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Argentina implements new debt collection mechanism amid rising delinquency
Argentina is facing a significant rise in credit delinquency, with nearly 6 million people currently in irregular debt status. According to data from Consultora 1816, household delinquency rose to 12.94% in July, while corporate delinquency reached 3.61%. This trend is driven by a reduction in real credit balances and a loss of purchasing power among families.
To address rising delinquency rates, the Central Bank of Argentina (BCRA) has implemented the 'Cobro con Transferencia' (CCT) mechanism, effective August 31. This system allows banks and fintech providers to automatically debit loan installments from the account where the credit was originally disbursed, including different bank accounts or virtual wallets, provided the client has given explicit prior consent.
The new mechanism includes several consumer protections: installments must be fixed and cannot exceed 30% of the client's declared income. Entities must notify users one business day before a debit attempt. The system limits collection attempts to an initial try followed by a maximum of two reattempts at 48 and 96 hours. Additionally, funds in investment funds, remunerated accounts, or those intended for MEP dollar purchases are excluded from these debits.
Entities
Argentina · Banco Central de la República Argentina · Central Bank of Argentina · Consultora 1816 · Mercado Pago · Nuevo Banco del Chaco · Tarjeta Naranja
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 12 SOURCES] Entities must notify the user one business day before the debit occurs. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · londreshoy.com.ar · www.periodismo365.com · +6 more
- [● 13 SOURCES] The new mechanism begins implementation on Monday, August 31. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · www.villamercedes.info · elmonterizo.com · +7 more
- [● 3 SOURCES] The Central Bank of Argentina (BCRA) created the 'Cobro con Transferencia' mechanism via Communication 'A' 8406. www.mitdf.com.ar · riograndeplus.com.ar · lapioneradeclorinda.com
- [● 12 SOURCES] The system limits attempts to an initial try plus a maximum of two reattempts at 48 and 96 hours. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · londreshoy.com.ar · www.periodismo365.com · +6 more
- [● 12 SOURCES] Clients can revoke their consent at any time through electronic channels. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · londreshoy.com.ar · www.periodismo365.com · +6 more
- [● 12 SOURCES] Loan installments cannot exceed 30% of the client's income. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · www.villamercedes.info · londreshoy.com.ar · +6 more
- [● 8 SOURCES] Financial institutions can debit loan installments from bank accounts or virtual wallets different from the one where the credit was granted. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · www.villamercedes.info · www.mejorinformado.com · +3 more
- [● 12 SOURCES] The mechanism requires explicit prior consent from the client. lapioneradeclorinda.com · www.mitdf.com.ar · riograndeplus.com.ar · www.villamercedes.info · londreshoy.com.ar · +6 more
- [● 3 SOURCES] The irregularity of families escalated from 12.77% to 12.94% between June and July. elmonterizo.com · www.eltributuc.com.ar · www.criterioonline.com