Our office successfully manages many cases of out-of-court debt settlement of overdue borrowers by negotiating with banking institutions and management companies. We mention, by way of illustration, some of the most successful settlements of the last period of time.
As part of negotiations to arrange a consumer and a mortgage loan on behalf of our principal, we reached a settlement by setting a total fixed doses for both danamounting to 295 euros for 24 months, while ensuring its reduction 1/3 of the total debt , as initially the mortgage debt amounted to the amount of 69,612 euros and an amount of €11,192 was written off while respectively the Consumer Loan amounted to the amount of 23,869 euros and the amount of €17,450 was deleted.
In the context of an out-of-court settlement and settlement of the borrowers' debts, we succeeded, through negotiations for the settlement of debt arising from 2 Business Loans, a Consumer Loan and a Credit Card, debt cancellation up to 2/3 of the total debt namely deletion amount of value interest 98,867,39 euros. More specifically, the total of the debt amounted to the total amount of 143,964.28 euros (98.867.39 interest and 45.126.59 euros the principal debt) which we managed to limit tothe amount of 45,126.59 euros of the principal debt.
In another case, the arrangement was carried out by splitting the debt in two parts, where, in the time period until the repayment of the first part, we managed, on the one hand, to "freeze" the increase in the interest of the debt of the second part and, on the other hand, the start of its repayment after the end of 18 years, margin for repayment of the first part. In this way, the debt was agreed to remain interest-free throughout the 18-year period, which practically means that our principal was released from the obligation to pay the total amount of 150,679 euros in interest, i.e. 110,582.14x7,57%=8,371.06 euros amount of interest per year and 8,371.06x18 years=150,679 euros amount of interest for 18 years.
In the context of negotiations with a management company, we achieved the reduction of ¾ of the debt and the write-off of the interest on the write-off balance from the date of approval. More specifically, the total amount owed amounted to 18.319,04 euro and the final amount compromise payment was set at 4,200 euros. The write-off amount corresponds to a reduction 100% on unaccounted interest and 60% on GBV.
Responsible for the management of cases of out-of-court settlement of borrowers' debts is our Partner, Mr. Evangelos Kourouklis.
Our office has expertise, experience and a high success rate in banking law matters at both levels legal representation as well as level out-of-court settlement of debts through the mechanism of settlements and negotiations with the creditors of the borrowers. At the same time, we undertake the full inclusion in the Extrajudicial Debt Settlement Mechanism or the Bankruptcy Law, depending on the individual needs of each case.
Thomas Kalokiris
MDE lawyer
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