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Interview With A Former Cypriot Client: Mike Fredriksen

27 December 20225 min readby Tom Miskelly

Cyprus Negative Equity Other Countries Property Debt Spain

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.

Welcome, Michael & thanks for joining us today, tell me a little bit about your Cypriot property experience. When did you know it was time to seek help?

“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.”

Did you find contacting the Developers & the Bank difficult?

“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.”

At that time, were you living out in Cyprus or travelling to and from the UK?

“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.”

After reaching out to EU Property Solutions, what was it about our company that made you and your wife feel like this was the route that you wanted to go down?

“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.”

That’s a very interesting point you made about feeling like you were going to be scammed. At EU Property Solutions, that is a huge barrier that we come across with our clients because one of the main reasons that our clients are in their situation is that they have been wronged from the very beginning. So that is why we always try to put them in the right direction by speaking with our other clients who we have reached a settlement for who were in the same situation as you. Did you avail of that service?

“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.”

In terms of your journey with us, after appointing our services, did you feel like our team was helpful?

“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!”

What would you say to people who have found themselves in a similar situation to what you experienced?

“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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