The borrower achieved a “debt haircut” of 63,500 euros

“Action is needed for borrowers hit by the economic impact of the pandemic, as well as growing “uncertainty about the future” and the collapse of the economy, over-indebted consumers with regard to repaying their debts and protecting their primary residence,” management said. Union of Greek Consumer Workers, trade union ΓΣΕΕ.

The Association (Ένωση Εργαζομένων Καταναλωτών Ελλάδας, EEKE) cites as an example the case of a borrower and his wife, as a guarantor, for credit obligations to four banks. Professionals undertook to collect data and study in detail the situation of a married couple, offering them individual scenarios and solutions for each bank, in accordance with the real possibilities of borrowers who are unable to pay their debts.

The first of the receivables management companies agreed to settle the amount due in the amount of 76,500 euros on the following favorable terms:

Write-off of expenses and interest for late payment: EUR 63,500 (-87%). Immediate lump sum payment of 13,000 euros. Final repayment of the entire loan.

Thus, the total current debt of 196,000 euros has been significantly reduced. In addition, the borrowers were given time to repay – with the support of EEKE and ongoing negotiations for several months – additional debts in the amount of 119,500 euros.

The EEKE Association reminds that since 2010 it has been providing consumers with support and advice on out-of-court settlement of their debts to credit institutions.


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