Unauthorized charges on credit cards

  • 14 April

Unauthorized bank fees to credit cards are usually: Cash withdrawal fee with credit card Calculation of interest based on the date of transaction Cash withdrawal fee with credit card The withdrawal fee issued by banks for cash withdrawal by credit card is deemed illegal and abusive after our collective action against it, by Court Order no. 1219/2001 the Supreme Court of Greece and the...

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Protection of Main Residence

  • 14 April

From January 1 2015, the law for protection of main residence from auctions is no longer in force. However, Law No. 2251/1994, for consumer protection, is an exception and prohibits residence confiscation for credit card debts and consumer loans when: Your debt is no more than 20.000 euro The debtor has not consent to mortgage prenotation to the property favoring the bank It is...

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Protect your Bank Accounts from Confiscation

  • 14 April

Whether you owe money to private or public creditor, they have the right to confiscate money from your bank account. However, in some cases you can protect your bank account from confiscation to a certain extent. Here is some useful information on how you can protect your accounts from confiscation: Debt to Private creditor Wages/pensions/social security contributions Article No. 982 of Code of...

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Lost or Stolen Credit Card

  • 14 April

If your credit card is lost or stolen, you should do the following: Contact the bank immediately and declare the theft or loss Request from the bank in written form any unauthorized charges that have been made against you and notice of payment indicating the place, the time held by any transaction and the signature of the holder at this time Apply for contestation regarding...

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Katseli Law No. 3869/2010 for judicial debt restructure

  • 14 April

Conditions To apply the Katseli Law, you should follow the conditions below: Be a natural person. Meaning, law does not apply to companies Do not have bankruptcy capacity. Meaning, have no trading license. However, former traders are covered only in cases that when they closed their books, their loans were updated Not be able to repay, generally and permanently Types of Debt Debts...

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How to use Credit Cards wisely

  • 14 April

Useful advice: Make sure whether it is truly necessary to issue a credit card Contact different banks so you ensure the best possible terms Ask for explanation when there is something you do not understand Before signing the contract read it carefully At each monthly bill both the nominal interest rate and the annual percentage rate of charge (APRC) should be mentioned (e.g....

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Debt Restructuring

  • 14 April

Generally there are two ways of debt restructuring: Extra judicial proceedings Judicial proceeding, by following Law No. 3869/2010 (Katseli Law) Extra judicial debt restructuring You can restructure your debts without going to court, in the following ways: Code of Banking Ethics Law No.4224 / 2013 Negotiation Freedom Mediation Code of Banking Ethics, Law No. 4224/2013...

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Debt Restructuring via Code of Banking Ethics

  • 14 April

The Code of Ethics applies to the following: It concerns ONLY debt arrears Debts which have not been terminated are NOT covered It applies both to private and commercial debt It does not concern borrowers who have been characterized as non-cooperative If anyone is interested to join the Code, is now required to provide the necessary information requested by the banks to prevent...

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Collection Agencies and Law Firms

  • 14 April

The operation of information companies for debtors having outstanding financial obligations (also known as tax collection companies) is regulated Law No.3758 / 2009, as amended by Law No.4038 / 2012. However, it is often that these companies do not comply with the law. For this reason consumers should be informed about their rights to proceed with complaints against these companies whenever...

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