Cyprus Property Forum for Buyers, Sellers & Investors

Hi all,
new to the forum
my situation is as follows
I have received a letter from a UK solicitor stating that if I don't send them a proposal for payment for my CHF mortgage (in full, together with costs!) with Alpha Bank before 11th July, they have been instructed to enforce a European Enforcement Order against me, which could lead to both my wife and myself being forced into bankruptcy!
Alpha Bank have already had a court hearing in Paphos, to which we did not make a defence as we were only given 10 days to do so and I had no income to fund a defence, plus the fact that we were happy for them to repossess our apartment (Alpha Panaretti, also the guarantor).
Problem is that we both now work in the regulated financial services industry, so even a CCJ registered against us in the UK would terminate our employment, stopping us from paying our UK mortgage which would ultimately end in a repossession over here, forcing us into a council property and onto state benefits!
does anybody have advice

kind regards

Paul

Hi Paul and welcome to the forum.

I'm sorry you have such bad news to bring us and I suggest that you seek legal advice on this matter from your UK solicitor urgently.

I'm sorry to hear that as you did not file a defence against the action brought against you by the Alpha Bank. I published an article warning of the potential consequences last year - see Do not ignore Cypriot bank writs for loan non-payment.

From what you say the bank secured an uncontested judgement against you and has applied for an EU Enforcement Order, which has been granted. It is now seeking to have the judgement enforced in a UK court.

I urge you to speak with your solicitor as soon as possible to see what can be done.

Regards,

Hi Nigel

Thanks for your reply, do you think there is any way we can stop this? We have no UK assets, our home in the UK is in negative equity, as far as we are aware the apartment in Cyprus has not been sold. It seems to be that the bank has disregarded the property, as the demand from their UK Solicitor is for the full amount that was mortgaged.

Can you recommend a good UK Solicitor that can help us in this matter?

Kind Regards
Paul

Hi Paul,

I don't know if there is a way that you can prevent the EU enforcement Order being executed.

I'm sorry I don't know of any solicitors in the UK - I suggest you ask at your local CAB - they should have a list of local solicitors who may be able to advise you.

Regards,

Hello Paul

Fully aware of your situation which is similar to hundreds of buyers. There are many solicitors out there that will give you an answer but only one that will give you a fixed price that will not increase by thousands over the following months. Some are now charging upwards of £25000 and some threaten if more increases are due and are not paid threaten to not represent you the position amounts to blackmail.

Give judicare a call ask to speak to Neil Heaney 01438 840258 good luck

BB

HI
I am sorry to hear of your problems- it is a shame you did not find this Forum earlier as it has been a mine of information on this subject so is worth trawling through the archives.
I agree with BB - give Neil Heaney a call at Judicare. His advice is free until such time you choose which course of action you want to take and his advice is very valuable. Once you have spoken to him you will be clearer what options are open to you.
Good luck.

Andante