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Foreign Property Debt: FAQs
5 June 2024
In our latest webinar, we discussed one of the biggest questions we hear from foreign property owners struggling with foreign property debt: “Can YOU be chased in the UK for...
Read Full Story27 December 2022 • 5 min read • by Tom Miskelly
Michael is a previous Cypriot Client of EU Property Solutions whom we reached a very successful settlement. He was a guest on our webinar ‘Cypriot Mortgage Issues: Downward Spiral’. He answered some questions regarding the issues he was facing with his property in Cyprus and his life now without the burden of foreign property debt.
“I purchased my property in 2005, and from day one, I saw the Developers and the Bank in a different light. Despite much communication between all stakeholders, it became clear there was no future with the property. After constant re-mortgaging, involvement with communities that were all in the same boat, and taking advice from Barristers, we knew there was no light at the end of the tunnel. It wasn’t until my wife came across EU Property Solutions and we engaged with you that the rest became history.”
“They did play ball to start with, but as soon as money had changed hands, we were treated like second-class citizens with regards to any plans or attempts to try and improve the situation. We found that the Bank was very rude and ignorant and they pushed us to the limit. The developers shrugged their shoulders and said, “You decided to buy in Cyprus, it’s your problem.” It was a problem, a big problem, but the Bank and the Developers didn’t seem to care too much.”
“I was working and living in my property in Cyprus from 2005- 2010. These problems didn’t come to a head until we left the property. We moved back to the UK in 2013 with my job. We were grateful to have had the delight of living in our property in Cyprus and then renting the property out. But when we came back to the UK in 2013, that’s when things really took their toll.”
“Right from the start, really I had an initial telephone call with a really nice chap who made us feel at ease. There was no pressure or sales pitch. He allowed us and permitted us to contact other people who were successful with EU Property Solutions. We thought are we going to be scammed again by another company because everyone we had dealt with previously just wanted to take our money with no interest in what we wanted to achieve. From day one we felt at ease with EU Property Solutions, and the staffing, the staff work and the communication between EU Property Solutions and ourselves were enough for us to commit to them looking after our case.”
“Yes, absolutely. I spoke to a couple of Spanish clients that you had in very similar situations. I hope I can be of value to anybody now, being an owner who invested in Cyprus and having gone through the process, I am more than happy to help anybody else in the same situation as ourselves.”
“Yes, my case manager was really on the ball. The biggest thing for me was being able to pass my problems on to her. I didn’t want to communicate with the Developers or the Bank while I was going through this process. EU Property Solutions took full ownership of my problems for the whole period while fighting my case. One of the big things I found, was having the opportunity to forget about all the issues that were surrounding, knowing that it was being managed in good hands.”
“It was a bittersweet feeling for my wife and I. We invested a lot of money into the property, and we were gutted it went down the drain. But we have now got no more trouble and a heavyweight has been lifted off our shoulders. We can move on forward with our lives and not feel threatened by Cypriot authorities. It was a Bittersweet feeling but a huge moment of celebration!”
“I would say across the board, it doesn’t matter who you are whether you are a serious investor in properties; there are people who fall foul to the Cypriot Scam. Hold your head up high, there is light at the end of the tunnel. It doesn’t matter how much debt you are in or how many properties you have; if you want to get out of it there is help available.”
Chat with a member of our team today. Our initial consultations are free and we can quickly help clients with Cypriot property debt. You can watch the full video interview by clicking here. 0044 330 124 1230 [email protected]
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