Cyprus Property Forum for Buyers, Sellers & Investors

Just an update on our situ - we have engaged a recommended lawyer to take this up for us and it would seem that people are achieving some positive results. Fingers crossed that 2014 brings us good news!
All the best for Christmas and the New Year

Willmegg wrote:Thank you kindly Nigel

Hi can someone help me , we was talked into buying 2of plan apartments in 2006 instead of just buying one so we now have 2 Swiss mortgages and have lost the 2 20'000 pound we put on them also owe more than we started with , can someone help us
Regards Sue Dixon

Welcome to the forum Sue,

I have emailed you a list of the various Swiss Franc loan groups and their contact details.

Regards,

Hello,

Please could you send me this information. I took out a mortgage in swiss francs from Alpha Bank in 2007. Now unable to repay and have huge arrears.

Also, what sort of outcome are people hoping to get with this? Is the legal action with a view to having contracts nullified and if so, does that mean there is no debt?

Hi Tazmania and welcome to the forum.

Apologies for the delay in replying, I've only just spotted your post.

I've just emailed you a list of the various groups and what the are endeavouring to achieve.

Regards,

Hi Nigel


Could you please also forward me the list of contact names / groups of support for mis selling CHF

Also, has/is anyone using UK based solicitors Maxwell Alves to act on their behalf with Alpha Bank

tintin

Hi tintin and welcome to the forum.

I have just sent you the list of contact names/groups helping those with Swiss Franc loans.

Maxwell Alves is one of those on the list and I know they have many clients (as do all the groups on the list).

Regards,

tintin wrote:Hi Nigel


Could you please also forward me the list of contact names / groups of support for mis selling CHF

Also, has/is anyone using UK based solicitors Maxwell Alves to act on their behalf with Alpha Bank

tintin

Hi,
We have gone with an English Limassol based solicitor from the list who is doing a great job for us. We looked at a few in including Maxwell Alves but didn't choose the after comparing all the various information. Down to personal choice at the end of the day but we are very happy with the service we are receiving.

MPM wrote:We have gone with an English Limassol based solicitor from the list who is doing a great job for us.

It's good to get some positive feedback - thank you. I know Louise & George (her husband) very well - George is a member of my Rotary Club and Louise used to answer questions here until her workload took off.

Regards,

thank you Nigel for the list , and to other owners, who have added their comments

I have contacted all on the list and waiting for some more replies before considering my next steps

Could i ask if any owners have chosen specific lawyer/organisation to represent them to renegotiate/restructure a home loan with Alpha Bank, or reached a satisfactory conclusion.

Some, on the list, who responded, are in the Paphos area, and say any claims/communication, is subject to negotiation with their local Alpha Bank branch.
i am with the Larnaca, branch, does anyone know, if anyone, from the Larnaca branch, has been represented by any of these people on the list please?
If so , why should areas of where your branch is located, be a factor, to what renegotiations/restructure are undertaken

It appears to be something of a lottery , when trying to choose, someone to represent you

sorry to be cynical, but I have used different Cyprus , lawyers, in the past ,and they have not been very good, but have been very expensive

Has, anyone,gone it alone and restructured, their loans with Alpha Bank , direct, without lawyers/agents/etc?

Regards
Tintin

Hi tintin,

I know that the groups looking to restructure their loans have been successful - one of the groups represents >400 buyers and >90% of them accepted the offer.

The negotiations have been done through the bank's HQ, not the local branches.

I know that a number of people have also approached the bank directly, but they have not been offered such a good deal.

Regards,

Thank you Nigel

Tintin

Hi tintin,

I also contacted everyone on the list provided by Nigel. I think it really depends on what you want as a final outcome as to who you go with. After many enquires I was told I didn't have a particularly good case if I went down the litigation route. So I went for negotiation.
I decided on Louise for various reasons. I can honestly say she has been superb. I managed to get a satisfactory outcome in January.

Thanks as well to Nigel for originally supplying all the information.

Hi Griffin

Thank you for your reply

Could i ask, if you chose a solicitor from the list, as i have had one reply, from the list, that informs, they are not solicitors, but an action group, that is supporting, owners.

Also, how long did it take to reach a settlement please?

Personally, a renegotiation/restructure of the loan, possibly in a different currency, as i want to retain the property and have always maintained the repayments.

Any advise or help would be much appreciated

tintin

Hi Tintin,

It really is a case of contacting everyone and getting a feel for who's best for your situation. It took me a couple of months to gather all the information I needed to make a decision.
The negotiations went on for a few months and as said Louise was superb.