Difficulty To Repay Debt
From Open Risk Manual
Definition
Difficulty To Repay Debt. In the context of the Financial Competence Framework, Difficulty To Repay Debt is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Difficulty To Repay Debt in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 346 | Aware of the implications of not paying a credit installment and aware of the debt recovery process | Knowledge |
| 347 | Aware of potential grace periods and public support measures to help repay debt | Knowledge |
| 348 | Knows where to go for help to reduce debt burden [when necessary] | Knowledge |
| 349 | Understands that certain debts may have to be prioritised over others if they become unmanageable | Knowledge |
| 350 | Understands that consumers have rights and responsibilities when managing debt | Knowledge |
| 351 | Informs creditors before the due date of a repayment if it is impossible to pay | Skill |
| 352 | Applies for over-indebtedness procedure, when relevant | Skill |
| 353 | Confident to speak to relevant parties to discuss debt management and repayments | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
