Responding to a sharp increase in borrower grievances, Greece has launched a special task force to crack down on loan servicers managing tens of billions of euros in household and business debt. The five-member working group, operating under the General Secretariat for Private Debt Management, is tasked with investigating allegations of misconduct, transparency failures, and harassment. The intensive oversight comes as these financial firms now manage over 92 billion euros in loans for more than 2.6 million Greek debtors as of late 2025. Under stringent European Union directives, servicers are legally required to protect borrower privacy, avoid undue pressure, and maintain free, transparent complaint procedures. They must also provide debtors with a personalized digital platform, updated at least monthly, detailing outstanding balances and payment schedules. The newly formed investigative unit will build secure case files, assess the validity of claims, and enforce strict compliance with national and EU regulations. Firms found violating the Bank of Greece Code of Conduct face severe penalties, including fines of up to 500,000 euros or the outright revocation of their operating licenses. The government's crackdown reflects mounting public pressure to enforce borrower protections more rigorously. Despite the rising tide of complaints, industry data shows an uptick in debt resolutions. Last year, servicers restructured 6.8 billion euros in loans—a 9% increase from 2024. This included 3.6 billion euros in bilateral agreements and 1.6 billion euros settled through the state's Extrajudicial Mechanism, which saw a 50% jump in successful arrangements. By Yiorgos Pappous Διαβάστε περισσότερα στο iefimerida.gr