A framework of rules and obligations for loan servicers will be introduced by the government to protect debtors, National Economy & Finance Minister Kostis Hatzidakis said at a meeting on Wednesday, ANA reports.
At a meeting between high-level ministry officials with the Association of Loan and Credit Management Companies, the government said that the services will be obligated to provide individualized information to debtors on their full debt, outstanding installments, interest rates, and other related data. Fines will be imposed for failure to provide clear and timely information to debtors, it added.
On its side, the Association said that during the first months of 2023, there was a 30% improvement, compared to 2022, in the bilateral management of loans with servicers. It was also noted that there was a rise in payment plans agreed out of court: by June 2023, 6,254 such agreements were reached, corresponding to 2.33 billion euros of original debts.
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