26 september 2016

The study was motivated by the relevance of financing for consumption, not only for consumers, but also for the development of industry and commerce and, in general, for the functioning of the capitalist economy - which is essentially credible. It cannot be ignored that credit contributes both to people's well-being and to the development of countries. The first is that the consumer can satisfy his needs by purchasing goods, particularly of a durable nature, without having the current economic availability necessary for this. And the other is because it is undeniable that consumer credit is an important driver of the economy, insofar as it makes it possible to develop branches of industry by providing liquidity to consumers to purchase goods and services that could not otherwise be accessed.

In recent years, Argentina has promoted and stimulated consumption as a way of increasing economic activity. And in this context, credit played a fundamental role, since for large sectors of the population it was the way to access a series of goods and services to improve their standard of living (e.g. purchase of household appliances, clothing, automobiles, cars, tourism, home improvements, etc.) that they would otherwise not be able to access. So the issue of consumer finance is a very topical one.

The research focused on the phenomenon of over-indebtedness. This is the situation of the consumer who has incurred expenses and incurred domestic - or non-professional or corporate - debts in excess of his or her ability to pay. The conduct of financial institutions and suppliers of goods and services is an unavoidable - though not the only - element in generating the problem of over-indebtedness. Misleading advertising, aggressive promotions, financing without adequate verification of the consumer's ability to pay and poor information about credit conditions are crucial in this regard. These are probably the most common causes of excessive consumer indebtedness.

The research focused on consumer over-indebtedness as a pathological phenomenon resulting from the indiscriminate granting of credit, in order to determine the conditions for attributing responsibility to financial institutions and other credit providers. The work was divided into four chapters.

In chapter 1 puts into context the general regime of private law, as well as the special regime of consumer protection in relation to the Argentine constitutional economic system. Consumer credit is characterized, consumer protection measures are mentioned in this regard and the existing regulation in our country is reported.

In chapter 2 analyses the characteristics that distinguish consumer financing and the associated pathological phenomenon of over-indebtedness. The study includes both the global profile notes and a description of the financing and debt situation in Argentina.

Then, in chapter 3, the new pre-contractual obligations of credit grantors imposed by Community legislation and established in Spanish domestic law are specified. First, it describes the development of the European Union Directives on consumer credit and credit agreements with consumers for immovable property for residential use, which introduced the notion of responsible credit. Then, the different Spanish legal provisions in which the new obligations of credit responsibility were concretized are detailed.

And finally, chapter 4 studies in particular the duties of the financier linked to the prevention of over-indebtedness in Argentine law. The obligations expressly provided for in the legislation are indicated, as well as the diligence required in order to avoid the unrestricted granting of credit. They are then described in terms of the consequences of non-compliance, both in contractual terms and in administrative terms, in terms of consumer protection and supervision of the financial system. Finally, the issue is presented from the perspective of civil liability, in the general and special consumer regime.