Legal Framework Actions

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.
Existing law
 FEK 68/5/5/2009




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.

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ESEDA Factsheet