File Photo: The electronic platform allows debtors in financial weakness to receive a certification that are truly vulnerable households and then take advantage of the law 4738/2020 which envisages erasing all of their debt and to be offered a second chance. ANA-MPA
The electronic platform for protecting primary residences from foreclosure will go online on Monday, July 1.
The platform will be inaugurated by the Special Secretary for Managing Private Debt Fotis Kourmousis at the economy and development ministry at 9:00 on Monday.
Roughly one month after an application is submitted through the platform, the banks that hold the loans will propose a favourable debt settlement scheme. The applicants will then have one month to decide whether they wish to take advantage of this offer. Once a contract is signed, the process for paying state subsidies of the monthly installments will begin, with the payment starting within one month and lasting up to 25 years.
Experts emphasise the importance of the platform for Greece, where the percentage of non-performing loans in bank portfolios remains exceedingly high at 45.2 pct of total loans. For consumer loans it is even higher (53 pct) and for loans to freelance workers and small businesses it rises to roughly two thirds (67 pct).
The state subsidies for loan installments will help ensure that the debtors keep up with payments under the debt settlement schemes, giving them an incentive to continue, experts say.
Information on eligibility criteria and special categories can be found at the website: (http://www.keyd.gov.gr/iframe_page/).
Source: ANA-MPA
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