From today Monday, April 1, 2024 the obligation of credit managers (servicers) to put into operation applies the special digital information platform for borrowers for the provision of personalized information, provided for by law 5072/2023.

The Ministry of National Economy and Finance established this obligation in order to improve the provision of services to borrowers and to effectively deal with communication difficulties, as the government had committed to in the program statements. In this way, a new era is inaugurated in the way of providing services to borrowers and information and transparency in transactions is enhanced, as all borrowers will now be able to receive personalized information about their loan, without time-consuming procedures, immediately, validly and without cost.

The Minister of National Economy and Finance, Kostis Hatzidakisstated: “The online borrower information platform that is being implemented from today is a reform that addresses a negative practice of opacity and lack of service to borrowers. It is part of the overall strategy of the government and the Ministry of National Economy and Finance to deal with the issue of bad debts in a fair and efficient way, which takes into account both the needs and capabilities of debtors, especially the vulnerable, as well as the health of the banking system. The legislation, which was passed in December 2023, goes into effect without delay, just a few months later. The Ministry of National Economy and Finance will closely monitor its implementation and will intervene where necessary.”

The General Secretary of the Financial Sector and Private Debt Management, Theoni Alabasis, stated: “The start of the borrower’s information process with digital means marks the beginning of a new era of operation of servicers with clear rules of efficient and transparent operation. The correct and immediate information is the first step for the more rational management of the demands they have undertaken and they will have to respond effectively”.

The most important – at least – elements included in the electronic system are:

  1. information about the amounts owed by the borrower, with a detailed record of the amounts owed as principal, interest, fees, any other charges, as well as the applicable interest rate,
  2. the periodicity of the installments, their amount, the date of payment of each installment, the current balance, as well as the debt service account.

The Ministry of National Economy and Finance notes that will closely monitor the correct and uninterrupted operation of these systems, while at the same time it will continue to take initiatives to support borrowers and enhance transparency. Access to information is a right of all citizens.

The announcement of the servicers

As of today, Monday, April 1st, the member companies of the Association of Loan and Credit Claims Management Companies (EEDADP) are putting into operation the electronic information platforms for borrowers provided by Law 5072/2023.

By logging in to the respective platform, borrowers will be able to be updated on the information regarding their debt, such as indicatively: the balance of their debt (per loan agreement), the number, the amount and the estimated time of payment of the next installment of the loan.