Cyprus Property Forum for Buyers, Sellers & Investors

Hi
I have been unable to maintain my payments on a I bed property in paphos, Cyprus. Today I recieved a letter from alpha bank threatening me with three debt collecting firms in England .

Firstly could anybody enlighten me as to weher thy can repossess my home in n. Ireland which is mortgaged and of no real value.

Is it in my interest to consult with the thugs sorry alpha bank and attempt to come o some sort of agreement.

Is there any sense in contacting some law firms to take on the case against alpha bank? Has nobody won a court case?

Thank you
Any help greatly accepted

Hi grimkev

Last year ISTR you were going to approach one of the groups renegotiating loans?

If the Alpha Bank issues you with a writ or termination notice, it is essential that you defend the action in Cyprus through your lawyer. If you do not the court will judge in the bank's favour. As you will not have defended the action, it will be an uncontested judgement.

An uncontested judgement will enable the bank to pursue you in ANY EU member state using an EU Enforcement Order. When the case is heard in NI you will not be able to defend as the court will merely be enforcing the judgement of the Cyprus court.

This could result in you losing your home in NI - and/or repaying the debt in instalments. (It depends on how much you owe the bank and how much the property in Cyprus is worth - the bank will chase for the difference).

You cannot just stop paying the bank - it could have serious consequences.

Regards,