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Loan restructuring was the main solution found by consumers and banks this year, following negotiations at the Alternative
- Nov 21, 2023
- In Press releases
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The number of lawsuits between consumers and banks decreases, and the one of reconciliations increases
- Oct 19, 2023
- In Press releases
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CURS survey: Consumers of financial services expect to be protected by the very credit institutions.
- Sep 19, 2023
- In Press releases
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The methods Romanians use to reduce their loan rates
- Sep 11, 2023
- In Press releases
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Romanians still want to borrow as much as possible
- Jun 14, 2023
- In Press releases
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Arges Specialized Tribunal and Pitesti District Court are the first courts of the country to formally recommend, through their judges, conciliation between consumers and banks/NBFIs.
Since the beginning of the year, as many as 73 disputes pending before courts in 18 counties of Romania have been eventually resolved through negotiations, in the Alternative Banking Dispute Resolution Centre (ABDRC). Since 2021 and to date, more than 280 court proceedings have been settled off-court because the parties wanted and managed to find a solution by negotiation, via ABDRC. (more…)
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Financial decisions must remain prudent, even in front of decreasing inflation and interest rates
- May 09, 2023
- In Press releases
The lessons of the financial and economic crises that Romanians have gone through over the last 15 years are valuable sources of information for the future financial decisions. The cyclicality of these crises is the key argument for making the right decisions, even during economically optimistic times. These are some of the conclusions drawn by the representatives of the banking system interviewed by journalists in the financial education project initiated by Alternative Banking Dispute Resolution Centre. Consumers and banks have reacted well to this complicated financial and banking market setting we’ve unfortunately been witnessing for more than one year now. Many consumers have switched from ROBOR to IRCC and thus managed to shelter themselves against important increases in their monthly instalments, but only for a few months. Others, switched to fixed interests rates amid the increase in the floating rates. Whatever savings had been made before the pandemic, were used to early repay loans. Last but not least, more than 3,500 consumers have approached ABDRC since March 2022 in an attempt to negotiate amendments to their contracts with banks and ease the repayment burden. (more…)
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In the proximity of a way and in difficult financial and social times, financial education can steer the path a people towards either poverty or prosperity. Building on this assumption, the Alternative Banking Dispute Resolution Centre (ABDRC) has taken steps to provide information to the consumers of financial information about their relation with banks and their own finances. During the 12 meetings hosted by ABDRC, economic journalists of repute talk to presidents or vice-presidents of commercial bank, the Legal Director of the National Bank of Romania and the management of the Romanian Association of Banks, university professors, and well-known lawyers. These interviews are captured in 12 financial education podcasts addressing current topics for the economy of Romania. Invitees to the first series of podcasts speak about: role of saving and responsible lending, and about how artificial intelligence will influence the relationship between consumers and banks. (more…)