Cyprus Property Forum for Buyers, Sellers & Investors

Hi there

Just wondering if anyone has any updates on the swiss franc travesty . I have searched archives but there does not seem to be any up to date posts .
We somehow have managed to survive and keep the property it has killed us financially to do this and we have had help from family members . By rights given what we have already paid it should now be paid off . I feel sick when | have to think about it but that is what we have to do .
Ours is with BOC and we have only ever been offered max 20% to settle and 10% to restructure . I have a few questions
1. any details of recent deals with BOC to restructure
2. if its advisable to use a 3rd party law frim to negotiate
3. if it is felt the current pandemic crisis would make the make more reasonable with their discount offers
4. a few people have told us to stop paying when we are trying to get a deal , is this a good move ?

thanks is advance for any advice and support

Hi Evace1331 and welcome to the forum.

I've had no news recently on progress with BoC restructuring loans.

Yes - it is a good idea to get a firm to negotiate on your behalf as they will be acting on behalf of hundreds of people with CHF loans. You should only stop paying if the firm advises you to do so.

I'll send you a PM with the names of a couple of firms who can help.

Regards,

Hi i am also in the same predicament - i have struggled over many years to keep paying this Swiss Franc Mortgage to Alpha Bank. I have previously asked them to restructure ( a few years ago) but with no joy. I have now come to a point where this is greatly affecting me mentally, this has been a bad cloud hanging over me for years. I cannot switch off from this so was wondering if there is anybody who can give advise or help. I do not want to lose the villa, as you can see with the amount of money already invested in it as listed below.

1. Just received a letter off Aristo's lawyers for payment of the Title Deeds - which is over £10k - what is the point in paying this is if i will never take complete ownership of this villa - seems to be a continuance of throwing good money after bad
2. Alpha Bank Interest Only mortgage - which is paid monthly - shows me owing £435k at the end of its mortgage term in 3 years. I borrowed £210,000 - i have paid approximately £270k to Alpha, be it includes the £90k deposit and monthly installments over the years since i took the mortgage on. I have also heard of many lawsuits against Alpha Bank in Cyprus ref the Swiss Franc mortgages. This from a friend who lives there and has a good friend who is a BOC Bank Manager
3. I have checked out Judicare to see if they would represent me. Their remit is as follows - stop paying the mortgage and after 3 months of default Alpha chase you, i reside in the UK - Alpha/their lawyers will chase you in the UK and threaten you, but according to Judicare they will never follow through with action. They will then eventually come to an agreement/restructure of your loan. This could result in 30% or up to 50% reduction in the loan. All sounds good, but next stumbling block is Judicare's bill for doing this if successful, in my case nearly £30k !!!
4. Does anybody know of any trustworthy solicitors - English speaking - my aim was to try and contact Alpha again and "plead" with their good judgement and see if they will do anything - and then if not get a solicitor involved, but don't want to be another "cash cow" to these solicitors as well, hence somebody trustworthy.

Hoping someone can give me some advise please - best regards

dozzawba wrote: ↑11 Feb 2021 11:16Hoping someone can give me some advise please - best regards

I've sent you a PM with the name of an English lawyer who may be able to help.

Regards,