Cypriot Legal Action
If you have failed to pay your mortgage or walked away from a property it may feel like you can forget about it. What is certain is that your lender will not have.
There are various methods employed to recover money and almost all of them involve legal action in some form. Although at times it may seem like a losing battle, there are always solutions.
Read on to find out more about legal action in Cyprus.
If your lender pursues you for an unpaid Cypriot mortgage, it can take multiple forms, but the outcome is the same: to recover the money they are owed through legal action.
Whether you are struggling with negative equity, an interest-only mortgage, a Swiss Franc mortgage or any other property debt issues, you will at some point have to face Cypriot Banks, especially if they begin recovery action. Some of the most common names of Cypriot lenders include:
- Alpha Bank
- Piraeus Bank
- Bank of Cyprus
These banks may be slow to issue proceedings however, once they do, they become extremely persistent.
This ineffectiveness makes Cypriot Banks very hard to deal with and even harder to settle with. Our legal team have experience with all major lenders and fights every step of the way to get settlements in favour of our clients.
European Enforcement Order
EU Law created an approach to collecting debt across member states. Many thought that foreign debt could not be collected in the UK after Brexit however, these laws still apply to the UK. They can be used by lenders in any other EU member states, including Spain and Cyprus.
This order means that your debt will be recognised in the UK and will open the door to allow your lender to apply to courts in your home country. This can result in a County Court Judgement or a Statutory Demand being issued against you as a pre-cursor to Bankruptcy
Solicitors In Your Home Country
Often, instead of pursuing you themselves, the lender will appoint a solicitor/debt recovery agency in the UK to do their ‘heavy lifting’. They will approach the situation in a very similar way, usually using:
- Threatening letters mailed to your UK address
- County Court Judgments (CCJs)
- Statutory Demands & Bankruptcy proceedings
- Charges on your UK property
The key difference here is that these UK-based legal firms are much more aggressive and persistent in their pursuit. European Banks are slow and clumsy when it comes to recovering their money, but plenty of these legal firms have teams dedicated to UK debt recovery.
Vulture Funds/Loan Sales
Vulture funds/loan sales are on the rise in Cyprus. This option is becoming extremely common as European lenders look to get rid of some of their ‘bad debt’. It involves the sale of your mortgage to a third-party company, such as:
- E&G Solicitors
- Pepper Finance
- LCS Debt Recovery
- Baker Tilly
Are you a victim of legal action? Here Are Your Options.
Your options are limited if you find yourself on the wrong side of a Cypriot Bank. One thing you should not do is bury your head in the sand and ignore legal action.
Despite the difficulty in dealing with Cypriot Banks, EU Property Solutions and our Cypriot legal team will fight every step of the way. Unlike banks, we have the stamina to work on cases continuously. This allows us to get the best settlements for our clients and allow them to move on with their lives debt-free.
We can help you to get rid of your property, pay a minimal amount and protect your personal finances in your home country. Our UK team are available to chat, so feel free to call us for an obligation-free conversation where we will assess your case and provide you with your options.
You can call us on 0330 124 1230 or email us at [email protected]
How Do I Know If Legal Action Has Started?
Generally, you will receive communication of some kind. This could be an email, phone call or letter. Written communication is the most common. Usually, these letters will inform you of the process and demand repayment of the full sum. Sometimes these companies may take a while to find you so, things could be advanced by this stage.
Does Legal Action Mean I Need A Solicitor?
No. ‘Legal action’ does not mean you will need to go to court, nor do you need to hire a lawyer or solicitor. With the right advice and guidance, you can resolve your issues, no matter their stage. If it comes to it, EU Property Solutions works with a legal team to fight legal battles.
Why Should I Trust EU Property Solutions?
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that you have probably been lied to by the bank, developers, and estate agents. If our amazing results don’t say enough for themselves, check out some of our testimonials or, call our office and speak to a member of the team. You can even chat with previous clients of ours over the phone!
Why not get in contact?
We are always happy to offer a free, confidential review of your situation.
This helps us understand exactly what you need and, helps you understand the best options to solve your property debt issues.