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Press release  

23 may 2011

More help for deeply indebted individuals

The law of 1 July 2010 also made improvements to procedures for handling excessive debt, with the aim of helping deeply indebted individuals get out of debt.


These provisions entered into force on 1 November 2010. They specifically addressed the maximum duration of excessive debt plans, reducing this period from 10 to 8 years, the modernisation of the FICP (register of individual loan repayment incidents) and the continuity of banking services.

The banking industry will be publishing a professional standard, once it is approved by the Ministry of the Economy, on relations between banks and deeply indebted individuals. This standard will define the conditions for maintaining their accounts and providing them with appropriate banking services.

Banks are also furthering their initiatives to prevent excessive debt. In March 2010, the FBF published a practical guide to help families learn to better manage their budgets. The guide, prepared with specialists in social welfare, is part of the FBF 's financial education programme for the general public.

Registration on the FICP was reduced from 8 to 5 years for individuals placed on a personal recovery plan and from 10 to 5 years for those on an incident-free repayment plan following an excessive debt procedure. Furthermore, the FICP was modernised, in the interest of improving its responsiveness. Data is now recorded and removed from the FICP over time.

In July 2010, a Committee was tasked with preparing a report on the creation of a national register of individual loans (a positive register) recording all loans (consumer and property) that would be placed under the authority of the Banque de France. The Committee comprised elected officials and representatives of banks, associations, the government and the Banque de France.

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