Power utility PPC’s administration is set to announce a revised and simpler payback system for consumer debt settlement with the aim of maximizing the collection of unpaid receivables for a revenue boost.
The new installment-based payback plan, expected to be announced later today or tomorrow, barring unexpected developments, will be readily available for consumers behind on their electricity bill payments through an automated process via the PPC website or utility retail outlets.
Contrary to the current debt settlement procedure, application approvals are expected to be instantly processed.
According to sources, the amount that will be required to become eligible for the new payback plan will be less than 40 percent of the total amount owed.
The new debt settlement plan’s maximum number of monthly installments will remain unchanged at 24, sources added.
It will focus on PPC’s low-voltage customers – households, professionals and small businesses – totaling 6.8 million consumers.
Approximately one in three low-voltage PPC consumers, or 2.3 million, are behind on electricity bill payments for debt totaling 1.6 billion euros.
PPC’s unpaid receivables for all voltage-based categories, combined, total 2.79 billion euros. Of this amount, 2.45 billion remains unattached to the existing payback plan.