Cyprus Property Forum for Buyers, Sellers & Investors

Hi There,
I posted a few days ago on the below thread but I havent had a response yet and would just welcome advice from anyone in the same boat as we are, ie, the Alpha bank Swiss mortgage saga.
I have spoke to George Kounis but dont really understand what his quest is and arent willing to part with any money until I fully understand, and hopefully, have received advice from other people in our situation.
We now have British debt collectors chasing us on behalf of Alpha bank and I am desperate to get some help and advice from someone.
if anyone has the list that Nigel is sending out and wouldn't mind forwarding it then you have no idea how grateful I would be, and again, your advice would be much appreciated

Many Thanks

Kelly

Hi Kelly,

Sorry, I didn't spot your first post, I've just sent you an email.

Regards,

Hi Kelly

Any progress on the Alpha Bank saga? I'm in exactly the same position with British Debt collectors as I've not paid my mortgage to Alpha in more than 12 months. I've asked them several times to repossess my apartment, but they don't want to know. Not surprisingly with all the negative equity it would leave, if they were to sell at auction. Would be interested to hear of any developments on your situation.
Another interesting web site I found has prompted me to join an Action group against Alpha bank, headed by Dr Katherine Alexander- Theodotou of Highgate Hill Solicitors in London. These seem to be the only ones prepared to take on the banks directly. Apparently each of the members of the Action group pay a small fee to Highgate Hill to be collectively represented. I'm just waiting for her to return my call.

Many thanks

Nigel

I have a Swiss Franc mortgage and i am not going to claim I was mis-sold this as it did work well and still would if the Bank of Cyprus had not decided to increase the interest rate by over 2%. Their justification at the time was that my payments were the same because of the drop in LIBOR rate. Of course this is not the case as the Swiss franc has strengthened against the British Pound so i am paying a lot more.
I have a signed contract that states the charge is 1.5% above the Swiss franc LIBOR rate but hidden away there is also a term that states this can be changed by the bank at any time! This was not pointed out to me and effectively makes the contract worthless to me as they can agree a low rate, then once you sign they then change it.

Is there any group out there that are taking some action against this, I know this is not unique to the Bank of Cyprus or myself so there must be many others in the same boat including the Alpha Bank clients.

IvanInklin wrote:Is there any group out there that are taking some action against this, I know this is not unique to the Bank of Cyprus or myself so there must be many others in the same boat including the Alpha Bank clients.

Welcome to the forum. I've sent you a 'PM' with the names and contact details of various groups and individuals who may be able to help.

Regards,

Has anyone been advised by Cyprus solicitor to become insolvent in Cyprus as a defence against the bank taking legal action there and thus making it unlikely to follow the debt in UK ? Please respond to Maurice.

Hi Maurice,

I don't know of anyone who's been advised to make themselves bankrupt in Cyprus - and I cannot see how this would protect your UK assets.

I guess you've been advised of this course of action by a lawyer?

Regards,

In order to approach U.K courts they must have a court order. A court order on your name cannot be achieved once you file insolvency because after is a matter for the official receiver and the credit company (the Bank) meaning if in the event they will try to make a new action against you in U.K courts this will be quashed as a court order for your assets was already determined by the courts of Cyprus and as per the legislation they cannot have 2 claim on the same subject (2 different courts no matter court jurisdiction). So far non of the cases I have dealt with has been proven to be wrong. No assurance can be given since non has been given to other clients and the results of success are the same.


This is advice we have received! What do you think? Thank you for your reply. Maurice.

Hi Maurice,
i am no lawyer but it seems to me the answer you have posted is in relation to whether another bankruptcy petition against you could be filed in the UK, and it looks like the answer you got was no. However, did you ask them about whether becoming bankrupt in Cyprus involved only your Cyprus assets? I would guess that it might involve your worldwide assets as I believe this would be the case in the UK, If it doesn't work that way in Cyprus then i believe any lawyer worth a jot would go to the UK courts.
Perhaps the answer you received needs closer scrutiny as you wrote : 'court order for your assets was already determined by the courts of Cyprus and as per the legislation they cannot have 2 claim on the same subject'
I would say that in that case the Cyprus Court order must also cover your UK assets, otherwise they/you would not be the subject of a second claim, as to be second there must be a first.
I am with Nigel on that one as it seems likely that your UK assets would not be protected.

Thank you Ivan! Has anyone else had this advice?