The Cyprus Consumers Association (CCA) is urging people with loans taken out since July 1997 to submit complaints to the Consumer Protection Service if they believe their contracts contain unfair terms.
In a statement, CCA President Marios Drousiotis highlighted the association’s past public announcements about this issue, the most recent being in July 2024.
He explained that since May 2021, under law 112(I)/2021, the Consumer Protection Service has the authority to enforce decisions and impose fines worth millions of euros. These powers apply retroactively to loans from July 1997, despite previous claims by the service that the law was not retroactive.
How to report unfair terms
The CCA is calling on consumers with loans from July 1997 onwards to report any unfair terms to the Consumer Protection Service. Complaints can be made by phone at 1429, email at [email protected], or online at www.consumer.gov.cy. The service is legally required to investigate complaints and impose penalties if unfair terms are found.
Additionally, the CCA advises consumers to contact the Financial Ombudsman for concerns about loan agreements with excessive charges due to unfair terms. Complaints can be submitted via www.financialombudsman.gov.cy, email at [email protected], or by calling 22848900. The Ombudsman reviews both performing and non-performing loans.
Mr Drousiotis emphasised that it is time for the Consumer Protection Service to focus on supporting consumers rather than appearing to protect bank interests. He stated that “Consumers need the support, not the banks.”
