Over 500 million debts out of court settlements in July – 357 million arrangements

The upward pace of the out-of-court settlement mechanism continued, leading to a new record of 1,952 settlements for July, corresponding to €518 million in debts, according to a statement from the Ministry of National Economy and Finance.

21,176 successful settlements were recorded for initial debts of 7.2 billion euros settled through the out-of-court mechanism by the end of July.

Specifically, the monthly progress report of the extrajudicial mechanism of the General Secretariat for Financial Sector and Private Debt Management details the approval rates of financial institutions (banks and management companies) for applications with debts up to 250,000 euros, with Intrum, QQuant, and Veraltis recording the highest rates for July as well.

In addition, data is offered on bilateral arrangements made in June, amounting to EUR 357 million for 6,218 debtors, corresponding to the largest loan management companies, four of which (DoValue, Cepal, Intrum, QQuant) made direct arrangements for a total of 5,200 debtors at EUR 337 million. It should be noted that for all four companies most of the adjustments were for mortgage loans.

In order to make more effective use of the available debt settlement tools, it is recalled that the General Secretariat of the Financial Sector and Private Debt Management provides a service which is carried out nationwide by video call or by telephone by appointment via the platform (click EDO) or by phone at 213.212.5730.

View the monthly Extrajudicial Mechanism Progress Report – July 2024, EDO.

The Press Office of the Ministry of National Economy and Finance issued the following statement:

The upward pace of the out-of-court settlement mechanism continued, leading to a new record of 1,952 settlements for July, corresponding to €518 million in debts.

21,176 successful settlements were recorded for initial debts of €7.2 billion settled through the out-of-court mechanism by the end of July.

Specifically, the monthly progress report of the extrajudicial mechanism of the General Secretariat for Financial Sector and Private Debt Management presents in detail the approval rates of financial institutions (banks and management companies) for applications with debts up to 250,000 euros, with Intrum, QQuant, and Veraltis recording the highest rates for July as well.

In addition, data is offered on bilateral arrangements made in June, amounting to EUR 357 million for 6,218 debtors, corresponding to the largest loan management companies, four of which (DoValue, Cepal, Intrum, QQuant) made direct arrangements for a total of 5,200 debtors at EUR 337 million. It should be noted that for all four companies most of the adjustments concern mortgage loans.

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