The simple answer is yes, debt does not go away, it may take time to find you, but find you it will!
Just because years have passed, it will not go away, and it is festering somewhere out there – debt does not go away. Foreign Banks chase the debt.
The delay in foreign debt ‘rearing its head’ could be because of:
It would be difficult and bad enough if the Banks in Spain or Cyprus, and perhaps their reps in the UK, did chase you. A worse scenario would see them selling the debt to what are known as Vulture Funds.
We at EU Property Solutions and our sister company Bell & Company www.bellcomp.co.uk have a lot of experience dealing with these entities and they are not nice people in the main.
Vulture Funds are far reaching entities and are very good at cross jurisdictional recoveries of debts. They buy up literally worldwide debt books. They are extremely resilient and go into all the detail of what they are purchasing. They are fully aware of what you can pay. They are in for the long game and high profits.
Possibly another reason that you may have a delayed chase in respect of the debt you owe, could be that all documentation would have been served on your foreign address, typically the holiday home address. It is likely that you would have missed these papers but that does not stop the legal process.
All debt, however delinquent* has a value. As economies go into recessions the loan sales become more prevalent. Banks look to tidy up their affairs and release cash from non-performing loans.
*delinquent – not a youth hanging around the park, but more the fact that this debt has ‘misbehaved’.
You may have been lucky to date, but the unknown is not a great thing to have hanging over you. Listening to ‘experts’ saying it’s gone away; you have statute limitations etc, is not a basis to make judgment calls on yours and your family’s fortunes.
EU Property Solutions have many clients who were deluded to think this, and when the Banks do catch up with you, they are not happy because they view you as a non-responder. Very often, the Banks are harsh in their actions, particularly if those cases pass to the said Banks’ UK solicitor.
In a case that EU Property Solutions recently settled; we faced the situation where a deceased lady had left behind £100,000 debt for her Estate to resolve. As this lady had ignored her debt, and no one in her family knew of this, it ‘reared its head’ at the point of probate.
EU Property Solutions entered protracted negotiations with the chasing UK solicitors, and a resolution was achieved at a cost of c£20,000, including fees, to settle and resolve this matter.
Please don’t just leave foreign mortgage debt issues out there – attack it!
Call EU Property Solutions.
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.