New applications for out-of-court debt settlements, as well as the number of successful settlements outside of court, both rose in October 2024 compared to the same month the previous year, according to the finance ministry.
More specifically, there was a 52.48% increase in successful debt settlements in October this year, or 1,845 individual settlements corresponding to initial debts worth approximately 600 million euros, from a total of 1,210 initial debt settlements corresponding to the sum of 438 million euros in October 2023.
Additionally, 5,771 new applications were registered versus 3,821 in October 2023 (+51.03%) while 3,493 applications were finalized from 2,237 in the same period last year (+56.15%).
The total number of successful settlements amounted to 25,551, with the total value of settled debts amounting to 8.5 billion euros. This is a 154.92% increase from October 2023, when it stood at 10,023. The total value of settled debts also recorded an increase of 129.73% from the same period last year (3.7 billion).
In addition, the out-of-court mechanism supported vulnerable borrowers, with 1,820 vulnerable households benefiting from the measure. At the same time, 112 debtors managed to suspend scheduled auctions by making use of the prepayment measure.
