Elderly people have the right NOT to pay abusive interest on debts; learn how to make the law do it!

Did you know that seniors may not pay abusive interest rates? Now, what are they? Understand how the law works in these cases!

A significant change has arrived to bring more financial peace of mind to the elderly in Brazil. The Over-Indebtedness Law now ensures that abusive interest rates on certain debts are a thing of the past for this age group.

In this sense, those who find themselves in a similar situation can be worry-free, as they now have the support of the law. See how it works!

Have you ever come across abusive interest rates on any purchase? Know that it is now the elderly’s right to refuse them! / Credit: @jeanedeoliveirafotografia / pronatec.pro.br

After all, what is classified as abusive interest?

In principle, abusive interest rates refer to excessively high interest rates charged on loans or financing, exceeding market averages and the debtor’s ability to pay.

These exorbitant fees not only make it difficult to pay off the debt, but they can also constitute unfair or predatory practices on the part of creditors.

Brazilian legislation, through the Consumer Protection Code, seeks to protect citizens from such practices, allowing the challenge and review of contracts that contain charges considered unfair or disproportionate to the market average and current economic policy.

Understand the Over-Indebtedness Law

Overall, this legislation is a milestone in defending the financial rights of the elderly, retirees, pensioners and BPC and LOAS beneficiaries.

Now, they have legal protection to avoid paying abusive interest on crucial bills such as water, electricity, gas, as well as loans and various bills.

This represents a significant step forward in financial justice for many.

Who benefits from abusive interest rates?

Now, to enjoy the benefits of the law, it is necessary that the debt is within the protected categories and that a specialist confirms that the elderly person’s income is aligned with the type of debt, always valuing good faith.

After this analysis, it is possible to begin a negotiation process supported by justice to reach a fair solution.

Fair renegotiation to avoid abusive interest rates

In summary, the law requires companies and financial institutions to renegotiate debts so that the value of the installments is compatible with the financial reality of the elderly person, without compromising their livelihood.

The applicable interest rates must be fair, avoiding the continuation of the over-indebtedness that so afflicts this part of the population. In other words, abusive interest is prohibited.

Find out more: 1 minimum wage AVAILABLE for seniors; know more!

How to seek help?

Furthermore, faced with difficulties in negotiating, elderly people can turn to the Public Defender’s Office.

The Over-Indebtedness Law emerges as an essential instrument in protecting the financial rights of the elderly, providing a means for reviewing and renegotiating debts that could compromise their well-being.

Financial security for seniors

This law is a sign of hope and justice for many seniors who face exorbitant interest debt.

It represents an important step towards a society that respects and protects its older citizens, ensuring that they can live their senior years with dignity and financial security.

If this information resonates with you or someone close to you, be sure to seek more information and the support you need to assert your rights.

Other benefits for seniors

Finally, in addition to protections against abusive interest rates, seniors in Brazil are entitled to a series of other benefits, including:

Discounts on medicines; Priority in service in public and private services; Tax exemption in certain circumstances.

There is also the Continuous Payment Benefit (BPC), which guarantees a minimum monthly wage to low-income elderly people and people with disabilities.

Elderly people also enjoy reduced or free fares on urban and interstate public transport.

In short, these measures aim to ensure dignity, well-being and the reduction of inequalities for the elderly population.

See more: GUARANTEED debt cancellation for the elderly? Discover the new possibility

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