Hi Griffin/Nigel
many thanks for your responses
I really can't believe there are so many owners in the same/simular, position as myself, regarding mis-selling of CHF loans
I have spent the last,6 months ,researching websites/newspaper, to identify any help with this situation, including UK & Cyprus based lawyers/support groups/ webinars, without any success , in how to proceed, without having to gamble on losing, large upfront/on a successful conclusion costs, or any confidence that i may have a case, to re negotiate/restructure ,my loan with alpha bank
I have , maintained all payments on the loan to date , but find it increasingly difficult , as my loan with Alpha bank, takes me beyond, retirement age.
I do not want to lose/sell the property as in the current climate it would not pay off of the loan
I cannot afford to lose, thousands of pounds/euros, in pursuing a claim against Alpha, or the costs, they have quoted me for restructuring the loan,to another currency, of which they have advised against ?
I have the title deeds of the property, from 2009, which, i had to incur,legal representative costs, for both the developer and the Alpha bank, in order to obtain the deeds. therefore, i paid, twice , for representation , in order to receive my title deeds?
I attended, the Land registry, in person, with, both , the developer's representative and the Alpha bank representative, to pay for the title deeds and informed the Land registry, that I ,specifically , required the TITLE DEEDS, to be sent to my UK address
However, several weeks later , i was contacted by another owner, on my complex,who informed me that there was a large envelope protruding out of my mail box, which was in fact my title deeds.
Fortunately, i was able to ask the owner to forward them to me in the UK, otherwise, as there has been several theft/breakins of our mail boxes, this could have been a potential identity theft/fraud, situation .
All this, is quite worrying,in addition to the loan mis selling situation
Any guidance/support/advise , would be very much appreciated
regards
tintin
Alpha Bank and Swiss Franc Mortgages!
-
Antonios
Re: Alpha Bank and Swiss Franc Mortgages!
Hi Tintin,tintin wrote:Hi Griffin/Nigel
many thanks for your responses
I really can't believe there are so many owners in the same/simular, position as myself, regarding mis-selling of CHF loans
I have spent the last,6 months ,researching websites/newspaper, to identify any help with this situation, including UK & Cyprus based lawyers/support groups/ webinars, without any success , in how to proceed, without having to gamble on losing, large upfront/on a successful conclusion costs, or any confidence that i may have a case, to re negotiate/restructure ,my loan with alpha bank
I have , maintained all payments on the loan to date , but find it increasingly difficult , as my loan with Alpha bank, takes me beyond, retirement age.
I do not want to lose/sell the property as in the current climate it would not pay off of the loan
I cannot afford to lose, thousands of pounds/euros, in pursuing a claim against Alpha, or the costs, they have quoted me for restructuring the loan,to another currency, of which they have advised against ?
I have the title deeds of the property, from 2009, which, i had to incur,legal representative costs, for both the developer and the Alpha bank, in order to obtain the deeds. therefore, i paid, twice , for representation , in order to receive my title deeds?
I attended, the Land registry, in person, with, both , the developer's representative and the Alpha bank representative, to pay for the title deeds and informed the Land registry, that I ,specifically , required the TITLE DEEDS, to be sent to my UK address
However, several weeks later , i was contacted by another owner, on my complex,who informed me that there was a large envelope protruding out of my mail box, which was in fact my title deeds.
Fortunately, i was able to ask the owner to forward them to me in the UK, otherwise, as there has been several theft/breakins of our mail boxes, this could have been a potential identity theft/fraud, situation .
All this, is quite worrying,in addition to the loan mis selling situation
Any guidance/support/advise , would be very much appreciated
regards
tintin
We too are in the same situation and are considering joining an action group in the UK who are currently dealing with the Alpha Bank.
If you want all the details pm me your email address and I shall be happy to forward on all the information that I have.
A friend of ours joined this group a while ago and they seem to be getting very close to a deal with the bank, I tried to join it a year ago but because of the cut off times for pursuing claims they weren't taking on any more clients but now that has changed I think its till the end of this year now, so they are now asking if more people want to join.
Regards Jan.
Re: Alpha Bank and Swiss Franc Mortgages!
Morning all,
We too had found it difficult to get information about our unfortunate position having taken out a CHF mortgage in 2007 until I found this site via the Paphos People forum.
We had approached the bank directly but they were not helpful at all and offered us nothing. So, like many others, got the list from Nigel and then began the task of deciding what we should do/who we should 'go' with. We approached the main group only to find, as Jan did, that it was 'full' and not taking on any new members. We had already received all the info from Maxwell Alves but decided that wasn't the route for us as we didn't want the stress or long drawn out process (or costs!) that litigation would involve. We also exchanged emails with another UK based firm but weren't impressed.
Purely on a feeling after an exchange of emails we also went with Louise Zambartas who is Limassol based. In hardly any time we had a good offer from the bank to either restructure with discount or settle which is what we had decided to aim for.
We just want to be out of all this and are now raising the funds here in UK to pay the housing loan off, any day now
Louise has made the process very straightforward and is now doing the final checks to make sure that absolutely everything is in place so that when we pay it off we do actually own everything, which is something else to clarify as so many of us have very little documentation regarding the properties we have 'bought' despite paying considerable amounts to lawyers at the time...
I was very interested in what Tintin said about title deeds. We also paid for ours 3 years ago and our was told by our lawyer at the time that because we had a mortgage on the property as opposed to owning it outright, that the title deeds must be held by the Alpha Bank
So we parted with a large amount of cash and, apart from a photocopy, don't hold the actual deeds as yet. This is what Louise is now checking out.
I would have no hesitation in recommending Louise from our experience, you know exactly where you stand and she responds very quickly and clearly.
It may take a while but it would be helpful for new people to read all the way back in this thread because there is a huge amount of information there and it is shocking to realise how many thousands of others are in the same mess as you are.
Good luck to all trying to find their way through what has been a maze of worry and financial strain over the last few years!
We too had found it difficult to get information about our unfortunate position having taken out a CHF mortgage in 2007 until I found this site via the Paphos People forum.
We had approached the bank directly but they were not helpful at all and offered us nothing. So, like many others, got the list from Nigel and then began the task of deciding what we should do/who we should 'go' with. We approached the main group only to find, as Jan did, that it was 'full' and not taking on any new members. We had already received all the info from Maxwell Alves but decided that wasn't the route for us as we didn't want the stress or long drawn out process (or costs!) that litigation would involve. We also exchanged emails with another UK based firm but weren't impressed.
Purely on a feeling after an exchange of emails we also went with Louise Zambartas who is Limassol based. In hardly any time we had a good offer from the bank to either restructure with discount or settle which is what we had decided to aim for.
We just want to be out of all this and are now raising the funds here in UK to pay the housing loan off, any day now
Louise has made the process very straightforward and is now doing the final checks to make sure that absolutely everything is in place so that when we pay it off we do actually own everything, which is something else to clarify as so many of us have very little documentation regarding the properties we have 'bought' despite paying considerable amounts to lawyers at the time...
I was very interested in what Tintin said about title deeds. We also paid for ours 3 years ago and our was told by our lawyer at the time that because we had a mortgage on the property as opposed to owning it outright, that the title deeds must be held by the Alpha Bank
So we parted with a large amount of cash and, apart from a photocopy, don't hold the actual deeds as yet. This is what Louise is now checking out.I would have no hesitation in recommending Louise from our experience, you know exactly where you stand and she responds very quickly and clearly.
It may take a while but it would be helpful for new people to read all the way back in this thread because there is a huge amount of information there and it is shocking to realise how many thousands of others are in the same mess as you are.
Good luck to all trying to find their way through what has been a maze of worry and financial strain over the last few years!
Re: Alpha Bank and Swiss Franc Mortgages!
Hi all
Thank you so much for your replies, i now feel i am not so much alone, in trying to work through this minefield.
I am waiting a reply from Louise Zambartas, so thank you for the advise, it's good to get recommendations
I have spent many hours reading Maxwell Alves, information, and attending their webinars, but i have found it very complex to understand and their costing system seem very high. I was informed that i had missed the second wave of applicants, and would have to wait until there was enough applicants , to be included in the next wave.
When i queried how long this would be, or what number of applicants,constituted, the submission of the next wave, they really didn't give a straight forward answer.
Regarding the title deeds, i have, what looks like an official deed, but i may need to check this. Prior to collection of the deeds, we paid our developer, a considerable sum, for deeds and for a representative of his, to meet me at the Land registry and help me through the process. Also, i was informed by Alpha Bank, I had to pay several 100 euros, for a bank representative, to also attend the Land Registry with me on the day. I queried, this but was told there was no other way i would get the title deeds, so i paid up!
I specifically, informed the Land Registry, to forward the deeds to my UK address and not my Cyprus property, only to get a call a month later,from a neighbour, in Cyprus, to inform me a large envelope was protruding from my mail box? You may have guessed by now, it was my deeds!!
As, my property is in the Larnaca, area, are there any owners, in the area, that, have been successful with negotiating/restructuring their loan with Alpha Bank.
I am also, trying to look at options, to raise, funds in the UK, in order to maybe pay off the loan, if not, maybe a restructure to either a different currency, a discount or decrease in interest rates.
I will read all the threads, thank you.
tintin
Thank you so much for your replies, i now feel i am not so much alone, in trying to work through this minefield.
I am waiting a reply from Louise Zambartas, so thank you for the advise, it's good to get recommendations
I have spent many hours reading Maxwell Alves, information, and attending their webinars, but i have found it very complex to understand and their costing system seem very high. I was informed that i had missed the second wave of applicants, and would have to wait until there was enough applicants , to be included in the next wave.
When i queried how long this would be, or what number of applicants,constituted, the submission of the next wave, they really didn't give a straight forward answer.
Regarding the title deeds, i have, what looks like an official deed, but i may need to check this. Prior to collection of the deeds, we paid our developer, a considerable sum, for deeds and for a representative of his, to meet me at the Land registry and help me through the process. Also, i was informed by Alpha Bank, I had to pay several 100 euros, for a bank representative, to also attend the Land Registry with me on the day. I queried, this but was told there was no other way i would get the title deeds, so i paid up!
I specifically, informed the Land Registry, to forward the deeds to my UK address and not my Cyprus property, only to get a call a month later,from a neighbour, in Cyprus, to inform me a large envelope was protruding from my mail box? You may have guessed by now, it was my deeds!!
As, my property is in the Larnaca, area, are there any owners, in the area, that, have been successful with negotiating/restructuring their loan with Alpha Bank.
I am also, trying to look at options, to raise, funds in the UK, in order to maybe pay off the loan, if not, maybe a restructure to either a different currency, a discount or decrease in interest rates.
I will read all the threads, thank you.
tintin
Re: Alpha Bank and Swiss Franc Mortgages!
Hi Tintin,
I don't think it matters where your property is on the island - we're near Paphos and Louise's office is in Limassol but it hasn't been a problem. Yes, Maxwell Alves charges were a bit unclear and also expensive so we didn't want to appoint them to work for us. Re title deeds, we paid an extra 3,500 euros apparently just because we had a mortgage on the property on top of the sum for the title deeds, so we have been fleeced all the way along
I'm sure you will be offered an acceptable restructure plus discount - we've opted for a final settlement sum because the discount they offered for that was higher and also because we've had enough!
Just as an additional twist, we have savings in Alpha Bank which we have built up as they were offering preferential rates to that of the UK. Thank goodness we didn't lose them in the attempted money grab (it's well below the level for that) so we contacted Alpha Bank to ask them to transfer the amount into our housing loan account in order to reduce the settlement amount and was told we could only get 5,000 euros out of it due to new monetary controls
Anyway we've hopefully successfully argued that they must transfer the full amount - it's not even leaving Alpha bank! I posted a letter authorising that they do that just yesterday as they have insisted on 'written notice by postal office'.
We just hope we're getting near to closure - can't come soon enough.
PS We asked for a settlement figure in sterling an have got that.
I don't think it matters where your property is on the island - we're near Paphos and Louise's office is in Limassol but it hasn't been a problem. Yes, Maxwell Alves charges were a bit unclear and also expensive so we didn't want to appoint them to work for us. Re title deeds, we paid an extra 3,500 euros apparently just because we had a mortgage on the property on top of the sum for the title deeds, so we have been fleeced all the way along
I'm sure you will be offered an acceptable restructure plus discount - we've opted for a final settlement sum because the discount they offered for that was higher and also because we've had enough!
Just as an additional twist, we have savings in Alpha Bank which we have built up as they were offering preferential rates to that of the UK. Thank goodness we didn't lose them in the attempted money grab (it's well below the level for that) so we contacted Alpha Bank to ask them to transfer the amount into our housing loan account in order to reduce the settlement amount and was told we could only get 5,000 euros out of it due to new monetary controls
Anyway we've hopefully successfully argued that they must transfer the full amount - it's not even leaving Alpha bank! I posted a letter authorising that they do that just yesterday as they have insisted on 'written notice by postal office'.
We just hope we're getting near to closure - can't come soon enough.
PS We asked for a settlement figure in sterling an have got that.
Re: Alpha Bank and Swiss Franc Mortgages!
Hi MPM,
thank you for this reply , it's quite reassuring and your experience seems to reflect mine.
I was told , i had to pay Alpha Bank, for legal representation, in addition to the developers legal fees , as my mortgage was with Alpha. I could have represented myself better at the Land registry, as the legal representatives, just told me to wait, until my name was called!! I think the cost of getting my deeds was around 2,500euros, and the deeds, could easily have been stolen from my mail box in Cyprus, as they did not heed my request to post them to my UK address.
If possible, i am looking for a final settlement too, but will have to wait and see whats offered and if i can raise the money in the UK, to pay off Alpha.
I too, have another account with Alpha Bank, which i keep topped up,in case of any problems with transfers etc.and have used this occasionally, to pay extra cash on the mortgage, to help reduce the sum, but it has made very little difference.
I am currently experiencing problems with their online banking system and cannot access my accounts.
I am off to visit Cyprus next week, so will have to go and sort that out, with the bank, they did ask me to call them from the UK and I refused, however,they did eventually call me and the communication/language made it impossible to resolve, other than they informed me, i had changed my password in January, which is quite worrying, as i didn't change it!
I hope my money has not disappeared into cyber space!!.
I also, had building/contents,insurance with Alpha Bank for several years and when i requested to change it, it was so difficult and Alpha housing branch, were very obstructive, saying it was a requirement, to have insurance with them,as i had a mortgage with them!
I spent 2 days of my stay in Cyprus, being passed from branch to branch,to cancel the policy!
I have e mailed Louise Zambartas and am waiting a reply, she did inform me that she would need copies of mortgage/power of attorney documents. I have power of attorney docs but no official mortgage agreement and i am sure i was never given any, as
I am very organised and have all other docs/ receipts/emails, from 2006.
Could i please ask,did, Alpha Bank give you any official mortgage documents?
Did you have to visit Louise's offices in Limassol? or could it be undertaken by email/mail, as i won't have a car, during my stay.
I will read through all the comments
thanks again
Tintin
thank you for this reply , it's quite reassuring and your experience seems to reflect mine.
I was told , i had to pay Alpha Bank, for legal representation, in addition to the developers legal fees , as my mortgage was with Alpha. I could have represented myself better at the Land registry, as the legal representatives, just told me to wait, until my name was called!! I think the cost of getting my deeds was around 2,500euros, and the deeds, could easily have been stolen from my mail box in Cyprus, as they did not heed my request to post them to my UK address.
If possible, i am looking for a final settlement too, but will have to wait and see whats offered and if i can raise the money in the UK, to pay off Alpha.
I too, have another account with Alpha Bank, which i keep topped up,in case of any problems with transfers etc.and have used this occasionally, to pay extra cash on the mortgage, to help reduce the sum, but it has made very little difference.
I am currently experiencing problems with their online banking system and cannot access my accounts.
I am off to visit Cyprus next week, so will have to go and sort that out, with the bank, they did ask me to call them from the UK and I refused, however,they did eventually call me and the communication/language made it impossible to resolve, other than they informed me, i had changed my password in January, which is quite worrying, as i didn't change it!
I hope my money has not disappeared into cyber space!!.
I also, had building/contents,insurance with Alpha Bank for several years and when i requested to change it, it was so difficult and Alpha housing branch, were very obstructive, saying it was a requirement, to have insurance with them,as i had a mortgage with them!
I spent 2 days of my stay in Cyprus, being passed from branch to branch,to cancel the policy!
I have e mailed Louise Zambartas and am waiting a reply, she did inform me that she would need copies of mortgage/power of attorney documents. I have power of attorney docs but no official mortgage agreement and i am sure i was never given any, as
I am very organised and have all other docs/ receipts/emails, from 2006.
Could i please ask,did, Alpha Bank give you any official mortgage documents?
Did you have to visit Louise's offices in Limassol? or could it be undertaken by email/mail, as i won't have a car, during my stay.
I will read through all the comments
thanks again
Tintin
Re: Alpha Bank and Swiss Franc Mortgages!
Glad we can be of some help. I think it's a big relief to know you're by no means on your own and reassuring that you've not been irresponsible or stupid to have ended up in this position. No, we didn't have to go to Limassol to sort things out with Louise, we did it all be email. We are going over at Easter so hopefully we will have concluded affairs by then, we'll see...
No we have no mortgage documentation at all, just an increasngly big lump leaves our account every month
We are also very organised and own a home here in UK so we are competent at managing our affairs but when it comes to this business... well we feel we've been foolish and not taken enough measure to protect ourselves. We also have our insurance with the bank and that's something else we will sort out once free of the mortgage situation as the bank takes an additional amount which I think is for fire insurance separate to anything else.
I agree it's difficult and often pointless trying to sort things out by phone with them, so many misunderstandings seem to occur. I'm actually learning Greek but I'm not fluent enough to be able to do that yet!
We had set up a sterling account at the bank at the beginning but when we recently asked the bank to transfer our savings into that we were told we no longer had one as they had cancelled it but failed to let us know.
Seems like it's a very similar story all round Tintin. Best of luck with everything!
No we have no mortgage documentation at all, just an increasngly big lump leaves our account every month
We are also very organised and own a home here in UK so we are competent at managing our affairs but when it comes to this business... well we feel we've been foolish and not taken enough measure to protect ourselves. We also have our insurance with the bank and that's something else we will sort out once free of the mortgage situation as the bank takes an additional amount which I think is for fire insurance separate to anything else.
I agree it's difficult and often pointless trying to sort things out by phone with them, so many misunderstandings seem to occur. I'm actually learning Greek but I'm not fluent enough to be able to do that yet!
We had set up a sterling account at the bank at the beginning but when we recently asked the bank to transfer our savings into that we were told we no longer had one as they had cancelled it but failed to let us know.
Seems like it's a very similar story all round Tintin. Best of luck with everything!
Re: Alpha Bank and Swiss Franc Mortgages!
Many,many, thanks again, MPM, for this information
I am so pleased(sorry), that am not alone, in having no mortgage agreement documents, i have been trawling back through all my files, in case i had missed it.
So pleased to hear you are learning Greek, it was going to be my project to learn the language, when i first purchased, but never quite carried it through. I am planning to live in Cyprus for longer periods, when i finally retire! which, if i can get the mortgage sorted, will be sooner rather than later, so may have time to learn the language more seriously.
I, too,feel I have been let down badly, as i really researched the agents/developers/properties, prior to purchase and now feel very cautious of lawyers/developers/banks, and knowing who to trust.
I own my own home in the UK, manage my own finances, very competently ( or so i thought)!
Maybe, i had a "blonde moment", on the day of purchasing in Cyprus
i am so pleased you have reached a positive outcome for yourselves, well done, and good luck.
tintin
I am so pleased(sorry), that am not alone, in having no mortgage agreement documents, i have been trawling back through all my files, in case i had missed it.
So pleased to hear you are learning Greek, it was going to be my project to learn the language, when i first purchased, but never quite carried it through. I am planning to live in Cyprus for longer periods, when i finally retire! which, if i can get the mortgage sorted, will be sooner rather than later, so may have time to learn the language more seriously.
I, too,feel I have been let down badly, as i really researched the agents/developers/properties, prior to purchase and now feel very cautious of lawyers/developers/banks, and knowing who to trust.
I own my own home in the UK, manage my own finances, very competently ( or so i thought)!
Maybe, i had a "blonde moment", on the day of purchasing in Cyprus
i am so pleased you have reached a positive outcome for yourselves, well done, and good luck.
tintin
Re: Alpha Bank and Swiss Franc Mortgages!
Hi,
Just a note regarding the mortgage agreement. I asked Alpha Bank for a copy when we first signed all the paperwork and was told they'd send one to us, which they never did. I did manage to get a copy of it eventually, via e-mail, but I was questioned as to why I wanted it! I told a small white lie, when in actual fact I wanted a copy in case we needed for legal reasons.
We are part of one of the groups in the UK which has now re-opened and is taking additional members and progressing really well. Hoping to pay off the Alpha Bank mortgage in the near future!
Yes, will end up with more debt in the UK, but at least we know were we are.
Good luck.
Just a note regarding the mortgage agreement. I asked Alpha Bank for a copy when we first signed all the paperwork and was told they'd send one to us, which they never did. I did manage to get a copy of it eventually, via e-mail, but I was questioned as to why I wanted it!
I told a small white lie, when in actual fact I wanted a copy in case we needed for legal reasons. We are part of one of the groups in the UK which has now re-opened and is taking additional members and progressing really well. Hoping to pay off the Alpha Bank mortgage in the near future!
Yes, will end up with more debt in the UK, but at least we know were we are. Good luck.
Re: Alpha Bank and Swiss Franc Mortgages!
Hi
Could i ask if any owners, have contacted Alpha Bank, personally, to ask for a discount for a settlement or restructure, prior to joining any of the support groups/lawyers, that have been recommended.
If so, what response, if any, have the banks given
thank you
tintin
Could i ask if any owners, have contacted Alpha Bank, personally, to ask for a discount for a settlement or restructure, prior to joining any of the support groups/lawyers, that have been recommended.
If so, what response, if any, have the banks given
thank you
tintin
Re: Alpha Bank and Swiss Franc Mortgages!
Hi everybody!!!!!
I would just like to say that this forum has been a great help to me. I purchased a property 6 years ago and my payments have gone up 40%. I have contacted every single solicitor involved and read all relevant information and come to the following conclusion:
Deal with the bank directly. I contacted them in January 2014 after a lot of thought and went to see my branch manager. I explained that I would not be paying any more monthly installments (which is worse for them) and as my payment was due on the 15th of January, I proved to them how serious I was as I honestly stopped paying them. Now I have not paid for 3 months.
I received a telephone call from them recently asking for me to go and meet with them. I explained that I had nothing further to say and that any proposal they had for me should be sent via email (so I would have proof). Two days later I received an email offering two options:
To settle my loan and receive a 25% discount, which is 50,000 euros
or
Give me a 20% discount and change my loan to euros.
I have decided to go with the first option. Even if we win in court, we will receive a 30% discount maximum and this could take years and after paying lawyers fees it works out roughly the same and I will be free of the Swiss Franc now rather than after a court case.
Obviously i will have to use all my saving and borrow an additional 35,000 but this is fine as being debt free of the Swiss Franc would be a dream come true.
Anyway, I look forward to hearing from you all and would be happy to answer any questions.
I would just like to say that this forum has been a great help to me. I purchased a property 6 years ago and my payments have gone up 40%. I have contacted every single solicitor involved and read all relevant information and come to the following conclusion:
Deal with the bank directly. I contacted them in January 2014 after a lot of thought and went to see my branch manager. I explained that I would not be paying any more monthly installments (which is worse for them) and as my payment was due on the 15th of January, I proved to them how serious I was as I honestly stopped paying them. Now I have not paid for 3 months.
I received a telephone call from them recently asking for me to go and meet with them. I explained that I had nothing further to say and that any proposal they had for me should be sent via email (so I would have proof). Two days later I received an email offering two options:
To settle my loan and receive a 25% discount, which is 50,000 euros
or
Give me a 20% discount and change my loan to euros.
I have decided to go with the first option. Even if we win in court, we will receive a 30% discount maximum and this could take years and after paying lawyers fees it works out roughly the same and I will be free of the Swiss Franc now rather than after a court case.
Obviously i will have to use all my saving and borrow an additional 35,000 but this is fine as being debt free of the Swiss Franc would be a dream come true.
Anyway, I look forward to hearing from you all and would be happy to answer any questions.
Re: Alpha Bank and Swiss Franc Mortgages!
Great result and we wish you all the very best - to be free of this financial nightmare will indeed be wonderful
As I've stated in previous posts we tried directly with the bank and didn't get anywhere at all, but a lot of this has to do with timing as the bank wasn't disposed to cutting deals at that stage. We then considered the options as advised by Nigel on this site and, after appointing a lawyer to deal on our behalf, we have received a really good offer which we are now in the process of finalising.
We, like you, have decided topay the loan off so that we are free of the Alpha bank. As we've not yet completed the deal, I don't want to jinx anything by quoting settlements at this stage, but I can say we received a slightly better offer than you to settle the loan. That's not to say that you have not got a good deal - everyone's case is slightly different and so it's appropriate that offers may be different.
What might be worth bearing in mind that having negotiated a very good deal on our behalf, the lawyer is now conducting all the searches she feels necessary before we hand over such a significant sum - like you, all our life savings...and some! It's interesting that we are now seeing docs we never saw when we purchased some 7 years ago although the lawyer who acted for us for the purchase is extremely well respected and was highly recommended by other Brits buying in the Paphos area.
I think if I can offer any advice it would be to make sure what you are settling does indeed make you the legal owner of the property without any more worries or doubts. I would recomment that you discuss the deal with someone who is able to protect your interests to ensure that you come out of this having parted with a lot of dosh but being able to sleep nights and owning a property you have managed to hold on to throughout all this mess!
As I've stated in previous posts we tried directly with the bank and didn't get anywhere at all, but a lot of this has to do with timing as the bank wasn't disposed to cutting deals at that stage. We then considered the options as advised by Nigel on this site and, after appointing a lawyer to deal on our behalf, we have received a really good offer which we are now in the process of finalising.
We, like you, have decided topay the loan off so that we are free of the Alpha bank. As we've not yet completed the deal, I don't want to jinx anything by quoting settlements at this stage, but I can say we received a slightly better offer than you to settle the loan. That's not to say that you have not got a good deal - everyone's case is slightly different and so it's appropriate that offers may be different.
What might be worth bearing in mind that having negotiated a very good deal on our behalf, the lawyer is now conducting all the searches she feels necessary before we hand over such a significant sum - like you, all our life savings...and some! It's interesting that we are now seeing docs we never saw when we purchased some 7 years ago although the lawyer who acted for us for the purchase is extremely well respected and was highly recommended by other Brits buying in the Paphos area.
I think if I can offer any advice it would be to make sure what you are settling does indeed make you the legal owner of the property without any more worries or doubts. I would recomment that you discuss the deal with someone who is able to protect your interests to ensure that you come out of this having parted with a lot of dosh but being able to sleep nights and owning a property you have managed to hold on to throughout all this mess!
Re: Alpha Bank and Swiss Franc Mortgages!
Hi everyone
Thank you for your replies
I have e mailed, Alpha Bank recently, asking for consideration be given for a 60% discount, on my CHF mortgage
I have been legally informed, that some owners, are securing up to 50-60% discounts, so i thought i would use that as a benchmark!
A received a very quick reply from, Alpha Bank, that my request was not reasonable
They have offered me 20% discount, in euros, off the outstanding, CHF,mortgage, subject to the claim being accepted by the banks committee. I have not replied to date.
I now need to consider, identifying, if the lawyers/groups, on Nigel's list ( i have contacted them all and waiting some responses) feel they can negotiate a higher % discount and if so will this leave me in a better financial position than if i go it alone with Alpha Bank?
The average legal costs, from the list, for, a negotiation with Alpha Bank, such as mine,where i want a full final settlement of the mortgage, is around £4,000.
Therefore, any legal support, will need to be successful in securing a higher discount for me, than Alpha have currently offered, in order to be financially beneficial to me.
I am waiting a reply from 2 legal representatives and will hopefully be in a position to progress soon.
Wishing everyone, the best of luck and congratulations to those who have been successful
tintin
Thank you for your replies
I have e mailed, Alpha Bank recently, asking for consideration be given for a 60% discount, on my CHF mortgage
I have been legally informed, that some owners, are securing up to 50-60% discounts, so i thought i would use that as a benchmark!
A received a very quick reply from, Alpha Bank, that my request was not reasonable
They have offered me 20% discount, in euros, off the outstanding, CHF,mortgage, subject to the claim being accepted by the banks committee. I have not replied to date.
I now need to consider, identifying, if the lawyers/groups, on Nigel's list ( i have contacted them all and waiting some responses) feel they can negotiate a higher % discount and if so will this leave me in a better financial position than if i go it alone with Alpha Bank?
The average legal costs, from the list, for, a negotiation with Alpha Bank, such as mine,where i want a full final settlement of the mortgage, is around £4,000.
Therefore, any legal support, will need to be successful in securing a higher discount for me, than Alpha have currently offered, in order to be financially beneficial to me.
I am waiting a reply from 2 legal representatives and will hopefully be in a position to progress soon.
Wishing everyone, the best of luck and congratulations to those who have been successful
tintin
Re: Alpha Bank and Swiss Franc Mortgages!
I'm not sure what you mean by you've been legally informed Tintin? I'm sure it's do-able to sort it out directly with Alpha bank at this time as they are now far more receptive to deals to minimise lengthy legal actions. We tried directly last year and got nowhere at all which led us to appoint Louise to act for us. The service from her so far has been excellent.
We have not been offered anywhere near the 50-60% you quote, but we are happy with what we have been offered to enable us to move on. It's above 30% though which we think is reasonable. I would just again be wary of proceeding without legal support regarding the validity of agreements etc, even if it's just someone to cast their eye over what you are dealing with.
I just hope everyone gets a deal they can live with!
We have not been offered anywhere near the 50-60% you quote, but we are happy with what we have been offered to enable us to move on. It's above 30% though
which we think is reasonable. I would just again be wary of proceeding without legal support regarding the validity of agreements etc, even if it's just someone to cast their eye over what you are dealing with. I just hope everyone gets a deal they can live with!
Re: Alpha Bank and Swiss Franc Mortgages!
Hi MMC,
I recommend you don't rush into making any deal direct with the bank until you've spoken to the contacts in Nigel's list.
Towards the end of last year the banks were making considerably better offers to organised groups. I'm not sure about 60% reductions but around 40% is achievable. The cost for negotiation depending on who you go with doesn't have to be that high either. Some take a percentage of the discount as a success fee and some don't.
The situation seems to fluctuate and things may have changed again but I'm only going by my experience.
Good luck to you and everyone else.
I recommend you don't rush into making any deal direct with the bank until you've spoken to the contacts in Nigel's list.
Towards the end of last year the banks were making considerably better offers to organised groups. I'm not sure about 60% reductions but around 40% is achievable. The cost for negotiation depending on who you go with doesn't have to be that high either. Some take a percentage of the discount as a success fee and some don't.
The situation seems to fluctuate and things may have changed again but I'm only going by my experience.
Good luck to you and everyone else.