Cyprus Property Forum for Buyers, Sellers & Investors

I know there are tons of people in the awful situation I am but I would like your thoughts...

There is lots of information but I will try to keep it brief.

I have a mortgage with Alpha Bank in Swiss Francs. The only information I ever had when taking the mortgage in 2007 was the 2 bits of paper the Housing Loan was on.

A few years down the line when I start researching I realise the nightmare I am caught up in, so, on taking advice from a Lawyer in Paphos I instructed him to act for me in meeting with Alpha Bank and negotiating my way out of the CHF currency and into Euro.

Last week I paid his invoice of £3000 (very, very stupidly before seeing the final terms and conditions of the new mortgage) and it seems on signing the new deal I would be £47,500 worse off.

I have asked an IFA to have a look over it and certainly many of the points he was not happy with - not least that Alpha Bank insist - and would pay for me - to travel to Cyprus and sign in their company (I definitley did not do that with the initial loan).

I am meeting with the IFA this week with all the paper work I have, and I will try to negotiate a fair deal with Alpha Bank, my only other option is to walk away and suffer the consequences as I cannot afford the payments as they are.

Surely the bank will welcome any serious offers as at least they are still having the loan paid back?

But, a part of me feels what is the point. I would lose £40,000 but would I be set to lose even more considering I don't even have Title Deeds.

It is all so confusing to me and I don't know what to do for the best, it is no wonder people have so much stress it effects their health.

Any advice greatly received.

Hi summerlove and welcome to the forum.

(I believe you sent me an email yesterday about this problem?)

It sound to me as if the lawyer has done nothing apart from switching your loan from CHF to Euro - and charging you £3,000 for the privilege.

Many people believe they were mis-sold CHF mortgages and have formed themselves into groups - one set of groups is taking legal action against the banks - the second set is negotiating. I have sent you their contact details and I suggest you speak with them to see if they have be able to help.

How did you sign the original mortgage papers? Were they sent to you in the UK to check though, sign and return? Or did this lawyer, who has allegedly renegotiated the mortgage, sign them on your behalf under a Power of Attorney? Were you warned of the currency risks?

I know it will be of little comfort, but many people, possibly thousands, have been caught in this CHF mortgage trap.

Regards,

Hi Nigel,

Thank you very much for your reply, yes I did private message you also.

The more I think about it the more I would like to negotiate, rather than legal action or simply walking away. I am meeting a financial advisor tomorrow who will put together a reply to my Lawyer/the Bank - their last email to me this week was 'how much can you pay', so quite possibly a deal can be done but I need a bit of knowledge on my side I think.

I signed the papers myself here in the UK, but was certainly not advised of any of the risks, the only documents I have are a 2 page housing loan, all I had to do was email the bank, ask for a Swiss Franc loan over a period of 30 years and that was that.

Confusing, frustrating and quite scary. Your site is great and the information is invaluable so thank you for that.

Lyndsey

Nigel Howarth wrote:Hi summerlove and welcome to the forum.

(I believe you sent me an email yesterday about this problem?)

It sound to me as if the lawyer has done nothing apart from switching your loan from CHF to Euro - and charging you £3,000 for the privilege.

Many people believe they were mis-sold CHF mortgages and have formed themselves into groups - one set of groups is taking legal action against the banks - the second set is negotiating. I have sent you their contact details and I suggest you speak with them to see if they have be able to help.

How did you sign the original mortgage papers? Were they sent to you in the UK to check though, sign and return? Or did this lawyer, who has allegedly renegotiated the mortgage, sign them on your behalf under a Power of Attorney? Were you warned of the currency risks?

I know it will be of little comfort, but many people, possibly thousands, have been caught in this CHF mortgage trap.

Regards,

Hello Nigel,

Can you message me with the details of the two groups you refer to above "one set of groups is taking legal action against the banks - the second set is negotiating"

Thanks

Regards

Frank

Hi Frank,

I have just e-mailed you with a list of the groups.

Regards,

Nigel Howarth wrote:Hi Frank,

I have just e-mailed you with a list of the groups.

Regards,

Hello Nigel,

Thanks so much for the very informative information. Much appreciated. I do notice though that Judicare are on the list of contacts. Has anyone had any good dealings with them? The reason I ask is that I had quite a few conversations with Neal Heaney but after I got all my files together and sent them over to them I heard nothing.

I sent him a follow up email about 2 weeks after to point out I hadn't heard anything and whether that meant they couldn't help. I didn't get a reply to that email either.

I could be wrong but it seemed that their focus semed to be centred around the validity of Powers of Attorneys. Not sure if they considered anything else.

I was more than a bit disappointed by their lack of response.

Thanks again for the information Nigel. There are quite a few others to contact other than Judicare.

Regards

Frank

What exactly is the problem Frank?

Regards,

Nigel Howarth wrote:What exactly is the problem Frank?

Regards,

There's a few issues Nigel. Is it best if I pm you with a summary?

Regards

Frank

frankp57 wrote:There's a few issues Nigel. Is it best if I pm you with a summary?

That will be fine - or you could email me.

Regards,

Hi All

Has anyone had any dealings with George Kounis (Maxwell Alves solicitors London), I am thinking of using his services to negotiate with the Cypriot bank on this CHF mortgage issue.

Would be very interested in any feedback good or bad from anyone who has used his services already, thanks!

Hi Cyprusmess

Must say I like your name,
I'm thinking of joining one of the group I have only just asked for the list but I thought Mr George Kounis was part of one of the groups?

Regards

HBoss

HBoss wrote:I thought Mr George Kounis was part of one of the groups?

Yes - he is. You'll find him in the list I sent you.

Rgds,

Many thanks Nigel

Nigel Howarth wrote:

HBoss wrote:I thought Mr George Kounis was part of one of the groups?

Yes - he is. You'll find him in the list I sent you.

Rgds,

Hi Nigel,

Would you please email me the list of groups too!

Many Thanks

Wayne

Wayne wrote:Would you please email me the list of groups too!

It's on its way.

Rgds,