In recent days we have been contacted by a growing number of concerned individuals in the UK who have been receiving visits at their homes from process servers attempting to “serve” letters to them from a company in Cyprus called Baker Tilly.
The letters being delivered relate to historical Swiss Franc housing loan(s) previously taken out by these individuals with Alpha Bank in Cyprus. Most of these individuals will never have heard of Baker Tilly, and as a result have been understandably wary of engaging with Baker Tilly directly.
Who is Baker Tilly?
Baker Tilly is a full-service accounting and advisory firm with offices in Cyprus, UK and the Balkans.
Why are Baker Tilly contacting you from Cyprus?
They (Baker Tilly) are writing to individuals on behalf of SKY CAC LIMITED pursuant to a relevant credit management and servicing agreement. The
letters being received by individuals are to initially locate these Borrowers (like yourself) in the UK and then negotiate solutions on behalf of SKY CAC LIMITED to the historical problems which have arisen between these Borrowers and their Cypriot Bank.
SKY CAC LIMITED have previously purchased the credit facility from Alpha Bank in Cyprus as per the provisions of Section 19 of the Sale & Purchase of Credit Facilities and Related Matters Law of 2015, Law 169(1)/2015 (as amended).
There is also more information on the historical Swiss Franc Mortgage Problems here - Mortgage Problems in Cyprus - Judicare (judicaregroup.com)
Should you respond to the letters from Baker Tilly?
Receiving a home visitor in the UK delivering a letter from Baker Tilly regarding a historical mortgage debt in Cyprus can be a frightening experience, however, it may now provide to individuals a new opportunity to finally deal with their issues in Cyprus. Issues which the vast majority of property owners had mistakenly believed had simply “gone away” having stopped paying their housing loans in Cyprus many years ago and received no contact from their Bank in Cyprus. The fact that Baker Tilly have now directly contacted them, is proof that the loan did not “go away”.
What are the potential solutions being offered by Baker Tilly?
Where an owner does not wish to retain their property in Cyprus, it is possible with specialist advice to negotiate for the property to be given back to the Bank, this sees owners released from their obligations and able to continue their life free from any stress or fear for their future.
Where an owner wishes to retain their property in Cyprus, it is possible, again with specialist advice, to restructure the Loan with significant discounts; and in these cases, the owners carry on with their ownership, free from stress and in enjoyment of their properties in Cyprus.
What if you ignore the Letter from Baker Tilly?
The purpose of this approach to borrowers by Baker Tilly is to seek on behalf of the parties, a potential settlement regarding the unpaid debts. If individuals, who are in long default of their Swiss Franc mortgage in Cyprus, ignore the fact that Baker Tilly have now written to them and fail to engage directly with Baker Tilly, then Baker Tilly will report the non-cooperation back to the Banking entity in Cyprus. It is likely, a legal action will then be initiated against the individual for the full amount owed, plus interest plus costs. That legal action will then be “served” to them in the UK via the Cyprus Court.
There is more information on this legal process here - If you are served in the UK with a Writ of Summons from a Cyprus Court, what immediate action should you take? (judicaregroup.com)
How can Judicare help?
We are, and have been for many years, representing hundreds of clients who have found themselves in a similar situation to the one you face, and through our involvement, have achieved settlements and been released from their obligations and free of any threats to their future.
So, if you are facing problems with your mortgage in Cyprus, our specialist legal team can help you explore your options, including negotiating full and final settlements or variations to the mortgage, taking steps to sell or rent out the property, and considering whether taking legal action (such as a mis selling or professional negligence claim) is viable.
Below are just some of the reasons why our clients instruct us:
- Our legal teams have decades of combined experience of handling Swiss Franc Mortgage problems in Cyprus.
- We are regulated by the Solicitors Regulation Authority (SRA) and as such we carry professional Indemnity Insurance giving you vital protections and redress in the unlikely scenario something goes wrong. The Cypriot legal team is also regulated by the Cyprus Bar Association, and they also carry a professional Indemnity Insurance.
- We have successfully negotiated over £45million of foreign Bank debt being written off for our clients.
- We’re members of the Association of International Property Professionals and devote ourselves to promoting principles of good practice within the international property industry.
- Using a Claims Management Company (CMC) or a so called “advisory firm” providing foreign property debt solutions across the EU can be risky, as there are no safeguards or any regulatory redress for clients if something goes wrong.
If you have received a letter from Baker Tilly in Cyprus, or have fears you may soon receive a letter, or would simply like more information on our fixed fee approach a member of our team will be happy to take your call on a confidential basis at 01438 840258 or via email to admin@judicaregroup.com
We can also arrange a free no obligation teleconference via Zoom/Skype.
Getting in touch will allow us to understand your individual circumstances and discuss with you your concerns and objectives. Working with you we can then decide upon the correct strategy to approach and find the solution which is right for you.