We strongly value our clients feedback on their experience with EU Property Solutions. We asked a recent client a few questions to piece together the journey in battling a Cypriot property nightmare.
Describe to us the situation /events that lead you to contact EU Property Solutions?
“In a nutshell, we purchased a 3-bed property off-plan in Paphos in 2005 for 140 Cyprus Pounds; which was equivalent to £180K at that time. Our mortgage which was arranged through a Power of Attorney through Alpha Bank and the developers. Alpha Panareti was in Swiss Francs as we were advised/coerced to believe that this was the most stable currency at the time.”
“After having paid a £50K deposit we took ownership of it during the build. Once built it was rented out until we moved in there to live for 3 years whilst I was posted to Cyprus with the RAF. During this period the Cyprus currency changed to Euros, and we began to notice an increase in interest and monthly payments. We made several arrangements to review our loan with the bank to meet with the original monthly costs.”
“In 2010 the Swiss Franc currency crashed which had a huge impact on our mortgage; which resulted in our outstanding loan almost trebling. Despite many attempts to negotiate with the Bank and the Developers to address this, they were not interested in helping. As a result communications with them got frayed, up to the point where we considered a get-out plan. We engaged with Arbitrator Focus Groups (those that shared the same experiences as us) and sought legal advice. Both of these proved ineffective with the latter not having any evidence of having won any previous legal cases.”
“Subsequently due to the demand to pay over-inflated monthly loan repayment which we couldn’t afford on top of our UK mortgage; we decided to stop making the monthly payments. We sought alternate help, as we knew it was now time for action; which is where EU Property Solutions came into the equation.”
How did this situation affect you prior to appointing EU Property Solutions?
“Through interaction with the focus groups we were aware of many other people in our situation; the effect being in this situation had on them. For us, our property was a small investment in the sun for the future that we were genuinely ambitious about; especially after investing a lot of money in it.
We were not in control of our life with this situation overhanging us. We were living in uncertain times not knowing whether our UK property was safe. Together we experienced stress and anxiety and frustrated and angry with the Bank and Developers for not being able to find an amicable resolution to the crisis.”
What did EU Property Solutions do to assist you?
“EU Property Solutions took over the control of our fears and worries by acting as the conduit between us and the Bank. They negated the stress and anxiety previously experienced. EU Property Solutions provided reassurance and gave us confidence that they were going to get success in resolving the matter. They took over responsibility for the communications with the Bank. Not only did this allow us to concentrate on other priorities in our lives a bit more, we didn’t have to ever speak with the bank during their negotiations with them. ”
How do you feel now that the desired outcome has been achieved?
“Bitter-Sweet! Ecstatic with the result, which from the outset EU Property Solutions were confident getting. But this is balanced against trying to understand why this was allowed to happen in the first place and the financial outlay we have had to endure seeking this outcome!
Putting that aside we are very grateful. We have now settled the loan and finally broke our ties with the Bank and the property. More importantly, we can accept that our nightmare that we have been living for the past 10 years is finally over!”
Would you recommend EU property Solutions to someone that finds themselves in a similar situation?
“Yes, definitely and we can’t thank Natalie enough for her outstanding verbal and written communications (keeping us in the loop regularly). Her diligence and firm but polite manner when dealing with Cyprus per se. Her personable and friendly approach with us, and last but not least her patience and understanding.”
“I will have no hesitation in recommending your services to anyone else who finds themselves in our position.I know there are many I am aware of.”
“I like to extend my heartfelt thanks to all your team who I hope will continue to help others in their time of desperation, and need to help eradicate the corrupt Cypriot Banks and Developers that continue to rip off their clients!”