Latest Headlines

All reports tagged with: "debt relief"

Estia applicants hit 50% of eligible borrowers

Applications for the Estia programme, which aims to assist home owners with non-performing mortgages by providing government support, have been submitted by more than 50 percent of those eligible.

Estia scheme falling flat on its face

The Cyprus non-performing loans scheme, Estia, is probably falling flat on its face; applicants need to complete 30 pages with their family income and property details and include 40 to 50 other documents.

Estia scheme for vulnerable homeowners approved

The cabinet has approved the debt relief scheme (Estia) designed to support and protect vulnerable homeowners; eligible borrowers will apply in September – first payments expected in December.

Debt release orders secured

Fifty six debt release orders have been secured by the Insolvency Service for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis.

First five debt relief orders

The Insolvency Service announced on Friday the issuance of the first five debt relief orders, for debts up to €25,000 following a number of applications it made to the Limassol District Court.

Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.

Insolvency service ‘inundated’

The newly established Insolvency Service, which was set up by the Cyprus government as part of the insolvency framework agreed with the troika, has been inundated with requests for information.

Debt relief or foreclosures?

The debate continues as to whether a debt relief programme should be introduced to assist those who can no longer afford the loan repayments on their first home to avoid foreclosure.

Will Cyprus adopt a debt relief package like Iceland?

Will Cyprus follow the example of Iceland and launch a mortgage debt relief programme to assist households who can no longer able to afford to maintain their mortgage repayments?

Back to top