Code of Ethics/Practise

In the absence of a comprehensive legal framework, ESEDA took the initiative of developing a strict Code of Ethics/Practice, as well as concrete guidelines pertaining to the ability of debt management agencies to ensure reliability towards their clients, while upholding an ethical approach and adhering to a strict code of ethics.

ESEDA aims at promoting best practices which will ensure the delivery of high quality services. In this respect, HADMC has formulated its Code of Ethics, the strict upholding to the principles thereof is an assumed obligation by all its members. Nevertheless, ESEDA monitors all members for complying with the agreed Code of Ethics/Practice and retains the right to apply sanctions to any member breeching the provisions set therein.



A Member company of ESEDA should ensure that all its employees are aware of the principles and provisions of this Code.

A Member company of ESEDA bears full responsibility for all actions or failures on the part of its staff or its agents.

A Member company of ESEDA should abide by all legal and contractual obligations deriving from the agreement with its Client. In respect of the above, all procedures pertaining to the transfer of debtors' personal data by the Client to the Member should fully abide by the provisions made by the Hellenic Data Protection Authority, with due regard to the strict observation of the obligations and transfer of responsibilities which derive from the relevant contractual agreement signed by the two parties.

A Member company of ESEDA must ensure that all negotiations with the debtors of its Client are made only by means of lawful and legal instruments.

When attempting to contact the debtor, the staff of a ESEDA member should always operate with the highest ethical standards, and avoid actions in breach of the relevant legislation, or in breach of the business ethics. They should behave in a polite, decent and ethical manner. More particularly:

Under no circumstances are they entitled to use improper language or psychologically oppressive methods towards the debtor.

They are obliged to trade fairly and to make no discrimination on the basis of sex, origin, marital status, or financial condition of their interlocutor.

They are not entitled to use arguments or mechanisms that put psychological pressure on the debtors, but only to inform them about delinquent or in-default payments, and to make proposals about possible payment plans, as instructed by the Client.

They are not entitled to falsely imply an identity different than their own, so as to put additional pressure on the debtor.

They are not entitled to use ESEDA name as a means of bringing pressure upon the debtor.

They are not entitled to use abusive language or threats of any kind during the communication with the debtor.

As soon as it becomes apparent to the agents of a ESEDA Member that the individual they contacted is either a minor, or incapacitated by mental or physical disability, they must ask to talk to the parent, or the legal custodian. If this is not possible they should terminate their call.

A Member of ESEDA should always conform with the legal framework in force, pertaining to the Protection of Personal Data.

A Member of ESEDA is entitled to file complaints or bring civil action against any legal entity or individual that is using abusive or offensive language towards its staff, its legal entity, or its Client. However, under no circumstances is this Member entitled to reciprocate by any means.

A Member of ESEDA should negotiate in good faith in order to determine whether the debtor is not servicing his obligations deliberately, or is indeed incapable of doing so. In such a case, the Member should inform his Client accordingly, in order for him to be able to examine possible requests for installment or other repayment schemes.


A Member of ESEDA should inform the debtor in full detail, based on the data provided by the Client (creditor), and pursue the settlement of all outstanding debts in a way that preserves the dignity and self-respect of the debtor.

Please select file to download the full version of Code of Ethics 

Position-Actions and Commendies regarding the legal framework

  • ESEDA supports the government in its initiatives to regulate the debt management agencies and set operating rules to what used to be a chaotic scenery.
  • Following four years of continuous efforts, ESEDA has managed to be heard as the voice of the industry. During the latest public consultations ESEDA proposals have been taken into account.
  • Among the key points raised during the public consultation, ESEDA has identified rules and remedies already defined by the Association in its Code of Ethics/Practice.
  • Finally, ESEDA believes that the establishment of a rigorous and modern regulatory framework will help debt management companies maintain their proper operation, defend the jobs of thousands of employees, and above all, protect effectively the interests of the consumers.

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For many years, the lack of a clear national legal framework created conditions which may have fostered illegal practices. ESEDA was the first to try and set the rules for the debt management industry.

As of the date of its conception, ESEDA has set as its primary target the creation of a rigorous legal framework. To this end, ESEDA has taken the following actions:

  • In 2006 ESEDA contacted the Athens Chamber of Commerce and Industry (EBEA) in order to agree on the criteria that would define the debt management professional services framework.
  • In 2006 ESEDA submitted its views to the Ministry of Justice and to the Bank of Greece, in an effort to define a regulatory framework pertaining to the operation of debt management agencies.
  • In February 2008 ESEDA started a formal communication with the Ministry of Development.
  • In May 2008 ESEDA submitted a comprehensive proposal concerning the statutory and regulatory rules by which all debt management agencies need to abide.
  • In November 2008, ESEDA submitted to the standing committee of the Ministry of Development, its proposal on the draft bill regarding the regulation of the debt management industry.
  • In February 2008 ESEDA was called by the standing committee on the Debt Management Service Act to express its views on the initial draft of the bill.
  • In March 2009 ESEDA appeared in the House of Representatives and presented its view on the relevant draft bill.
  • In March 2009 the bill was voted by the Parliament with several ESEDA’s proposals having been incorporated within

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ESEDA continues its efforts to assist in the creation of a strict regulatory framework regarding the practices employed by the debt management agencies. Based on the many years of accumulated experience, ESEDA members have already submitted their comments on the bill in effect and remain in constant communication with all the competent bodies that have undertaken the continuous development of the legal framework.

The following text contains ESEDA's proposals regarding the establishment of a legal framework for the operation of debt management agencies in Greece.

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