Uncooperative Borrower
Any borrower who does not comply with the principles described in the definition of "Cooperative Borrower".
Collaborative Borrower
A borrower qualifies as "Cooperative" when: Provides complete and up-to-date contact information for claimants or anyone legally acting on their behalf; He is available for communication with the claimants or anyone legally acting on their behalf, Makes full and honest disclosure of information regarding his current financial situation, Makes full and honest disclosure of information [...]
Risks Arising from Designating a Borrower as “Uncooperative”
In the event that the borrower is characterized as "Uncooperative", the Company, on behalf of the beneficiary of the claim, informs him in writing of this fact within 15 calendar days of the decision being made. This characterization entails the risk of auctioning off the borrower's main residence through legal proceedings that the Company could [...]
Actions the borrower can take if he disagrees with his designation as “Uncooperative”
The borrower is entitled to submit an objection within 15 calendar days of being informed of his/her categorization as "Uncooperative", following the Objection Examination Procedure established by the Company. The borrower can appeal to this stage once after each application of the ECJ. The decision of the Appeals Committee is provided within three months [...]
Reasonable living expenses
The determination of reasonable living expenses aims to help lenders and borrowers arrive at mutually acceptable and sustainable solutions for servicing their loans, according to their current financial situation. The reasonable living expenses derive from the data of the statistical Survey of Family Budgets conducted every year by the Hellenic Statistical Service (www.efpolis.gr). Indicatively, reasonable [...]