Fines of 790,000 euros imposed on the three major servicers for non-performing loans

The Ministry of Development imposed administrative fines totaling €790,000 on three Debt and Credit Management Companies for violating legislation, following complaints examined by the General Directorate of Market and Consumer Protection of the General Secretariat of Commerce.

Specifically:

A. Fines totaling €330,000 were imposed on doValue Greece S.A., in accordance with Article 10(1) of Law 3758/2009, for informing borrowers about overdue claims because:

1. It assigned debtors’ notification about their overdue debt to companies even though it had already been paid.
2. It assigned debtors’ notification about their overdue debt while the debtors had applied for bankruptcy, which had been accepted by the court.
3. It informed borrowers about the existence of overdue debt in cases where the borrower either properly paid their loan installments or was - by the provisions of Law 3869/2010 following judicial regulation.

B. A fine of €280,000 was imposed on Cepal Hellas S.A., in accordance with Article 13a of Law 2251/1994, for unfair commercial practices against borrowers in the context of debt and credit management, including:

1. Unjustified delays in verifying the authorization of legal representatives of debtors and the process of finding solutions to their debts.
2. Unjustified delays in processing borrowers’ requests for debt settlement examination and issuing debt balance certificates.
3. Difficulty in communicating with borrowers in the context of debt management.

C. A fine of €180,000 was imposed on INTRUM HELLAS S.A., in accordance with Article 13a of Law 2251/1994, for unfair commercial practices against borrowers in the context of debt and credit management, including:

1. Incorrect information about the borrower’s remaining debt amount aimed at full payment by the borrower, as well as unjustified delays in responding to the borrower’s request for a debt payment certificate.
2. Unjustified delays in processing a borrower’s request for reconsideration of an inadvertently deposited amount.
3. Unjustified delays in responding to a borrower’s request regarding the dispatch of the remaining loan amount included in Law 3869/2010.

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The Ministry of Development conducts intensive inspections to ensure compliance with legislation regulating the operation of debt collection companies, and behaviors that violate it are not tolerated.

Since September 2023 until today, fines totaling €1,520,000 have been imposed.

Minister of Development, Kostas Skrekas, stated: “The Government is proving practically that it stands against unfair practices, which harm, offend citizens, and explicitly violate the legislation regulating the companies’ operation. We will continue to do so with determination and persistence, intensifying inspections and examining relevant complaints.”

The consumer public can be informed about consumer protection issues on hotline 1520 and submit complaints about violations of consumer legislation at the - address https://kataggelies.mindev.gov.gr.