The electronic platform for applications under the new out-of-court debt settlement mechanism was launched on Monday.
The scheme is aimed at debtors with outstanding liabilities to the state (the tax authority and EFKA), banks and loan servicing companies, who can now restructure all debts exceeding €5,000, compared with the previous minimum threshold of €10,000.
The lower eligibility threshold is expected to enable up to one million additional debtors to benefit from the new framework’s favorable repayment terms.
In practice, the change offers significant relief to small debtors by allowing them to settle their liabilities through numerous equal monthly installments, with a minimum payment of €50 per month.
