Code of Conduct

This includes any third parties who have provided a mortgage prenotation / mortgage on their sole residence.

Individuals

The Code of Conduct applies to individuals, self-employed professionals and sole proprietorship companies with loan agreements such as:

• Mortgage loans
• Personal loans
• Credit cards
• Business loans

Companies

Micro enterprises with an annual turnover of up to €1,000,000 on average during the last 3 fiscal years.

The loans of medium and large companies with an annual turnover in excess of €1,000,000 on average during the last 3 fiscal years are governed solely by the general principles of the Code of Conduct. The Code of Conduct is not mandatory for this loan category. Due to the complexity of the negotiation procedure with more than one creditor, the provisions of the relevant legislation apply (Law 4307/2014 and Law 4738/2020, as in force).

Note that the Code of Conduct under Law 4224/2013 concerns loans in arrears for which the loan agreement has not been terminated.

Excluded claims

The following are excluded from the Code of Conduct:

1. Claims arising from agreements that had already been terminated before 01/01/2015.
2. Claims on a borrower who has applied for inclusion in the scope of Law 3869/2010 and a trial date has been set.
3. Claims on a borrower who is subject to judicial enforcement proceedings instituted by third-party creditors or a borrower which has already been placed under liquidation, in accordance with the legislation in force.

Debtors who do not fall under the Code of Conduct

The Code of Conduct does not apply to individuals and companies with commercial capacity who have already been included or have applied to be included in:

• The provisions of the Bankruptcy Code, or
• The extrajudicial mechanism procedure, or
• Another relevant legal framework.

Find out step-by-step the arrears resolution procedure based on the extrajudicial mechanism.