In October 2024, both new applications and successful settlements under the out-of-court debt settlement mechanism recorded a significant increase compared to October 2023.

In more detail, a 52.48% increase was recorded in successful debt arrangements in October this year, which amounted to 1,845, corresponding to initial debts worth around €600 million, compared to 1,210 arrangements of initial debts of €438 million in the same period in 2023.

According to the announcement, 5,771 new applications were recorded from 3,821 in October 2023 (+51.03%) and 3,493 applications were finalised from 2,237 in the same period last year (+56.15%).

To date, the total number of successful settlements stands at 25,551, with the total value of settled debts amounting to EUR 8.5 billion. This is an increase of 154.92% since October 2023 when the total number of settlements amounted to 10,023. It should be noted that the total value of settled debts also recorded an increase of 129.73% from the same period last year (€3.7 billion).

In addition, the out-of-court mechanism has strengthened the protection of vulnerable borrowers, with 1,820 vulnerable households benefiting from debt adjustments in line with the established mandatory nature of the mechanism. At the same time, 112 debtors managed to suspend scheduled auctions by using the advance payment measure.

In addition, figures are published on the bilateral arrangements implemented in September by the Loan and Credit Claims Management Companies: the four largest companies carried out arrangements worth a total of €307 million for 5,328 debtors. The majority of these settlements mainly concern mortgage loans.

It is recalled that, in order to make more effective use of the available debt settlement tools, the General Secretariat of the Financial Sector and Private Debt Management provides nationwide service by video call or by telephone by appointment through the platform or by calling 213.212.5730.