You are here

Credit acquisition companies association suspends foreclosures until end of February 2023

10/11/2022 09:24

The Association of Credit Acquisition Companies and Credit Facilities Managers (SEDP) announced on Thursday the suspension of vulnerable borrowers' primary residence foreclosures until February 2023.  

In a press release the association said that "taking into account the debate surrounding the issue and the consequences that a further suspension of foreclosures is likely to have on the wider economy, announces that until 28 February 2023 its members will not proceed with first home foreclosures of up to €350,000 for those borrowers who actually belong to the vulnerable groups of the population, as described in the decision of the Council of Ministers dated 22/8/2022."

The matter has been the subject of debate in parliament, with MPs expected to vote today on whether to extend a targeted suspension of such foreclosures which had been in place until end of October.