directive mandates the provision of free debt advice services in every European member state. Article 36 (1) clearly states: “Member States are required to ensure the availability of independent debt advisory services to consumers facing or potentially facing financial difficulties, with only minimal charges applicable for such services.”
What does this mean for consumers? It means that individuals in financial distress will have access to free independant professional debt advisory services that can guide them towards a more stable financial future.
But that’s not all! The Directive also requires creditors to establish processes and policies for the early identification of consumers experiencing financial challenges. These individuals will then be seamlessly referred to easily accessible debt advisory services.
Debt advisory services play a crucial role in helping people overcome financial difficulties. They pave the way for individuals to regain access to financial activities, improve their financial and overall well-being, reintegrate into economic life, and foster social inclusion. Ultimately, this paves the path for a decent and dignified life.
The European Consumer Debt Network (ECDN) and TEMIDA are fully committed to supporting and facilitating initiatives aimed at enhancing Bulgaria’s capacity to implement these essential services.
This is a significant step forward for the European Union and Bulgaria, ensuring that financial assistance and support are readily available to those in need. Let’s work together to make a positive impact on the lives of individuals across Europe and Bulgaria. 💪 #EUDebtDirective #FinancialWellbeing #EuropeanUnion #ECDN #TEMIDA #BulgariaCapacityBuilding