Proposal for the formation of a Borrower protection framework


SY.PRO.DAT in its announcement, states that in relation to the sales a draft law has already been submitted which provides for an arbitration procedure to calculate the over-indebtedness, adding that the legally due balance can be restructured in accordance with the Directive and the Code of the Central Bank, which the Banks are obliged to follow.
“The main goal of the Code is to minimize sales. Thus, after the service of the letter “Type I” the Borrower will address the Financial Commissioner requesting the appointment of an arbitrator who will decide within the deadlines of the Law the amount of the over-obligations “, it is noted.

SY.PRO.DAT states that the Government was forced by the European Union and recently approved a multi-bill to protect consumers from Abusive Clauses, unfair practices, misleading advertising, etc.

“The most important provision of the bill for us is to ensure the ability of Borrowers / Consumers to apply to the Court for restitution or payment of compensation. Of course, the relevant European Directive of 1993 regarding the abusive clauses of consumer contracts takes precedence over our domestic law and should and must be applied by all. We also emphasize that the courts have an obligation to examine and check ex officio whether there is an abusive clause in a contract and to cancel it “, the announcement concludes.