Directive (EU) 2021/2167

In force

This text since 8 Dec 2021law://eu/dir/2021/2167/art_28@2026-11-13

Contents

Article 28Amendments to Directive 2014/17/EU#

Directive 2014/17/EU is amended as follows:

(1)the following article is inserted:‘Article 27aInformation regarding the modification of the terms and conditions of a credit agreementWithout prejudice to other obligations provided for in this Directive, Member States shall ensure that, prior to modifying the terms and conditions of the credit agreement, the creditor communicates the following information to the consumer:

(a)a clear description of the proposed changes and, where applicable, of the need for consumer consent or of the changes introduced by operation of law;

(b)the timescale for the implementation of the changes referred to in point (a);

(c)the means for complaint available to the consumer regarding the changes referred to in point (a);

(d)the time period available for lodging any such complaint;

(e)the name and address of the competent authority to which the consumer can submit that complaint.’;

(2)Article 28 is amended as follows:

(a)paragraph 1 is replaced by the following:‘1.Member States shall require creditors to have adequate policies and procedures so that they make efforts to exercise, where appropriate, reasonable forbearance before foreclosure proceedings are initiated. Such forbearance measures shall take into account, among other elements, the consumer’s circumstances and may consist of, among other possibilities:

(a)a total or partial refinancing of a credit agreement;

(b)a modification of the existing terms and conditions of a credit agreement, which may include among others:

(i)extending the term of the credit agreement;

(ii)changing the type of credit agreement;

(iii)deferring payment of all or part of the instalment repayment for a period;

(iv)changing the interest rate;

(v)offering a payment holiday;

(vi)partial repayments;

(vii)currency conversions;

(viii)partial forgiveness and debt consolidation.’;

(b)the following paragraph is inserted:‘1a.The list of potential forbearance measures set out in point (b) of paragraph 1 is without prejudice to rules set out in national law and does not require Member States to provide for all of those measures in their national law.’;

(3)the following article is inserted:‘Article 28aAssignment of the creditor’s rights or of the credit agreement itself1.In the event of an assignment to a third party of the creditor’s rights under a credit agreement, or of the credit agreement itself, the consumer shall be entitled to plead against the assignee any defence which was available to the consumer as against the original creditor, including set-off where the latter is permitted in the Member State concerned.2.The consumer shall be informed of an assignment referred to in paragraph 1, except where the original creditor, by agreement with the assignee, continues to service the credit vis-à-vis the consumer.’.

Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.

Key facts

Type: Directive · (EU) 2021/2167 · EEA relevant
Adopted: 24 Nov 2021
In force: 28 Dec 2021
Made by: Council of the European Union, European Parliament
Official: EUR-Lex 32021L2167 · ELI

Topics

action programme banking supervision capital market consumer protection credit credit institution credit policy EU banking union financial solvency Freedom of establishment Free movement of capital Internal market - Principles

History · 1 version

8 Dec 2021Reading

Connections

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Interpreted by the courts in 1: IFIS NPL INVESTING SpA v JM and Others (C-65/25)
Cited by 5: Directive 2011/61/EU; IFIS NPL INVESTING SpA v JM and Others (C-65/25)11 provisions; Directive (EU) 2024/9273 provisions; Directive (EU) 2023/2225; Commission Implementing Regulation (EU) 2023/2083
Cites 1: Directive 2014/17/EU

Defined terms · 13

Show every defined term

borrower
means a legal or natural person who has concluded a credit agreement with a credit institution, including its legal successor or assignee;
consumer
means a natural person who, in credit agreements covered by this Directive, is acting for purposes which are outside his trade, business or profession;
credit agreement
means an agreement as originally issued, modified or replaced, whereby a credit institution grants a credit in the form of a deferred payment, a loan or other similar financial accommodation;
credit institution
means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;
credit purchaser
means any natural or legal person, other than a credit institution, that purchases a creditor’s rights under a non-performing credit agreement, or the non-performing credit agreement itself, in the course of its trade, business or profession, in accordance with applicable Union and national law;
credit service provider
means a third party used by a credit servicer to perform any of the credit servicing activities;
credit servicer
means a legal person that, in the course of its business, manages and enforces the rights and obligations related to a creditor’s rights under a non-performing credit agreement, or to the non-performing credit agreement itself, on behalf of a credit purchaser, and carries out at least one or more credit servicing activities;
credit servicing activities
means one or more of the following activities:
credit servicing agreement
means a written contract concluded between a credit purchaser and a credit servicer concerning the services to be provided by the credit servicer on behalf of the credit purchaser;
creditor
means a credit institution that has issued a credit, or a credit purchaser;
home Member State
means, with respect to a credit servicer, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated or, with respect to a credit purchaser, the Member State in which the credit purchaser or its representative is domiciled, or its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated;
host Member State
means the Member State, other than the home Member State, in which a credit servicer has established a branch or where it provides credit servicing activities, and in any event where the borrower is domiciled, or its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated;
non-performing credit agreement
means a credit agreement that is classified as a non-performing exposure in accordance with Article 47a of Regulation (EU) No 575/2013.

Defined terms · 13

Show every defined term

borrower
means a legal or natural person who has concluded a credit agreement with a credit institution, including its legal successor or assignee;
consumer
means a natural person who, in credit agreements covered by this Directive, is acting for purposes which are outside his trade, business or profession;
credit agreement
means an agreement as originally issued, modified or replaced, whereby a credit institution grants a credit in the form of a deferred payment, a loan or other similar financial accommodation;
credit institution
means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;
credit purchaser
means any natural or legal person, other than a credit institution, that purchases a creditor’s rights under a non-performing credit agreement, or the non-performing credit agreement itself, in the course of its trade, business or profession, in accordance with applicable Union and national law;
credit service provider
means a third party used by a credit servicer to perform any of the credit servicing activities;
credit servicer
means a legal person that, in the course of its business, manages and enforces the rights and obligations related to a creditor’s rights under a non-performing credit agreement, or to the non-performing credit agreement itself, on behalf of a credit purchaser, and carries out at least one or more credit servicing activities;
credit servicing activities
means one or more of the following activities:
credit servicing agreement
means a written contract concluded between a credit purchaser and a credit servicer concerning the services to be provided by the credit servicer on behalf of the credit purchaser;
creditor
means a credit institution that has issued a credit, or a credit purchaser;
home Member State
means, with respect to a credit servicer, the Member State in which its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated or, with respect to a credit purchaser, the Member State in which the credit purchaser or its representative is domiciled, or its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated;
host Member State
means the Member State, other than the home Member State, in which a credit servicer has established a branch or where it provides credit servicing activities, and in any event where the borrower is domiciled, or its registered office is situated or, if under its national law it has no registered office, the Member State in which its head office is situated;
non-performing credit agreement
means a credit agreement that is classified as a non-performing exposure in accordance with Article 47a of Regulation (EU) No 575/2013.