F. Kourmousis: Prevention is preferable to treatment for debts

Prevention is preferable to treatment, not only for health but also for debts, says the Special Secretary for Private Debt Management, Fotis Kourmousis, who explains to APE-MPE the reasons why the new platform of the “Early Warning Mechanism” “It concerns, potentially, everyone in the country.

It concerns every household and every business that is interested in undergoing a “check up” of its financial health and its ability to meet the obligations it has undertaken. In this regard, it will have at its disposal a network of 52 offices of the Special Secretariat for Private Debt Management. There he will be able to learn, if he does not already know them, his rights and obligations, as they arise from the legislation, as well as the alternatives at his disposal for the regulation and treatment of his obligations. In this regard, he points out that both banks and loan managers (Servicers) are now meeting the demand as they offer “long-term and sustainable arrangements”.

However, there are no “horizontal solutions” for everyone, as Mr. Kourmousis emphasizes. It is up to everyone, whether a natural person / household or a business, to find – with the help of the Special Secretariat for Private Debt Management – the appropriate solutions and arrangements that will be sustainable on a case-by-case basis.

This platform is an innovative process, at pan-European level, which aims to identify circumstances that may lead to insolvency. And this in order to prevent over-indebtedness of households and businesses. At the same time, however, it also offers consulting services on how to deal with these obligations.

Source: AMPE