«We are not collection agencies. 

We are the first to ask for a legal framework which will instill regulatory discipline».


Earlier today, the Hellenic Association of Debt Management Companies (HADMC - ΕΣΕΔΑ) held a press conference at a hotel of downtown Athens, marking its first public appearance.

The purpose of this conference was to introduce HADMC, to inform the public about the identity, the scope and the objectives of the Association, as well as to underline the usefulness of its activities. HADMC, expressing the  views of its member companies, took the opportunity to condemn the unacceptable practices and methods of certain agencies which were recently brought to  public awareness. Finally, HADMC informed media representatives on the Association’s efforts towards the creation of a clear, transparent and stable regulatory framework.

In his inaugurating speech, Dimitris Psarakis, Chairman of the BoD in HADMC, stressed, among others, the following : “ In 2005, ten national and multinational debt management agencies created HADMC, in an effort to commonly agree on a strict operational framework, transfer valuable know-how from our European Federation, FENCA, and establish a rigorous Code of Ethics which has to be strictly upheld by every member of the Association. From as early as 2006, we have been approaching all relevant state bodies and committees, and we have submitted our views on the establishment of a stable regulatory framework for the operation of all agencies in the debt management industry. In 2008 we put forward a series of detailed proposals, while a few months ago we submitted our proposal with regards to the Bill of Law for Debt Management Companies, which aims to establish rules and regulations that will bring order to the Debt Management industry. It is very encouraging to see that, after some time, the state began to realize the need for market regulation and for the introduction of specific rules, and has started to support our efforts towards this objective”.

Moreover, during his speech Giorgos Papastamatiou, Secretary of the BoD in HADMC, noted the following: « Today, the 10 member companies of GADMC have a total number of 2.500 employees who receive regular training and follow certified programs according to the standards of the relevant European organizations. The member companies of our Association have a partner base which includes the largest credit agencies and organizations of the Greek market. The operation of HADMC’s member companies is not based on  money collection. HADMC’s agencies do not collect and do not manage cash; they simply inform debtors, only by means of phone calls, about their outstanding payments and about debt servicing options. Furthermore, they make proposals for mutually beneficial ways of settlement and play an intermediary role between debtors and credit organizations (…).Since the beginning of the credit crunch, HADMC and its member companies have submitted a series of proposals which aim to facilitate debtors in weathering the financial crisis and meeting their obligations. Our capability to propose a realistic solution stems from our communication skills and our ability to understand the real dimensions of each individual problem; based on this knowledge we can then shape a proper action plan which will prove beneficial both for the debtor, and for the credit organization. In any case, such proposals have always been based on our regular communication with consumers, thousands of whom judge us and our business efforts on a daily basis”.


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In 2005, the 10 largest debt management agencies of the Greek market formed the Hellenic Association of Debt Management Companies (HADMC - ΕΣΕΔΑ). HADMC aims to contribute to the development and to the proper implementation of a solid statutory framework for the regulation of the debt management market in Greece. Today, the member companies of HADMC employ approximately 2.500 individuals. The member companies of the Association collaborate with all the large credit agencies and organizations, and they abide by a strict Code of Ethics. HADMC is a member of FENCA, the Federation of  European National Collection Associations.

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