Individual information of borrowers by servicers with digital platforms implemented

As of today Monday (1.4.2024) the credit managers are obliged to launch the special digital information platform for them to provide personalised information, provided for in Law 5072/2023. It is recalled that the Ministry of National Economy and Finance established this obligation for the digital platform in order to improve the provision of services to borrowers and effectively address the difficulties in communication, as the government had committed in the context of the programme statements. This opens a new era in the way services are provided to borrowers and enhances information and transparency in transactions, as all borrowers will now be able to receive personalized information about their loan, without lengthy procedures, directly, valid and without cost. The most important – at least – elements included in the electronic system are: (a) information on the amounts owed by the borrower, with a detailed record of the amounts due as capital, interest, commissions, any other charges, as well as the interest rate in force, (b) the frequency of the instalments, their amount, the date of payment of each instalment, the current balance, and the debt servicing account. The Ministry of National Economy and Finance will closely monitor the correct and seamless functioning of these systems, while continuing to take initiatives to support borrowers and to strengthen transparency. Access to information is the right of all citizens. Minister of National Economy and Finance Kostis Hatzidakis said: “The electronic platform for informing borrowers that is currently being implemented is a reform, facing a negative practice of opacity and lack of service to debtors. It is part of the overall strategy of the government and the Ministry of National Economy and Finance to address the issue of red debts in a fair and efficient way, which takes into account both the needs and capabilities of debtors, especially vulnerable ones, and the health of the banking system. The legislation, passed in December 2023, is implemented without delay, few months later. The Ministry of National Economy and Finance will closely monitor its implementation and intervene where necessary.” The Secretary-General for Finance and Private Debt Management God Alabamas said: ‘The start of the process of informing the borrower by digital means marks the beginning of a new era of operation of the servicers with clear rules of effective and transparent operation. Proper and direct information is the first step towards more rational management of the requirements they have undertaken and should respond effectively.”