wits end

[cypgirl]

Hi Nigel
I know you have probably answered this question a million times but...
I had a payment holiday from my home loan because of reduced pay. Now my time is up, I've lost my job and the bank want me to take another payment holiday but to sign a reschedule. I'm loathe to do that as I believe they mis sold the loan as i was never offered anything except Swiss francs. NowI have a Swiss franc loan which I have no chance of ever paying off in my lifetime and no title either.
I can put the property on the market but haven't got the money to pay either an agent or lawyer.
I would have loved to join a group but will not be able to help fund any court action so that's out. What do you suggest? I have no assets in uk or here as my loan is more than the property is worth.
At the moment I feel like giving them the keys, but am determined not to let them get away with it so easily. This working towards retirement thing isn't turning out as planned.
Sorry for moaning, I'm not usually so defeatist. Any suggestions? I've probably got enough cash to last 3 or 4 months then it's back to blighty methinks.

[Nigel Howarth]

Hi cypgirl

From what you say you have very few choices. No money to pay for an action against the bank for mis-selling you a Swiss Franc loan and no money to pay an agent to advertise the property. There are a number of websites where you can advertise you property free of charge - one of them is Cyprusexpat.

I published an article some years ago with advice on how to deal problems of repaying mortgages/loans at HELP – I can’t pay the mortgage!.

Under the new insolvency laws, you should be able to approach an insolvency practitioner who will assess what you are able to pay based on your financial situation and prepare a plan for restructuring the debt, which will not deprive you of reasonable living expenses.

We're waiting for the troika to give the OK to the new laws, which they may do this week.

If you just hand back the keys, the bank will probably pursue you in the UK for payment.

You really need to spend some of your money in getting professional advice on how best to deal with this situation.

REgards,

[Pantheman]

Dear Cypgirl,

Sorry to hear about your problem.

Don't worry about paying the agent, depending on the value of your house, where it is and other factors, it may be possible for the agent to negotiate with the bank on your behalf a figure so that when the house sells it covers the costs, agent, legal and others. You may not get anything out of it, but at least you would have gotten the bank off your back.

Alternatively, Nigel has given you another route.

Best of luck with whatever route you take.

[cypgirl]

Thanks for your help, I'm not really bothered about getting money back, I just want rid of the stress. I'll go and visit a couple of agents and see what they suggest. So long as the bank allow any sale price to cover the incidentals I'll be fine. Oh how I wish I'd just rented!!

[Nigel Howarth]

Sadly cypgirl, hindsight is a wonderful thing.

I hope you manage to resolve your situation.

Regards,

[Pantheman]

Thanks for your help, I'm not really bothered about getting money back, I just want rid of the stress. I'll go and visit a couple of agents and see what they suggest. So long as the bank allow any sale price to cover the incidentals I'll be fine. Oh how I wish I'd just rented!!

Where is your property located and what is it??