- Of the 1,624 operations accepted, in most cases the debt was restructured and there were 397 payments
- Refusals occurred due to lack of documentation or withdrawal as main causes
The 45 financial entities adhered to the Code of Good Practice (CBP) for the viable restructuring of mortgage debts on habitual residence received in the last quarter of 2013 a total of 4,523 new applications, according to data from the Monitoring Commission. This figure exceeds in a single quarter that registered during the entire first year of operation (between March 2012 and the same month of 2013), which was 4,385 requests. It also reveals a clear acceleration throughout 2013, as the number of requests has more than doubled compared to those registered in the first quarter (1,967).
The progressive better reception of the measures included in the CBP is explained by the improvements introduced in Law 1/2013 of May 14 that meant expanding and making protection measures more flexible. For example, families with incomes up to three times the Multiple Effects Public Income Indicator (IPREM) were allowed to apply to CBP, when previously they had to have no income. The family unit has had to undergo a significant alteration in economic circumstances during the last four years and its mortgage payment must exceed 50% of net income, among other modifications.
Data referring to the new CBP indicate that of the 4,523 requests received, 2,904 (64.21%) were pending resolution at the end of 2013. During that third quarter, 3,849 requests were resolved instead (some carried over from previous quarters); Of these, 1,529 were denied and 1,624 were accepted. The non-presentation of the corresponding documentation and the client's resignation (696 cases) were the main causes of the denial of the request.
Of the 1,624 operations carried out, in 1,227 cases (75.55% of those carried out, and 31.88% of the cases processed), a viable restructuring of the pending debt was reached; In 397 cases (24.45% of those carried out and 10.31% of the files processed), the payment was agreed and the debt was extinguished, and in no case did the operation end with a debt relief by of the entity in order to be able to restructure the debt in a viable way.