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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 Story18 December 2022 • 3 min read • by Tom Miskelly
In the first part of this blog, we looked at the background of Vulture Funds and explained why your non-performing loan (NPL) may have been sold. Part 2 of this blog will explain exactly what it means for you and what you can do if you fall victim to a loan sale.
Ultimately, lenders can sell any loans as they wish and, unfortunately, your lender does not need your permission. This is usually in the small print of your mortgage agreement.
The first you may know of a loan sale may be the first correspondence from the Vulture Fund such as SKY CAC. The Vulture Fund will write to inform you that your lender has sold your loan. This can occur years after you last spoke with your lender.
Although it may have been several years since you last spoke with your lender, Vulture Funds can act quickly and in the immediate term you can expect:
If you ignore a Vulture Fund, you can expect them to become less receptive to offers down the line. The situation will also have progressed, making it harder to halt legal action & negotiate with your best interests in mind and finally, they will become more likely to chase you across jurisdictions.
The simple answer is YES.
Legal notification will be sent to your 2nd address in Europe. The Vulture Fund may contact you in the UK but this is not guaranteed. As a result of this, many overseas borrowers are unaware of proceedings against them until the process is gathering pace. In terms of debt pursuit in the UK or Ireland, lenders will look to recover your home assets.
On top of this, many lenders will appoint UK Debt Collection agents leading to an effect on your credit report.
You have two options at this stage:
Call us today on 0330 124 1230 or email us at [email protected]. We can provide solutions for any foreign property issues. Don’t believe us? Read more about some of the people we have achieved life-changing settlements.
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