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Have You Received a Letter from Axactor?  

Did you take out a mortgage with Santander, Banco Sabadell, or any other major Spanish lenders before 2008? Your loan may have been sold to an agressive vulture fund. Find out more about vulture funds and what your options are.

If you have received a letter from a Vulture Fund, especially if it is in a foreign language, then it means that your original lender has decided your mortgage is a ‘non-performing loan’. They have therefore sold your loan to a third party. Often these letters are in Spanish and contain complex legal terminology. Therefore it is very common you will be left in the dark as to what they are demanding from you.  

Who Are Vulture Funds Such As Axactor? 

Axactor is a well-known vulture fund that is based in Norway but has offices in several countries and operates across Europe. They have been talked about much more frequently in the past 5 years as they have bought several billion Euros of loans from various lenders in Spain, Italy, Portugal, and Cyprus.

Their business model is simple: 

  • They buy ‘bad debt’ from these lenders for a much lower price (for example they may buy a €100,000 mortgage for €10,000). 
  • They then initiate contact with the borrowers to inform them that their loan has been sold. 
  • They pursue lenders for the full value of the debt. 
  • They make a large profit, even if they do not recover all the debt. 

If you have received a letter from Axactor, here’s what happens next… 

You will have received a letter that looks like the one below. It will probably be in Spanish but, we have included the translated version. 

Essentially, this letter states that if you cannot pay back the money that you owed to your original lender, Axactor will take action to recover this debt.

What To Expect In The Short Term 

In the immediate future, you can expect Axactor to be in contact a lot sooner than anticipated. This can take the form of letters (to both your foreign and home property), texts, emails, and even phone calls.  

This is due to the fact that vulture funds are much larger, more efficient companies. They have entire teams and automated systems dedicated to ensuring they contact you on the back of any correspondence that has been sent.  

What To Expect In The Long Term 

As mentioned, these companies are much more aggressive and efficient in their pursual attempts. What does that mean for you?

Well, beyond the stress and anxiety of constantly being pressured to pay up, these vulture funds can go after any asset you have. This could be anything from vehicles you own, to the house you and your family live in. A vulture fund’s sole aim is to recover as much of the debt owed, by any means necessary. If the debt is ignored, they will also begin adding interest or charges to what was already an enormous debt.  

What are your options?

EU Property Solutions are experts in resolving foreign property debt and have been extremely successful in resolving these types of cases. You can trust our bilingual team to negotiate an excellent settlement with these vulture funds on your behalf. We will also protect all your UK assets. Our stress-free service will result in you saving money. More importantly, however, it will give you the freedom to start planning for the future again.  

If you are in receipt of one of these letters it is vital to be proactive and seek professional legal advice. Please contact us to speak to one of our foreign property debt specialists today at +44 (0) 330 124 1230 or email us at [email protected] to find out how EU Property Solutions can assist you. 

You can also click here to check out our YouTube channel for more helpful videos and testimonials. 

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