Have you recently signed a credit contract? Whether it’s a mortgage or a consumer credit. Signing this contract creates obligations for you, the non-compliance of which can lead to unfortunate consequences (such as a credit denunciation). In this article, we review the consequences of being listed at the National Bank of Belgium as well as practical solutions that can be implemented to get you out of this predicament.
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On the other hand, the borrower is obliged to repay the credit, that is, the borrowed amount increased by the agreed interest rate and fees. To get a precise idea of the total cost of your credit, use our credit simulator. The interest rate will depend on the duration of your credit.
You must start repaying your credit within the month of signing your contract and at the latest one month after signing.
Credit companies are obliged to register your credit contract with the Central Credit Register for individuals of the National Bank of Belgium.
Obligations related to signing a credit contract
As soon as you have signed a credit, the credit company is obliged to transfer the borrowed amount to your current account. Note that for obvious security reasons, you will never receive money hand-to-hand.On the other hand, the borrower is obliged to repay the credit, that is, the borrowed amount increased by the agreed interest rate and fees. To get a precise idea of the total cost of your credit, use our credit simulator. The interest rate will depend on the duration of your credit.
You must start repaying your credit within the month of signing your contract and at the latest one month after signing.
Credit companies are obliged to register your credit contract with the Central Credit Register for individuals of the National Bank of Belgium.
Consequences of a payment default
In case of a payment default on your credit after two installments, the credit company is obliged to report your credit to the Central Credit Register for individuals and proceed with your listing at the National Bank of Belgium. This situation has several consequences:- You will be obliged to immediately repay your credit increased by interest and fees;
- You will be listed at the National Bank of Belgium until you have repaid your credit, interest, and all fees.
- You will remain listed for another year after you have repaid the credit, interest, and fees.
- You will no longer have access to the credit market during this entire period.
What are the solutions in case of payment difficulties?
Do not wait to be listed. As soon as you know that you will inevitably encounter payment difficulties, contact your broker. We can offer you several solutions:- We can attempt a credit buyback to increase the duration of your repayments and thus reduce your monthly premium;
- In case of multiple credits, we can attempt a credit consolidation to reduce your overall monthly premium.
Is there a possibility to borrow if listed at the National Bank of Belgium?
In principle, no. You cannot borrow for a full year after your entire credit, interest, and fees have been fully repaid. However, there is a solution via the owner’s credit. The owner’s credit is a mortgage.Under what conditions can I take out an owner’s credit?
You can take out an owner’s credit under the following conditions:- Be domiciled in Belgium or Luxembourg;
- Be the owner of a real estate property in Belgium or Luxembourg;
- Grant a mortgage on this real estate property;
- The real estate property must be fully repaid and free of all charges: however, we can consider a mortgage buyback to settle the ongoing mortgage and conclude a new credit.
- The credit amount must be at least 25,000 € to cover the costs of the new contract.