Out-of-Court Mechanism: €13.25 Billion in Debt Settlements

Over 40,500 debt settlements, totaling €13.25 billion, have been processed through the Out-of-Court Mechanism, according to recent data.

The Minister of National Economy and Finance, Kyriakos Pierrakakis, stated that in the first three months of the new framework's implementation, there was a 30% increase in successful settlements.

In July, 6,500 new applications and 4,600 submissions were recorded, while 1,949 new settlements were completed, with initial debts exceeding €540 million.

Particular emphasis is placed on social protection, with 314 successful settlements for vulnerable groups, including people with disabilities (ΑμεΑ).

Significant are the results of bilateral settlements with the four largest financial institutions (Intrum, Cepal, doValue, QQuant), where in June, debts of €514 million were settled for 6,500 debtors, with 37% concerning mortgage loans.

Service is also provided through digital appointments, with 30,500 appointments having been conducted via the myEGDIXlive platform.