“The Swiss Franc mortgage taken out to fund our investment in Cyprus some years ago has become a nightmare”. “It is an issue causing us huge distress and anxiety as it has become an imminent threat to our assets in the UK”. Does this sound familiar?
This picture is now changing and we would like to invite any concerned purchasers of immovable properties in Cyprus to a FREE seminar at St. Andrew’s Stadium – home of Birmingham City FC – on Sunday 05th February 2017 (times to be confirmed), to share our success stories and updates on the various options currently available for the effective handling of these issues in Cyprus.
The latter part of 2016 saw some interesting and important decisions being reached in Cyprus, both in the District Courts and via the CCPS (Cyprus Consumer Protection Service) in relation to the historical issues which have arisen linked to foreign currency loans. These loans mainly in the Swiss Franc denomination (CHF) were taken out to fund the purchase of immovable property in Cyprus.
The recent decisions in Cyprus firmly condemning the banks in Cyprus for the practices employed when lending in the foreign currency and the lack of any explanations as to the risks inherent in the loans; amongst other issues.
In addition to these welcome rulings in Cyprus, we have also been consistently reaching settlements with the banks in Cyprus for our clients and remain at the forefront of the various legal groups achieving these results. Such settlements include the restructuring of loans where the client wished to retain the property; albeit under much more favorable terms and of course a significant discount.
The video link below details one of our client’s challenging yet successful journey with us.
Cyprus mortgage problems – A case study
Other cases successfully settled by us have included examples where banks have taken completed properties in full and final settlement of debts with no further payment required from clients and also the out-of- court resolution of cases which had previously been the subject of litigation.
In some cases we continue to offer a No-Win-No-Fee structure.
In attendance once again will be our two lead Barristers from Cyprus and there will be the opportunity to listen to their experiences to date for the hundreds of instructed clients we act for and to pose any questions directly in an open Q&A session.
For more information on the seminar please contact us at admin@judicaregroup.com or via telephone at 01438 840258 to reserve your place.