ECONOMY

Online platform for vulnerable indebted households opens

online-platform-for-vulnerable-indebted-households-opens

The Finance Ministry on Thursday launched an electronic platform that will allow vulnerable households to settle their debts through a series of favorable measures.

These include settling the debt through an out-of-court mechanism in 240 tranches for arrears to the state and in 420 tranches in arrears to financial institutions.

There are also subsidies for loans against the primary residences of vulnerable households for a period of five years after reaching a debt settlement deal.

The electronic platform further allows debtors in financial straits to receive an official document certifying that they are regarded as vulnerable households and therefore able to take advantage of Law 4738/2020 which envisages a write-off for all of their debt and a second chance.

The platform was designed by the Finance Ministry’s special secretariat for the management of public debt, in cooperation with the Secretariat General of Digital Governance.