The digital bank, which Haddad said had doubts about participating in a debt rescheduling program, joins the country’s five largest financial institutions in an initiative
OR Nubank announced this Wednesday, 19, that he will join the it unrollsa debt rescheduling program that aims to clear the names of 70 million Brazilians who are negatively accused and, therefore, do not have access to credit. This represents about 40% of the country’s adult population.
With the announcement, the digital bank joins five major Brazilian financial institutions — Itaú Unibanco, Bradesco, Santander, Banco do Brasil and Caixa — who had already announced their accession to the federal program.
As a prerequisite for participating in the renegotiations – which from September will rely on public money – banks are required to automatically clear the name of all negative debtors who owe up to R $ 100. According to the Minister of Finance, Fernando Haddad , 1 million Nubank customers i’m in this situation.
As a result, according to Treasury calculations, 2.5 million defaulters will have their names cleared in this early stage of development.
Earlier this week, Haddad said Nubank had doubts about whether or not to join the program, as it would have few regulatory benefits. This is because banks will be able to use debt renegotiations to advance the offsetting of tax credits.
An indemnity that would take place throughout the year, but which can be recognized immediately in the financial statements. For every real renegotiated, a real will be recognized. The expectation is that R$50 billion will be renegotiated in this first phase of development, which started this Monday.
First step
Desenrola’s first phase, in addition to clearing the names of 2.5 million consumers, will also allow for the renegotiation of bank debts of people with monthly incomes of up to R$20,000 (there is no limit to the amount of debts).
The amounts will be paid in at least 12 months, as determined by the government.
To the conditions offered by the bankshowever, they are much more advantageous than the requirement: there are installments of up to 120 installments and discounts on debts that reach 96% for cash payments.
Second level
The next phase will start in September, focused on the low-income population and guaranteed by the national treasury. Defaulters with an income of up to two minimum wages and debts of up to R $ 5,000 will be eligible.
The government will hold auctions to obtain the greatest possible discounts on the debts, which can be paid in cash or in installments over 60 months, with a maximum interest of 1.99% per month.
To make these interest rates workable and ensure the banks’ appetite, the Treasury will guarantee any defaults that may occur on loans. For this, the Treasury will have at its disposal R$ 8 billion available in a guarantee fund.
In addition to debts with banks – which focus on revolving credit cards, with interests exceeding 400% per annum – consumers will be able to renegotiate debts with retailers and with water, electricity and telephone companies.
Serasa data, referring to October 2022 and compiled by Febraban, indicate that negative debts amount to R$ 301.5 billion and are distributed as follows: 14.9% in financials; 28.8% in banking institutions; and 66.3% in other businesses, such as retailers and basic service companies.
Source: Terra
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