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Very few to none free debt advice services are available to citizens.

The Cyprus Consumer Association (CCA) is a non-governmental non-profit organisation which is mainly supported by members’ subscription fees and a small governmental grant.

CCA’s aim is to contribute to the reduction of financial illiteracy. Actually, less than 20 per cent of the population of Cyprus possess a high level of financial literacy, while more than 50 per cent is considered to have low skills in this area.

If there is debt counseling it happens through legal services or private consultants (lawyers, financial advisers).
There are a large number of private financial advisors who, for a fee, undertake to advise borrowers and mediate between borrowers and banks for a restructuring of loans. In addition, the financial advisors undertake to estimate the total overcharges of the banks, mainly from the abusive clauses in their loans.

From the state’s point of view, there is the institution of the Financial Commissioner who mediates between banks and borrowers in cases where financial differences are found between the borrower and the bank. It is important to note that the decision of the Financial Commissioner is not binding on any party.

In European comparison it is interesting that Cyprus ( and also Hungary, Luxembourg and Latvia) each spend between 0.1 and 0.2 of GDP on support for mortgage relief for ower-indebted home-owners. The vast majority of public support is provided through grants in Cyprus (according to the OECD Affordable Housing Database).

The CCA runs an informative website about financial and debt management: