Asset protection - of UK assets against Alpha Bank

[ibhaloda]

Hi,
Does anyone know anything about protecting your assets in the UK against Alpha Bank pursuing you for non-payment of mortgage?

Really are caught between the devil and deep blue sea. Developer has gone into administration and the complex requires considerable work. The mortgage has gone through the roof and we would like to negotiate a re-structured loan with the bank, but do not see the point as there are significant issues with the complex and have already paid out thousands..

Any help would be appreciated.

Kindest Regards

[Nigel Howarth]

Hi ibhaloda and welcome to the forum.

Have you tried Googling "Asset protection" - there are many firms offering this service.

Regards,

[ibhaloda]

Hi Nigel,

Hope you are well.

Yes, I have had a look on the web but Asset Protection is a very general term - tax saving, inheritance planning etc. I thought if someone has dealt with this particular situation via a good solicitor then maybe they could pass their details on..

Many Thanks

Idrish

[Nigel Howarth]

Hi Idrish

There was a reply to your question in my Cyprus Property News:

pils says: August 18, 2014 at 9:16 pm

Reply to Idrish

Our local solicitor dealt with our family asset protection trust, he sorted out our requirements and particulars, relevant to meet our family needs and safe guard our family, against future debts, home etc. within the criteria of the trust.

Find a reputable solicitor who deals with asset protection family trust. Useful information is sourced and available on the website. Make sure you have a protection trust in place before action is taken by Cyprus banks in the future.

If action is already taken by the Cyprus bank to recover NPL relating to mortgage in default then action now will possibly be too late.

I don't have any further details.

Regards,

[ibhaloda]

Hi Phil,
thanks for the advice.

regards

idrish