Out-of-court Debt Settlement Mechanism
It enables debtors to settle all their debts to the State, the Insurance Funds, Banks and Loan Servers.
- Up to 240 instalments for debts to the State and the Insurance Funds and
- Up to 420 instalments for Banks and Loan Managers (Funds) with the possibility of cancellation.
Information on the Extra-Judicial Mechanism
Who is it for?
All natural and legal persons (i.e. employees, freelancers, sole proprietorships and other businesses), who have debts of more than 10.000€ to Banks or Loan Managers, the State (AADE debts) and Insurance funds.
In particular, the Out-of-Court Debt Settlement Mechanism allows for the settlement of up to 240 instalments for debts to the State and the Insurance Funds and up to 420 instalments for Banks and Loan Managers (Funds) with the possibility of cancellation.
In addition, debts in favour of third parties that are established and collected through the Hellenic Revenue Service (e.g. debts to municipalities) are also included.
Pros:
- All debts to the State, EFKA and the Banks – Loan Managers (Servicers) are settled.
- The arrangements to the State and the EFKA include the possibility of cancellation and repayment in up to 240 instalments at a total interest rate of 3%, while the fixed arrangement from the State provides for repayment in up to 48 instalments.
- Debts to Banks and Loan Servicers can be settled in up to 420 instalments with the possibility of cancellation.
- Protection for the debtor’s assets, as the final submission of the application suspends enforcement measures such as payment orders, bank account seizures and property auctions.
Why Us?
We have knowledge, expertise and 20 years of experience in bank debt restructuring and we deal with each case individually with responsibility and consistency.
We are certified Consultants in the Out-of-Court Mechanism procedure, by the Special Secretariat for Private Debt Management (S.S.S.M.M.).
We have successfully implemented dozens of applications in the Out-of-Court Mechanism procedure, with success rates of up to 99%.
success stories
Our office, through the procedure of the Extrajudicial Mechanism, has achieved a large number of long-term debt settlements with write-offs, reaching 240 instalments for the State and EFKA and 420 instalments for Banks and Loan Administrators (Servicers).