Self-Help and Contract Law

Stӑnescu, Cӑtӑlin Gabriel

doi:10.1007/978-3-319-21503-7_3

Cited by 1 publication

(3 citation statements)

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“…Third , the existing national legal frameworks—both sector-specific and general traditional remedies—display (with some exceptions) heterogeneous and idiosyncratic features that affect their viability (Council of the EU, 2021, Recital 13; Stănescu, 2015 ), especially in tackling cross-border abusive IDCPs and enforcement (Stănescu, 2021 ).…”

Section: Should the European Union Regulate Abusive Informal Debt Collection Practices?mentioning

confidence: 99%

“…There are precedents such as the working conditions of workers or the quality of foodstuffs (Craig & de Búrca 2020 ). Policy considerations in the EU MS and around the world reveal that unrestricted abusive IDCPs have detrimental effects on consumers’ physical, psychological and economic well-being (Warren et al 2014 ; Stănescu, 2015 ), fair competition (UCPD, Recital 8), and the financial services industry (Gelvora 2016 ).…”

Section: Could the European Union Harmonize The Regulation Of Abusive Informal Debt Collection Practices?mentioning

confidence: 99%

“…This process of “financialization,” coupled with the expansion of financial neoliberalism (Graeber, 2014 ; Lavoie, 2012 ; Vellucci, 2021 ), led to the exponential growth and increasing importance of the debt collection industry (Deville, 2015 ; Graeber, 2014 ; Stănescu, 2015 ).…”

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confidence: 99%

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A Critical Assessment of the Need for Harmonization of the Legal Framework Concerning Abusive Informal Debt Collection Practices in the European Union

Stӑnescu

2021

J Consum Policy

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The loss of jobs and the decline in real incomes caused by the 2008 financial crisis and the COVID-19 pandemic have affected consumers’ ability to repay their debts. These have led to high ratios of non-performing loans (NPLs), which affect the stability of the financial industry and undermine economic recovery. The result has been a need for faster debt enforcement and a drastic increase in abusive informal debt collection practices (IDCPs). In the EU, the need to regulate and harmonize abusive IDCPs surfaced in 2018 in connection to the Proposal for a Directive on Credit Servicers, Credit Purchasers and the Recovery of Collateral (CSDP). The directive would enable banks to outsource the servicing of NPLs to a specialized debt collector, but it contained no protection rules against abusive IDCPs. In this article, the researcher critically assesses the need for harmonization of the legal framework concerning abusive IDCPs in the EU, mainly from the standpoint of the initial and current text of the CSDP. Where necessary, the researcher will refer to both historical and comparative law perspectives. The researcher focuses on the legal character of informal debt collection, its relation to financial services, and its potential sui generis character. After that, the researcher will address the arguments for and against establishing pan-EU sector-specific legislation dedicated to IDCPs. Next, the researcher discusses the constitutional authority of the EU to regulate abusive IDCPs. Finally, the researcher will examine the interaction of the CSDP with other consumer (financial) protection instruments to identify the best solution for harmonizing abusive IDCPs at the EU level. The researcher will juxtapose several dichotomies: general versus sector-specific, procedural versus substantive, minimum versus maximum harmonization, and hard versus soft regulation. In the conclusion, the researcher shall synthesize the core problems and suggest an approach.

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Section: Should the European Union Regulate Abusive Informal Debt Collection Practices?mentioning

confidence: 99%

Section: Could the European Union Harmonize The Regulation Of Abusive Informal Debt Collection Practices?mentioning

confidence: 99%

See 1 more Smart Citation

A Critical Assessment of the Need for Harmonization of the Legal Framework Concerning Abusive Informal Debt Collection Practices in the European Union

Stӑnescu

2021

J Consum Policy

View full text Add to dashboard Cite

show abstract

Self-Help and Contract Law

Cited by 1 publication

References 8 publications

A Critical Assessment of the Need for Harmonization of the Legal Framework Concerning Abusive Informal Debt Collection Practices in the European Union

A Critical Assessment of the Need for Harmonization of the Legal Framework Concerning Abusive Informal Debt Collection Practices in the European Union

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