COURT CANCELS PENSIONER’S 95K DEBT

Individuls are now able to take advantage of the ‘Second Chance Law’.

The Orihuela Court has cancelled a debt of more than 95,000 euros owed by a pensioner,largely due to the exorbitant interest on the credit cards he used.

This is one of the most publicised cases to be heard in the Province under the socalled Second Chance Law,which enables private citizens to declare themselves bankrupt,in much the same way as companies, that is to say,their debts are cancelled and they can start again with a clean financial bill of health.

Previously,in many cases,such individuals would be paying off their debts until the day they died.

In this case,the person affected is a resident of Orihuela,who in 2007 decided to contract a credit card,according to Antoni Galve,the legal director of Repara tu Deuda Abogados,the law firm that has handled the case.

As was usual at that time,the interest on the card was very high,24%,which caused the amount of the loan to increase rapidly.

As if that were not enough,due to a series of circumstances,in 2012 the man began to receive a disability pension that barely reaches half the minimum recommended income,which reduced his ability to pay and worsened his financial situation.

To try to solve it,he ended up contracting the card to be able to make the payments of his previous outstanding credit,which raised the debt even more until the individual found himself unable to meet the debt that he was

Starting 1 Jan 2023, more than three million self-employed workers in Spain are required to contribute to the social security system based on their income, rather than choosing the amount they pay each month.

The change is expected to encourage self-employed individuals to keep their financial records updated and to correct any discrepancies in their contributions throughout the year.

The Generalitat in Valencia has taken the first technical step towards the implementation of a gigafactory for manufacturing battery cells for electric vehicles by PowerCo, a group company of Volkswagen, in the Parc Sagunt II business park.

The project is seen as a milestone for the Valencia region and Spain as it will contribute to the development of an industrial and innovative cluster.

carrying and which,by then,already exceeded 95,000 euro.In addition,the man did not have any relevant assets with which to pay or reduce this amount.

It was in May of this year when he contacted Repara tu Deuda and began the procedures to take advantage of the so-called Second Chance Law,a legal opening break that more and more individuals are taking advantage of. After verifying that all the requirements were met,the court has finally exonerated the man from the debt,which had reached the amount of 95,265 euros.

The use of the possibility offered by this law has triggered the number of bankruptcies with 717 applications registered in the last 9 months.

A royal decree approved by the Council of Ministers in Spain on Tuesday aims to reduce single-use plastic bottles by 20% in 2030 compared to 2022 and encourages the sale of whole fruits and vegetables in bulk or using your containers. The Ministry for Ecological Transition said that the regulation will help achieve new packaging recycling targets for 2025 and 2030.

ATMs in Spain have been disappearing in recent years due to a variety of factors, including the financial crisis, the consolidation and closure of banks, the digitization of banking, and the decline of cash usage.

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Up to 16,426 ATMs have been lost since the peak of 61,714 in 2008.

Rural areas have been particularly affected by the reduction in the network.