What is the Second Chance Law?
It is a law that allows individuals, self-employed workers, and business owners residing in Spain who do not have sufficient income to pay their debts to legally eliminate them.
Who can benefit?
Individuals, self-employed workers, and business owners residing in Spain who are unable to pay their debts to at least two different creditors (financial institutions, suppliers, the Treasury, Social Security, etc.).
What is the Second Chance Law?
It is a law that allows individuals, self-employed workers, and business owners residing in Spain who do not have sufficient income to pay their debts to legally eliminate them.
Who can benefit?
Individuals, self-employed workers, and business owners residing in Spain who are unable to pay their debts to at least two different creditors (financial institutions, suppliers, the Treasury, Social Security, etc.).
How long does the process take?
It takes about four months, but it can vary depending on the court and the complexity of the case. During this time, creditors cannot collect debts or seize the debtor’s assets.
What benefits does it offer?
- Debt forgiveness.
- You don't lose your assets.
- Removal from the bad debt file.
How much does it cost?
The Second Chance Law represents significant savings, as there are no notary, registry, or Chamber of Commerce fees. Our rates are unique, they cover the process and are tailored to your situation and the complexity of the matter.
Being on lists like ASNEF, RAI, or EXPERIAN can seriously affect your financial life.
Financial institutions and telephone, insurance, and other companies consult these records to decide whether to grant you credit or services.
Your right to honor
Improper inclusion in a bad debt file can damage your reputation and make it difficult to access financial products. This not only affects your finances but can also harm your business relationships and credibility. If you’ve been included without justification, it’s time to act!
How to file a complaint
If you suspect you’re on a file and that all legal procedures for inclusion haven’t been followed, the first thing to do is try to have your data removed. If you’re unsuccessful, you should send a notice to the company that included you, warning you that you could be subject to legal action.
Remember: the law is on your side!
Compensation
You can request compensation between €2,000 and €20,000 depending on the impact on your finances.
This compensation not only covers economic damages but also damage to your reputation. The amount will depend on the impact on your life. Assert your rights!
Free Advice
If you believe you have been unfairly included, seek expert help. At Lexlegis, we can help you. We will review your case free of charge. And we will guide you through the claims process, helping you obtain the compensation you deserve.
Requirements for inclusion in the bad debt register:
These requirements are essential to ensure that inclusion in the register is legal and justified:
1. Clause in the contract:
There must be a clause in the contract that the customer has breached, which explicitly informs them of the possibility of their data being transferred to a bad debt register.
2. Information for the debtor:
This information can also be provided to the debtor in the payment request.
3. Prior payment request:
A prior payment request must have been made to the debtor before inclusion in the register.
Requirements for inclusion in the bad debt register:
These requirements are essential to ensure that inclusion in the register is legal and justified:
1. Clause in the contract:
There must be a clause in the contract that the customer has breached, which explicitly informs them of the possibility of their data being transferred to a bad debt register.
2. Information for the debtor:
This information can also be provided to the debtor in the payment request.
3. Prior payment request:
A prior payment request must have been made to the debtor before inclusion in the register.