ECONOMY

Borrowers must register by March

Borrowers must register by March

Any debtors who don’t update their personal data online in time will lose their right to have their debts settled in court based on the so-called Katseli law that protects borrowers in need. The updating of data must take place through a special platform by priority for all outstanding cases, starting on October 1 2020 and up to March 31, 2021.

By updating their personal information, debtors also accept the lifting of their tax and bank secrecy, in order to have the accuracy of their data confirmed.

All this is according to a bill on the acceleration of outstanding cases under the law named after former economy minister Louka Katseli. It has already been put up for public consultation and is later expected to be voted into law.

The bill’s report notes that this intervention is deemed necessary for the processing of more than 40,000 applications that remain pending and have court dates set starting from January 1, 2021 – some of them even have a date after the year 2027.

The new platform is set to help distinguish strategic defaulters from those in real need of protection.