Spanish debt collection laws rely on Regulation (EU) No 655/2014. Technically any country in the OECD will have cross lateral agreements to which allows cross jurisdictional debt collection, so any foreign debt can be collected in the UK & ROI.
Many people believe or chose to believe that this is not the case and that foreign debt cannot be chased or collected in the UK or ROI. WRONG. Typically, these people also believe that Brexit will in some way protect them from unpaid debt in Spain. WRONG AGAIN.
For the avoidance of doubt, unpaid debt especially in Spain and Cyprus, can be chased in UK & ROI and you cannot escape this situation just by leaving the country. Do not leave unpaid debt in Spain.
They key to dealing with any foreign debt issue is to attack it. Preferably in the country it relates to. Often if it returns to the UK or ROI, the legal processes are more severe. And they can be weighted in favour of the Banks.
The key to dealing with any debt still owed in Spain is deal with the issue in Spain because it shows:
Another point to consider, under a separate page on our website are Loan Sales. Such organisations are known as Vulture Funds and are very strong at chasing the full debt as due across borders. At EU Property Solutions we deal with such cases but they are a lot harder to succeed in – but succeed we do!
In simple terms, if a foreign Bank is aggressive and they secure a judgment in their country, then they can transfer the case to the UK or ROI by appointing solicitors and they can move straight away to an Order Charging Land, without reference to the homeowner.
For example, we have helped a group of clients who took out foreign Halifax mortgages. The Halifax loan book was sold, and the new owner secured Orders Charging Land in the UK. Ultimately EU Property Solutions were able to resolve these issues, but all these clients were mistaken in their belief that they could not be chased in the UK.
At the risk of repeating ourselves, it is essential you act if you fear a foreign Bank is going to be chasing you for an outstanding debt. Doing nothing is not an option.
DO NOT LISTEN TO THOSE CLAIMING EVERYTHING WILL BE OK, as debt does not go away! If you have any fears in this situation, then please contact us.
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We are a UK based firm with legal teams in Spain and Cyprus who understand the market and Bank practices as they stand. We remove the language barrier and utilise law, Bank lending flaws and current client circumstances to negotiate the best feasible outcome for all our clients.
EU Property Solutions was formed following the success of our associate firm Bell & Company. An FCA registered firm of Debt Strategists, Bell & Company assist individuals in difficulty in the UK and Republic of Ireland with Personal and Business-related debt issues.
We have an excellent track record of success. Our success stories and testimonials come straight from our clients & highlight the high quality of our works and outcomes. We have individuals willing to speak to prospective clients on the telephone to offer their story and experience.
Our obligation is always to our client and that is where our strength lies. Debt is highly stressful and emotional. We deal with debt day in day out and employing an intermediary removes emotion from the situation allowing clear strategy to be implemented to get the best outcome for our clients. Understanding a firm of professionals is acting on your behalf can remove stress and focus the mind to a positive end goal.