By Chrysostomos Tsoufis

The deadline for credit managers to put into operation the special digital platform that will ensure the provision of personalized information to borrowers in accordance with the new legislative framework expires in 10 days, March 31.

This obligation was also reminded by General Secretary of the Financial Sector and Private Debt Management, Theoni Alambasis with a letter he sent them. In the letter he asks them to respond regarding the progress of the work they have undertaken to meet their obligation in a timely manner.

The platform is pivotal to the Ministry of Finance as through it the borrower will be able at all times to be fully informed about everything concerning his debt. He will be able to see in detail the amount of debt, interest and capital, commissions and any other charges, payment history, installments and the interest rate of his debt settlement.

He will also be able to be informed about the installments, their amount, the date of payment of each installment, the current balance, as well as the debt service account.

The establishment of the platform was a response to the multitude of complaints from borrowers who faced abusive behavior on the part of servicers.

The entrance to the platform will be done by the use of a code by the borrower according to the standard of its use web banking of his bank.

Because the platform does not yet exist, it does not mean that there is no obligation to inform borrowers on the part of the servicers. Until…the beginning of the new era, they are obliged to provide the above information in writing to each borrower upon his request and within a period of 30 days.

Those who ignore the now suffocating deadlines, heavy “bells” await them from a fine of €500,000 up to the revocation of the operating license while the competent supervisory authorities reserve the right to publish the nature of the violation and even the name of the violator.

The obligations of loan managers towards borrowers do not end at the information platform. Based on the new framework they owe:

– To protect the personal information and privacy of the borrowers
-Not to harass, coerce or exert undue influence during their communication with the borrower
-Notify the borrower in writing and in clear and understandable language of the balance of the debt after each transfer of credit
-To establish transparent, direct and free procedures for managing borrower complaints
– To carry out their activity in accordance with the provisions of the Code of Ethics of the Bank of Greece, respecting the rights of borrowers.