FOR DEBTORS

Procedure for individuals

28 June 2021

Step-by-step the Arrears Resolution Procedure applied by doValue Greece for natural persons pursuant to the Code of Conduct under Law 4224/2013.

Who may apply

The Arrears Resolution Procedure (ARP) for natural persons concerns individuals, self-employed professionals and sole proprietorship companies.

These individuals may be the principal debtors, co-debtors and guarantors for:

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

Exclusions

Find out in detail who is excluded from the Arrears Resolution Procedure pursuant to the Code of Conduct.

Step 1: Communication with the borrower

At Step 1 of the Arrears Resolution Procedure (ARP) a detailed update takes place regarding the borrower’s inclusion in ARP.

Aim of communication

The aim of communication is to find a solution for the repayment of your arrears.

How to contact us

If you want to find out more and initiate the necessary steps for your inclusion in the ARP, you may contact a Eurobank branch or call on +302104847500.

Alternatively, you may send an email at [email protected] or visit the doValue Greece offices (27 Kyprou and Archimidous Streets, 18346 Moschato, Greece, Customer Service and Complaint Management).

These are the Dedicated Points of Contact for the requirements pursuant to the Code of Conduct set up by doValue Greece for:

  • receiving questions from borrowers
  • providing instructions
  • submitting supporting documents
  • communicating

Step 2: Collection of financial and other information from the borrower

In the context of our communication, you need to submit information and details about your current financial situation to doValue Greece, within specific time frames.

Co-debtors or guarantors

If your loan agreement includes co-debtors or guarantors, they also need to submit this information and these documents.

Accompanying documents

All individuals must submit:

  1. The Standardised Financial Statement, fully filled in and signed.
  2. Additional supporting documents to assess the financial situation of individuals.

doValue Greece reserves the right to request additional information about your financial situation from other sources as well, subject to the legislation in force.

Step 3: Assessment of financial data

We assess your financial situation based on the information specified in Step 2 and propose possible solutions tailored to your case.

Reasonable living expenses

We take into account reasonable living expenses, as described in Section 5 of the Brochure for borrowers with financial difficulties.

Assessment criteria

The assessment is based on a series of criteria that vary depending on the loan. These include:

  • Transaction history
  • Total amount and nature of debt, including debt to other credit institutions
  • Current ability to repay
  • Anticipated ability to repay
  • Commercial value of existing mortgage liens on property
  • Addition of new assets as additional collateral

Step 4: Proposal of an appropriate solution (forbearance or resolution and closure)

After the assessment, doValue Greece proposes the solution most suited to each case.

Analysing the proposed solution

We analyse all the relevant terms and conditions so that you fully understand the proposed solution.

Accepting, counter-proposing or rejecting

Within 15 working days from the date you received the proposed solution, you must notify doValue Greece in writing as to whether you accept the proposed solution, have a counter-proposal or reject the proposed and any other solution.

Consequences for failing to respond

If you don’t respond within 15 working days, doValue Greece is legally obligated to consider you a non-cooperating borrower.

As a consequence, doValue Greece may then take legal action to recover the debts it has been assigned to manage. This may include:

termination, payment order issuance, injunctive measures, seizure of movable or immovable property, including the property that is the borrower's sole residence and receivables, and sale of any collateral provided by guarantors and third parties.

Note that even when a borrower is not classified, per the definitions of the Code of Conduct, as non-cooperating (subject to due completion of all the actions required pursuant to the Code of Conduct), all legal actions can be initiated to recover the debts.

Advisory, legal or financial support

You may also seek advisory, legal or financial support from public entities operating for the purposes of implementing Greek Law 4224/2013 or other relevant provisions in force.

To find out more, go to the official Hellenic Bank Association website.

Step 5: Appeals Review Process

If doValue Greece informs you that you have been classified as non-cooperating, you may lodge an appeal in writing.

Time frame

Your appeal must be lodged within 15 working days from the date you received the relevant written notification from doValue Greece.

You may lodge an appeal only once.

For further questions, feel free to contact any Eurobank branch or call on +302104847500.

Alternatively, you may contact us by post at doValue Greece, 27 Kyprou and Archimidous Streets, 18346 Moschato, Greece (Customer Service and Complaint Management) or send an email at [email protected].

How to lodge an appeal

To lodge an appeal, use the Appeals form

  • In hard-copy at any Eurobank branch
  • In hard-copy by registered post at: doValue Greece, 27 Kyprou and Archimidous Streets, 18346 Moschato, Greece (Customer Service and Complaint Management).
  • In electronic format (filled in and scanned form) at [email protected].

Appeals review

Appeals are reviewed by an independent committee set up by doValue Greece to this end.

You will be notified of the committee’s final decision in writing, within 3 months from the date you submitted your appeal, during which time the terms of your existing contracts apply.