Discover the National Bank of Belgium. The subscription of a personal credit contract, a consumer loan, an installment loan is part of a triangular relationship between on the one hand the client, the final consumer, and on the other hand, the credit intermediary, namely your broker and the bank providing the funds.
This triangular relationship is overseen by the prudential supervision of the National Bank of Belgium. This state institution has a fundamental role in consumer credit. It is, in a way, the guarantor of the good health of our economy and it ensures the proper execution of credit contracts. It is a formidable database which records all the details of the credit contracts concluded.
Obligations imposed on credit intermediaries and banks
Credit intermediaries and banks have the dual obligation to:
- To register all signed credit contracts with the National Bank of Belgium.
- They also have the obligation to denounce credit contracts when two monthly installments have not been paid: this is what we call filing.
Roles of the National Bank of Belgium
On the one hand, all consumer credits and mortgage loans which fall within the scope of application of the law of August 10, 2001 relating to the Central Credit Center for Individuals, as well as their payment defaults are recorded in the “Personal credit center“.
The Centrale is also responsible for registering notices of collective debt settlements.
The retention periods for data relating to credit contracts are as follows:
- For non-regularized contracts or unextinguished debts, ten years from the date of the first communication;
- For contracts made due or late in payment, one year from the return to normal of the contract or the date of extinction of the debt
- For current contracts, 3 months and 8 days after the contract expiry date
On the other hand, the “File of non-regulated registrations” contains defaults incurred by consumers for certain consumer credits, mortgage loans and other financial commitments which do not fall within the scope of application of the aforementioned law.
While the European Central Bank (ECB) is the central bank of the European Union (EU) and the Eurozone, is responsible for European monetary policy.
Among the ECB’s main responsibilities are managing the euro area’s currency and foreign exchange reserves, setting interest rates, and regulating and supervising euro area banks and financial institutions. The ECB also plays an important role in the management of public debt and financial stability in general in the Eurozone.
Registration at the Belgian national bank
As a reminder, in the event of failure to pay two monthly premiums, your financial organization will file the consumer’s file.
The consequence is important because the consumer will no longer be able to borrow before a period of 15 months after the regularization of his credit, that is to say the full payment of the sums borrowed.
How to get rid of the Belgian national bank?
To declare your withdrawal from the Belgian National Bank, you must complete a withdrawal form and return it to the Belgian National Bank. You can find this form on the website of the Belgian National Bank or by requesting it from your bank branch.
Here are the steps to follow to declare your display:
- Download and print the screening form available on the website of the Belgian National Bank.
- Complete the form with your personal information, such as your name, account number and address.
- Sign and date the form.
- Send the form by post to the following address: National Bank of Belgium, Bad Debts Department, Montagne du Parc 3, B-1000 Brussels.
It is important to note that you may be required to provide additional documentation to support your request for defilement. For example, if you have outstanding debts, you may need to provide a copy of your credit agreement or invoice.
It’s also important to note that deforestation does not erase your debt. You will still have to repay your debt, even if you are destitute. If you are experiencing financial difficulties, it is recommended that you contact your bank or a credit counselor to discuss your repayment options.
