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Re: Defaulting on a loan

Posted: 10 Nov 2017 14:48
by Tasmaniandevil
Hi Nigel,

I've now had a response from the Bank's lawyers after I had challenged them over the fact that the Court summons was sent to my previous address, thereby, denying me the opportunity to attend the hearing (I had informed the Bank of my change of address). I had suggested to the lawyers that, in the circs, the best course of action would be to have the judgment 'set aside' and a new hearing scheduled at a later date in order that I could attend the proceedings.
They have simply replied as follows: "there will be further hearing as a judgment has been issued against you".

As I believe that makes it much easier to have the judgment enforced in the UK, my concern now is that bailiffs will turn up on my doorstep. Although I don't have any items of any value, I still wouldn't wish to have anybody rummaging around my flat & possibly take away my TV & hi-fi (the only items of any value I possess.

As usual, would welcome your comments. Thank you.

TD

Re: Defaulting on a loan

Posted: 10 Nov 2017 16:50
by Nigel Howarth
Hi TD

Don't worry about bailiffs, they can't enter your property - all they can do is try to encourage you to pay. (I wouldn't be surprised if the bank sent them to your old address before it issued the writ.)

I suggest you speak with a solicitor in the UK. I suspect that if you can demonstrate that you didn't receive the summons, you may be able to defend the hearing if the banks decides to seek an order from a court in the UK.

The people living at your old address may have the writ - alternatively you could get in touch with the court in Cyprus and ask them to send it to you.

Regards,

Re: Defaulting on a loan

Posted: 23 Nov 2017 15:07
by Tasmaniandevil
Good afternoon Nigel,

Reference the judgment that has been obtained against me, I note on the Court paperwork that I am named as Defendant (1) and the Developer as Defendant (2). Would this appear to suggest that the Developer is being pursued by the Bank jointly with myself (ie.due to them acting as Guarantors for the Loan?
Also, on the same paperwork, there appears to be a counterclaim by the Developers against myself & the Bank. Any ideas? Thanks again.

TD

Re: Defaulting on a loan

Posted: 24 Nov 2017 01:16
by Nigel Howarth
Hi TD

Developers invariably guarantee loans as this enables the bank to recover the property if the purchaser defaults on their loan repayments. The developer isn't being pursued - he's just the conduit that the bank uses to recover the property.

I have no idea what the counter claim could be.

Regards,

Re: Defaulting on a loan

Posted: 05 Apr 2019 12:34
by Smurphy
Hello tasmaniandevil,
May I ask if and how things have proceeded? I am in a similar situation at the moment. I am considering sending the keys back to the bank with the hope of this being full and final settlement. I have guarantors involved and I know this makes matters worse for everyone.
Any updates would be greatly appreciated so I can think how to move forward.
Thanks
Sam

Re: Defaulting on a loan

Posted: 05 Apr 2019 13:42
by Nigel Howarth
Smurphy wrote: 05 Apr 2019 12:34 I am considering sending the keys back to the bank with the hope of this being full and final settlement. I have guarantors involved and I know this makes matters worse for everyone.
Welcome to the forum. I haven't heard from anyone who's managed to had their property back to the bank in full and final settlement.

Did you take a loan in Swiss Francs or Japanese Yen? If you there are a number of legal firms that may be able to help you by negotiating a settlement.

If you took a loan in €uros, I wrote an article that may help you - HELP – I can’t pay the mortgage!.

Regards,

Re: Defaulting on a loan

Posted: 13 Apr 2019 14:33
by Tasmaniandevil
Hi Sam, presumably, you've read my thread in full. Since the judgement was obtained by the bank, I've had no communication from 'anyone'. That's all I can tell you right now.

Good luck,

TD