Swiss Franc Loan converted to Euros -

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Gee
Posts: 1
Joined: 14 Dec 2015 23:08

Swiss Franc Loan converted to Euros -

Post by Gee » 15 Dec 2015 23:03

Having got a Swiss Franc Mortgage in 2006, we continued to pay this until we really began to struggle and approached the Bank of Cyprus to say so. Their response was to offer that the loan be transferred to a Euro currency loan and reduce to the minimum payment per month. This certainly helped us and had no real choice but to take up this option. We are gradually paying this off but will be doing so for many years to come.

Because we approached the bank and asked for assistance, does this mean we may miss out on the potential offer of a reduction in our loan balance/settlement deal originally in Swiss Francs?

If we lose out, we feel we are being penalised for 'doing the right thing'!

We were given info to join the legal fight against the banks some time ago but just could not afford the sum involved.

We are sure there are many in our position and wonder if anyone has any news or views?



Nigel Howarth
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Re: Swiss Franc Loan converted to Euros -

Post by Nigel Howarth » 15 Dec 2015 23:19

Hi Gee and welcome to the forum,

A number of people have contacted me by email with the same question.

As you no longer have a Swiss Franc loan - I doubt you'll be entitled to any reduction in your loan repayments.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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