Foreign Bank Loan Books Sold to Axactor
26 April 2023 • 3 min read • by Tom Miskelly
Here at EU Property Solutions, we have received an influx of enquiries from ‘previous’ foreign property owners who have been sent a foreign letter from a fund called Axactor. They are demanding payment on old mortgages…the payments demanded are in the region of €100,000’s.
You may be wondering who Axactor are and why they have sent you a letter.
These letters are legitimate and should not be ignored. Axactor is a Vulture Fund that purchases non-performing debt portfolios. These vulture funds can pursue debts in your home country as they work across jurisdictions. They will most likely secure their interest on your UK-based assets e.g., Family home to pay off the outstanding amount owed.
With our client base and years of experience, EU Property Solutions have established a working relationship to achieve the best, most commercial settlements for our clients, especially when it comes to Vulture Funds.
Recently, Axactor has purchased a high volume of foreign property debt portfolios from banks such as:
- Banco Popular
- Caja Mar
- La Caixa
- Banco Sabadell
This helps explain the increase in letters to people who have previously owned and walked away from their foreign property.
You may believe that after handing the keys of your foreign property back to the banks around 15-20 years ago that the matter managed to resolve itself, but this is not the case. This debt still exists, and vulture funds are now purchasing these loan books more than ever before whilst also maximising their recovery efforts.
Why has the debt increased since pre-2008?
Original debts are also increasing. An accumulation of year-on-year legal fees and interest could also be added to an original debt that you owe and therefore with every passing year these banks & vulture funds are dealing with ever-increasing debts that must be paid by you, the debtor.
Currency fluctuations may also cause debts to spiral. The Euro to Sterling rate has changed drastically since 2008 & Swiss Franc mortgages that were very common in Cyprus pre-2008 are causing major problems. This classic case of mis-selling is believed to be one of the worst financial products to be stuck with. As the value of property crashed in Cyprus the value of the Swiss Franc increased causing a perfect storm of Negative Equity properties.
What should I do if I have received an Axactor letter?
EU Property Solutions have been extremely successful in resolving these types of cases. You can trust us to help you if you have received a letter from Axactor regarding a foreign property debt. Our bilingual team can remove the stress & burden and work for you.
On your behalf, we can translate documentation, communicate & negotiate to achieve massively reduced settlement figures with these vulture funds, saving you time and money.
The best way to react if you are in receipt of one of these letters is to contact us today at +44 (0) 330 124 1230 or email us at [email protected] to find out how EU Property Solutions can assist you.
The best way to find out if we can help, is to get in touch
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