Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel Our case is still continuing and we have now heard that the bank are taking legal action in Cyprus. Are you aware of other cases where Alpha Bank have commenced proceedings and do we know the outcome? Any comments from others would be appreciated! Maurice Cook

Thank you Ivan! Has anyone else had this advice?

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 cou...

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.

Dear Nigel You mentioned various organisations representing misselling claims on Swiss franc mortgages. Would you kindly let me have those details? Also are you aware of any benefit to be gained by handing the property back to the bank, claiming insolvency in the Cyprus court and thereby avoiding ac...

Hi Dragontrollrose
Yes! I know what happened to Maurice! Still negotiating with bank but may be some light at the end of the tunnel!
Maurice

Further to my last post (4th October) where I set out 4 possible options, we have now decided to take the only option (No. 4 ) and stop all payments to the bank. To continue to repay a mortgage which is now three times the value of the property with no hope of any improvement is financial suicide. W...

Just an update on our negotiations to convert swissfranc mortgage to euros - the bank say nocharges BUT the new mortgage oferred is over £5000 more than the chf loan! the term is increased to 30 years and the repayments from 475 chf to over 600 euros per month - enough is enough! What legal protecti...

"The Cyprus banks are starting to take action against mortgage defaulters."

Nigel - do we have any specific information on the actions so far?

Maurice

Hi Nigel Are the exit penalties charged on the existing mortgage? I presume it is to compensate the bank for loss of interest. We are currently negotiating with Alpha Bank who have provisionally stated that there will be no charge to transfer to Euros. We have not yet seen the small print but at the...

The Times carried an excellent article highlighting the problems of the swiss franc mortgage. Although the piece fully sets out the problems, it doesn't offer any solutions. Having considered the situation over many months, I believe there are 4 possible options and I set them out as follows. We wou...

The Times is carrying an article on Swiss Franc Mortgages this Saturday! 2nd July 2011
Maurice

Hi Wayne Yes ours was bought from opus in Birmingham who I think went bust soon afterwards - convenient? If you want to email me direct @ mauricecook@btinternet.com We can share more info. We are arranging to convert to euro mortgage as I can never see the Swiss franc going the other way. Alpha Bank...

Thanks Nigel -
Maybe I should have said little hope of success?
Maurice

Thanks Andy
Nice considerate response - best wishes to you.
Maurice