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Helping People With Foreign Property Debt & Negative Equity.

2021: A Year in Review

2022-01-21

What a year 2021 was! Despite everything that happened, the team at EU Property Solutions continued working hard to achieve amazing settlements for our clients across Europe. As we hit the ground running in 2022, some of our team take a look back at the highlights of the past year.

Terry Bell, Chairman

What was your highlight of 2021?

The best bit for me this was saving over £4 million for clients. Another highlight for me was being able to travel to Europe again. We met our legal teams, develop our strategies and see first-hand what the Banks are up to. The banks are changing and becoming more aggressive. It was great to have that ability to interact with people rather than rely on Zoom. 

Do you have any predictions for 2022?

In terms of how we see things going in 2022, it’s going to be a difficult time for sure. Banks are getting more active and they are becoming more litigious.

They’re doing a lot more loan sales, something I have gone on and on about recently. We were recently in Larnaca with our Barrister in Cyprus. What we’re finding is that some of these loan sales are effectively creating ‘wild west’ situations. From a good angle, the Banks are worried and I believe in 2022 we’re going to see Banks being more proactive. So, these issues will finally be resolved.  

James Bell, Director

Do you have any final thoughts on the past year?

We’ve had a good 2021, although it’s been a challenging year, with the pandemic still ongoing, unfortunately. We’ve had a good year, some members of the team have managed to travel out to Spain and Cyprus to meet both legal teams. They also got to meet our network of introducers and contacts on the ground. It was great to see them face to face and the business has benefited greatly.

Do you have any stand-out moments from the past 12 months?

In Spain this year, we’ve written off over €3Million of property debt and in Cyprus just over half a million euros. Also, through work helping those who lost money on off plan developments in Spain, we have won claims totalling just under 1.7 million euros this year. They’re great results for clients who thought they would never see this money again. It was fantastic to help so many clients in 2021 and we’re really looking forward to doing the same in 2022.

Natalie Pritchard, Case Manager

Can you tell us a bit about how you help clients?

My role entails managing a bank of clients that are struggling with foreign property issues. These fall into two categories, those that are struggling with properties in negative equity, and those that have lost deposits on Off-Plan developments.

Each case is examined thoroughly and is subject to a consultation. This ensures that we understand the complexities of the case and can find the right resolution for the client. We work closely with our Spanish and Cypriot legal teams to achieve debt settlements with the lender. For those that have lost deposits on off-plan developments, we recover this money through the Spanish legal system.

Do you have a favourite settlement from 2021?

We recently settled a Spanish negative equity case for a client whose interest-only mortgage was coming to an end. The payments were going to increase to €2,000 per month, which was not sustainable. The outstanding mortgage balance on appointment was €389,000. After lengthy negotiations with the lender, we managed to secure a voluntary surrender of the property and save our client a total of over €370,000. The financial settlement was fantastic but what was even more amazing was our client’s reaction, they were so grateful for our help.

It’s just great to know that we are offering solutions to so many people who may not know the options that are available to them. We worked through 2021 and we don’t plan on slowing down in 2022. Head over to our YouTube channel to check out some of our other successes.

If you have a foreign property issue, make this the year you deal with it! You can get in contact with us today by calling +44 (0) 330 124 1230 or email on [email protected]

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