Cyprus Property Forum for Buyers, Sellers & Investors

Hello,

I wanted to ask about the ECJ ruling on Swiss Franc loans by Cyprus Banks. This is the article I read: http://www.news.cyprus-property-buyers. ... id=0047600

If this is so, is there a possible case for me to go to the bank and ask for lowering of my interest rate/capital repayment amount? Who do I turn to for help with this? What should I be doing? Should I get a lawyer for something like this?

My loan is in Swiss Francs and I have been paying it off since 2006. I can also see that about 50% of loans are non performing, so the fact that I have been duly paying for the last 9 years should put me in the 'good books' and the bank should be more receptive for my needs.

Thank you,

Andrey

Hello Andrey

Sorry for the delay, I've only just spotted your message.

You can renegotiate your loan with the bank - many people with the Alpha Bank have used a law firm or one of the volunteer-run groups to reschedule their loan. You can find a list of the organisations offering this service at http://www.cypropsn.org/law-firms

But the Bank of Cyprus is playing hard-ball. If your loan is with them, I doubt they'll offer you anything unless you want to pay it off.

Regards,

Hi Nigel,

Thanks for the reply. My loan is indeed with the Bank of Cyprus. But does it really matter who wants to play the hard ball so long as there is an underlying legal ground for the case?

Also, when you said 'unless you want to pay it off' what did you mean by that?

And thanks a lot for the website! Any from the list who specifically you know dealt with similar cases?

What do you think of hiring a UK based firm for something like that? Or is the law so "local" that really only Cypriot lawyer will be able to assist?

Regards,