Restructuring solutions

You can apply for debt settlement. Depending on your needs, the bank will work out a payment plan that corresponds to your current financial situation. To review your loan or credit card settlement, we do not place any limits to the extent of your financial hardship.

The bank aims to help you settle all your debts. You can choose to settle your loans (consumer or mortgage), your credit cards or any other debts. Depending on your financial - demographic profile, the bank will go over all the solutions available to you, such as extending the loan term, or paying just the interest or a fraction of your instalment for a specific timeframe. Our common goal is to come up with a realistic settlement for all your products.

Visit a Piraeus Bank branch to be fully briefed and find a solution that suits your needs. The branch will also keep you up to date on the progress of your application.

As soon as you are facing or are about to face difficulties in meeting your repayments. Whether the problem is temporary or permanent, there are solutions available for all cases. Even if the problem extends beyond the settlement term, the bank will review your application again.

In the majority of cases, you need to visit the bank branch once to submit the supporting documents and a second visit, after your application has been approved, in order to sign the contract for the loan and/or card settlement agreement.

You must bring with you your current financial information (latest income tax return/E1 form, E9 form or property tax form) and any other documents proving your inability to meet your financial obligations (unemployment card, medical certificates, etc.). If we ask for any further documentation, it would be so that we could substantiate your inability to pay.

Yes, as long as the debts to the same bank and not to different banks. However, you can still proceed with settling your debts with other banks as well. The bank reviews all the details relating to your profile and proposes a settlement that meets your needs to the extent possible.

Yes, you can terminate your settlement. However, to avoid any future problems with your repayments, the bank must closely review your new financial situation.

Each solution is personalized based on your needs. For this reason, there is no set timeframe, as it may differ depending on each case. However, the bank strives to finalize the settlements as soon as possible.

Example 1st
A customer owes €100,000 on a loan that ends in 15 years from now and the monthly installment is approximately €800, which repays interest and capital.

• With a loan settlement, the loan term may be extended to 25 years and the monthly installment would be approximately €595, which repays interest and capital.
• If the customer only pays interest for the first year of the 25-year loan, the installment would be approximately €430. After the end of the interest-only repayment term, the installment would be about €605 for the remaining 24 years.

Example 2nd
A customer owes €8,000 on a consumer loan that ends in 4 years and another €5,000 on a credit card. They pay a total of €390 monthly for both (assuming that the interest rate on the credit card is 16% with 2% minimum installment and the interest rate on the consumer loan is the BCR).

• With a loan settlement, the debt may be refinanced through a the new 6-year loan (BCR interest rate) and the installment would be €250.
• This reduction is possible for two reasons. Firstly, the interest rate for the credit card will drop, since the credit card debt will be transferred to a loan, and secondly, the loan term will be extended.