{"id":1394,"date":"2025-02-05T08:22:09","date_gmt":"2025-02-05T06:22:09","guid":{"rendered":"https:\/\/financialombudsman.org.cy\/?page_id=1394"},"modified":"2025-11-14T10:42:14","modified_gmt":"2025-11-14T08:42:14","slug":"debt-verification-service","status":"publish","type":"page","link":"https:\/\/financialombudsman.org.cy\/en\/services\/debt-verification-service\/","title":{"rendered":"Debt Verification Service"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]The Financial Commissioner is also responsible for examining complaints from eligible debtors to confirm the required mortgage debt before the start of the foreclosure process.\u00a0The eligible debtor submits a completed complaint application against the licensed institution\u00a0<a href=\"https:\/\/financialombudsman.org.cy\/en\/complaints-submission-and-mediation-requests\/filing-a-complaint-by-an-eligible-debtor-against-a-licensed-institution\/\"><strong>online<\/strong><\/a>\u00a0or\u00a0<a href=\"https:\/\/financialombudsman.org.cy\/wp-content\/uploads\/2025\/03\/Complaint-Submission-Form-against-an-Authorised-Institution-by-an-Eligible-Debtor-regarding-the-required-amount-of-the-mortgaged-debt.pdf\" target=\"_blank\" rel=\"noopener\"><strong>in paper form<\/strong><\/a>. A fee of \u20ac20 is paid when submitting the complaint.<\/p>\n<p>The complaint, provided that it meets the submission and examination criteria, in accordance with the provisions of the relevant legislation, will be examined by the competent officers of the Agency. Subsequently, a relevant decision on the complaint will be issued by the Financial Ombudsman, which will be notified to the eligible debtor and the licensed institution. The Ombudsman&#8217;s decision is binding\u00a0<strong>only if accepted by both parties within 10 days.<\/strong>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1743425379868{background-color: #EFF0F1 !important;}&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Useful Terms<\/h2>\n<details>\n<summary class=\"purple\">What does &#8220;Complaint&#8221; mean?<\/summary>\n<p>&#8220;Complaint&#8221; means the submission of a dispute by an eligible debtor against a licensed institution for confirmation of the required mortgage debt prior to the foreclosure process in accordance with the Transfer and Mortgage of Real Estate Law.<\/p>\n<\/details>\n<details>\n<summary class=\"purple\">What does &#8220;Eligible Debtor&#8221; mean?<\/summary>\n<p>A mortgagee whose mortgaged property under sale constitutes a primary residence.<\/p>\n<\/details>\n<details>\n<summary class=\"purple\">What does &#8220;Main Residence&#8221; mean?<\/summary>\n<p>The residence used for the residence of its owner and\/or members of his family, for a period exceeding six (6) months per year, the estimated value of which does not exceed three hundred and fifty thousand euros (\u20ac350,000).<\/p>\n<\/details>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row el_id=&#8221;proipotheseis-ipovolis&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Submission requirements<\/h2>\n<ul>\n<li>The complaint is filed by an eligible debtor.<\/li>\n<li>The assessed value of the main residence does not exceed\u00a0<strong>\u20ac350.000<\/strong>.<\/li>\n<li>The mortgaged property under sale is considered a primary resident when the owner and\/or members of their family, reside therein for a period of more than six (6) months per year.<\/li>\n<li>In the case the eligible debtor has received from the authorised institution all the letters, as provided by paragraphs 5(2)(b) &#8211; 5(2)(e) of the Code (which is included in Appendix 2, of the Arrears Management Directive of the Central Bank of Cyprus), after 14\/07\/2023, to have submitted to the authorised institution, all the required as well as other information within the deadlines provided for in these letters.<\/li>\n<li>The eligible debtor has received the Type \u201cIA\u201d Notice.<\/li>\n<li>The complaint is submitted to the Financial Commissioner\u00a0<strong>within 21 days<\/strong> of the service of the Form &#8220;IA&#8221; Notice on the eligible debtor.<\/li>\n<li>The eligible debtor pays a fee of \u20ac20 when submitting his Complaint to the Commissioner.<\/li>\n<\/ul>\n<h3><strong>Complaints that are not examined:<\/strong><\/h3>\n<ul>\n<li>Complaints for which a court decision or an order for registration and enforcement of an arbitration award or a procedure for registration and execution of a court decision has already been issued.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; el_class=&#8221;white&#8221; css=&#8221;.vc_custom_1743673774069{background-color: #01506F !important;}&#8221; el_id=&#8221;tropos-ipovolis&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>How to Submit a Complaint<\/h2>\n<p>You can submit your complaint to the Financial Ombudsman in one of the following ways:<\/p>\n<ol>\n<li>By hand at the address Kypranoros 15, 1st floor, 1061 Nicosia<\/li>\n<li>By post (via registered mail): P.O. Box 26722, 1647 Nicosia<\/li>\n<li>By fax to 22660584 or 22660118<\/li>\n<li>By email to\u00a0<strong><a href=\"mailto:complaints@financialombudsman.gov.cy\">complaints@financialombudsman.gov.cy<\/a><\/strong><\/li>\n<li>Through an online application on our website\u00a0<strong><a href=\"https:\/\/financialombudsman.org.cy\/en\/complaints-submission-and-mediation-requests\/filing-a-complaint-by-an-eligible-debtor-against-a-licensed-institution\/\">by clicking here.<\/a><\/strong><\/li>\n<\/ol>\n<p>If you wish to submit your complaint in writing using one of the above methods (1-4), download the application: <strong><a href=\"https:\/\/financialombudsman.org.cy\/wp-content\/uploads\/2025\/03\/Complaint-Submission-Form-against-an-Authorised-Institution-by-an-Eligible-Debtor-regarding-the-required-amount-of-the-mortgaged-debt.pdf\" target=\"_blank\" rel=\"noopener\">Complaint Submission Application from an Eligible Debtor<\/a><\/strong><\/p>\n<p>The complaint may be submitted in Greek or English. The decision will be issued in the language in which the complaint was submitted.[\/vc_column_text][vc_btn title=&#8221;Submit Complaint&#8221; style=&#8221;flat&#8221; align=&#8221;left&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fen%2Ffiling-a-complaint-by-an-eligible-debtor-against-a-licensed-institution%2F|title:Submit%20Complaint&#8221; el_class=&#8221;white-button&#8221;][vc_empty_space height=&#8221;95px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1743673785147{background-color: #EFF0F1 !important;}&#8221; el_id=&#8221;pliromi-telous&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>Payment of Application Fee<\/strong><\/h2>\n<ul>\n<li>Submitting a mediation application costs \u20ac20. Payment is made:\n<ul>\n<li>online on our\u00a0<strong><a href=\"https:\/\/financialombudsman.org.cy\/en\/shop\/?woo-share=zCyomlFF8cozqWvIXLKMNqwRmeJtAV7D&amp;add-to-cart=3399\">website<\/a><\/strong><\/li>\n<li>to one of the <strong><a href=\"https:\/\/financialombudsman.org.cy\/en\/payment-methods\/\">three bank accounts of the Agency<\/a><\/strong><\/li>\n<\/ul>\n<\/li>\n<li>The legal proof of payment must state the name of the consumer who submitted the application.<\/li>\n<li>The Office of the Financial Commissioner does not accept direct payment from consumers in cash\/by card.<\/li>\n<li>In the event that the Application is rejected or withdrawn, the \u20ac20 fee is not refunded.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_btn title=&#8221;Payment Methods&#8221; style=&#8221;flat&#8221; css=&#8221;.vc_custom_1761906361457{padding-right: 10px !important;}&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fen%2Fpayment-methods%2F|title:Payment%20Methods&#8221; el_class=&#8221;blue-button&#8221;][vc_btn title=&#8221;Pay Now&#8221; style=&#8221;flat&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fen%2Fpayment-methods%2F|title:Pay%20Now&#8221; el_class=&#8221;blue-button&#8221;][vc_empty_space height=&#8221;95px&#8221;][\/vc_column][\/vc_row][vc_row el_id=&#8221;apaitoumena-eggrafa&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>Required Documents for Submitting a Complaint<\/strong><\/h2>\n<ol>\n<li aria-level=\"1\">Receipt of payment for the amount of twenty euro (\u20ac20) for the complaint submission.<\/li>\n<li aria-level=\"1\">Copy of Identity Card or Alien Registration Card (ARC) or Copy of Passport.<\/li>\n<li aria-level=\"1\">Special power of Attorney document accompanied by the original certification, in the case the complaint is submitted by a representative of the eligible debtor.<\/li>\n<li aria-level=\"1\">Copy of the notice letter type \u201cIA\u201d for the intended sale of the mortgaged property.<\/li>\n<li aria-level=\"1\">Copy of the notice letters type \u201c\u0398\u201d and Type \u201c\u0399\u201d (if available).<\/li>\n<li aria-level=\"1\">Certificate issued by the head of the community of the area in which the property is located, which proves that the property under sale is the primary residence.<\/li>\n<li aria-level=\"1\">A recent copy of a utility bill (up to six (6) months old).<\/li>\n<li aria-level=\"1\">Appraisal of the primary property, when this exists.<\/li>\n<li aria-level=\"1\">Court order in the case where a legal procedure is underway.<\/li>\n<\/ol>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; el_id=&#8221;ti-eksetazei-o-epitropos&#8221; el_class=&#8221;white&#8221; css=&#8221;.vc_custom_1743754881332{background-color: #01506F !important;}&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>What does the Financial Commissioner examine for purposes of confirming the required mortgage debt:<\/strong><\/h2>\n<ul>\n<li>All charges recorded on account statements.<\/li>\n<li>Whether the charges were made in accordance with the Law and the terms of the Contract.<\/li>\n<li>Changes in the base interest rate and margin.<\/li>\n<li>Expenses and commissions<\/li>\n<li>Capitalizations<\/li>\n<li>Interest delinquencies<\/li>\n<li>Unfair Clauses<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1743673813002{background-color: #EFF0F1 !important;}&#8221; el_id=&#8221;endexomena-meta-tin-ipovoli&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>Possibilities after filing a complaint<\/strong><\/h2>\n<h3><strong>Registration of a lawsuit by the consumer after submitting a complaint<\/strong><\/h3>\n<p>If the consumer files a complaint with the Commissioner and later files a lawsuit against the financial institution on the same matter, he must inform the Commissioner on the same day about the lawsuit. If the Commissioner learns of the lawsuit (whether through the consumer&#8217;s notification or otherwise), he stops examining the complaint and informs the financial institution accordingly.<\/p>\n<p>The debtor in question may request the Commissioner not to terminate the procedure and to examine the complaint before the Court&#8217;s decision is issued, with a view to resolving the complaint out of court, where possible, and in such a case, the eligible debtor shall inform the Court accordingly in any pending procedure.<\/p>\n<h3><strong>Settlement of a dispute between involved parties<\/strong><\/h3>\n<p>If the parties involved in the complaint agree to resolve the dispute, they must notify the Commissioner and provide him with details of their agreement. Once the Commissioner receives these notifications and confirms that the agreed compensation has been paid to the consumer, he stops examining the complaint.[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>Decision Issuance<\/strong><\/h2>\n<ul>\n<li>The Commissioner&#8217;s decision is issued no later than 45 days from the date of receipt of the complaint.<\/li>\n<li>It is noted that the financial institution cannot proceed with the sale of the property before 45 days have passed or the 10th working day from the issuance of the decision, whichever is later.<\/li>\n<li>If the business proceeds with the sale before the decision is issued, the debtor may apply to the Court to stop the process.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1743673844401{background-color: #EFF0F1 !important;}&#8221; el_id=&#8221;desmeutikotita&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><strong>Boundness<\/strong><\/h2>\n<p>The Commissioner&#8217;s decision\u00a0<strong>is binding only if both parties accept it<\/strong>. The two parties must declare\u00a0<strong>within 10 working days<\/strong>\u00a0of the decision being issued whether they accept the decision as binding.<\/p>\n<p>If\u00a0<strong>they do not agree or the financial institution does not agree<\/strong>, the sale process is suspended until a decision is issued by the competent Court and the Commissioner&#8217;s decision is not considered binding.<\/p>\n<p>If the financial institution agrees but\u00a0<strong>the eligible debtor does not agree<\/strong>, then the financial institution may proceed with the sale and is obligated to pay the eligible debtor any compensation the Court decides.[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; el_class=&#8221;white&#8221; css=&#8221;.vc_custom_1749048831665{background-color: #01506F !important;}&#8221;][vc_column][vc_empty_space height=&#8221;60px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2 style=\"text-align: center;\"><strong>Useful Links<\/strong><\/h2>\n<p>[\/vc_column_text][vc_row_inner equal_height=&#8221;yes&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_btn title=&#8221;Online Complaint Submission&#8221; style=&#8221;flat&#8221; size=&#8221;lg&#8221; align=&#8221;center&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fen%2Ffiling-a-complaint-by-an-eligible-debtor-against-a-licensed-institution%2F|title:Online%20Complaint%20Submission&#8221; el_class=&#8221;white-button&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_btn title=&#8221;Download Complaint Application&#8221; style=&#8221;flat&#8221; size=&#8221;lg&#8221; align=&#8221;center&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fwp-content%2Fuploads%2F2025%2F03%2FComplaint-Submission-Form-against-an-Authorised-Institution-by-an-Eligible-Debtor-regarding-the-required-amount-of-the-mortgaged-debt.pdf|title:Download%20Complaint%20Application|target:_blank&#8221; el_class=&#8221;white-button&#8221;][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2 style=\"text-align: left;\"><strong>Related articles<\/strong><\/h2>\n<p>\n\n<style id=\"post-inline-css-1\">#ymc-smart-filter-container-1 .container-posts .post-entry {color:#01506f}#ymc-smart-filter-container-1 .ymc-pagination li a {color:#01506f}<\/style><div id=\"ymc-smart-filter-container-1\" \r\n\t\t\t\t  class=\"ymc-smart-filter-container ymc-filter-2480 ymc-loaded-filter ymc-no-filter-layout ymc-post-layout1 ymc-pagination-numeric data-target-ymc2480-1 data-target-ymc1 \" data-loading=\"true\"\r\n\t\t\t\t  data-params='{\"cpt\":\"post\",\"tax\":\"category\",\"terms\":\"33\",\"default_terms\":\"\",\"exclude_posts\":\"off\",\"choices_posts\":\"\",\"posts_selected\":\"all\",\"preloader_icon\":\"preloader_1\",\"type_pg\":\"numeric\",\"per_page\":\"3\",\"page\":\"1\",\"page_scroll\":\"1\",\"preloader_filters\":\"none\",\"preloader_filters_rate\":\"0.5\",\"preloader_filters_custom\":\"\",\"post_animation\":\"\",\"popup_animation\":\"normal\",\"letter\":\"\",\"post_layout\":\"post-layout1\",\"filter_layout\":\"no-filter-layout\",\"filter_id\":\"2480\",\"search\":\"\",\"search_filtered_posts\":\"0\",\"carousel_params\":&quot;&quot;,\"filter_date\":\"\",\"sort_order\":\"\",\"sort_orderby\":\"\",\"meta_key\":\"\",\"meta_query\":\"\",\"date_query\":\"\",\"data_target\":\"data-target-ymc1\",\"target_id\":\"1\",\"page_id\":\"0\"}'><div class=\"container-posts container-post-layout1\"><div class=\"post-entry ymc-xs-col-1 ymc-sm-col-1 ymc-md-col-2 ymc-lg-col-2 ymc-xl-col-3 ymc-xxl-col-3 post-layout1 post-layout1-2480 post-layout1-2480-1\"><\/div><\/div><\/div>[\/vc_column_text][vc_empty_space height=&#8221;80px&#8221;][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; css=&#8221;.vc_custom_1749111902013{margin-bottom: 0px !important;padding-bottom: 0px !important;background-color: #EFF0F1 !important;}&#8221; el_id=&#8221;more-information&#8221;][vc_column][vc_empty_space height=&#8221;80px&#8221;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2 style=\"text-align: center;\"><strong>Need more information?<\/strong><\/h2>\n<p style=\"text-align: center;\">See the <strong><a href=\"https:\/\/financialombudsman.org.cy\/en\/faqs\/#faqs-eligible-debtor-complaints\">Frequently Asked Questions<\/a><\/strong> page for immediate answers or contact us at email: <a href=\"mailto:complaints@financialombudsman.gov.cy\"><strong>complaints@financialombudsman.gov.cy<\/strong><\/a>.<\/p>\n<p>[\/vc_column_text][vc_btn title=&#8221;FAQ&#8217;s&#8221; style=&#8221;flat&#8221; align=&#8221;center&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Ffinancialombudsman.org.cy%2Fen%2Ffaqs%2F%23faqs-eligible-debtor-complaints|title:FAQ&#8217;s&#8221; el_class=&#8221;blue-button&#8221;][vc_empty_space height=&#8221;95px&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":1384,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1394","page","type-page","status-publish"],"acf":[],"_links":{"self":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/1394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/comments?post=1394"}],"version-history":[{"count":32,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/1394\/revisions"}],"predecessor-version":[{"id":4033,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/1394\/revisions\/4033"}],"up":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/1384"}],"wp:attachment":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/media?parent=1394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}