It is estimated that thousands of purchasers of immovable property in Cyprus from 2006 onwards may have been adversely affected by being advised by their Cypriot bank - in order to fund their purchase in Cyprus - to take a housing loan in the Swiss Franc denomination (CHF).
As a result these purchasers have seen their Swiss Franc loan repayments increase in some instances by as much as four times the original monthly projections given to them at the time of the loan being taken.
Unable to service the ever increasing instalments, the purchasers have found themselves in direct conflict with the banks in Cyprus as financial implications have forced the majority of clients to cease payments of the loans; with all of the legal consequences that have followed.
We spoke with one of our clients about his experiences and his journey to a successful resolution.
As one of the first legal firms to start fighting the cases on their merit in Cyprus courts - and not seeking to frustrate and/or challenge Writs and their UK service in order to delay the legal process whilst incurring substantial legal fees or looking into the issues arising from a costly and lengthy Jurisdiction argument in UK courts - we remain at the forefront of the strategies now being followed by others, that is for clients to pursue their claims in Cyprus Courts.
If you are encountering issues in Cyprus with a foreign currency loan and don’t know where to turn, or if you are unsure about the legal guidance or strategy being followed by your current legal advisers, we continue to offer a no-cost no obligation initial review of a client’s documentation in order to assess the merits of their claims prior to incurring any legal costs.
If you would like to discuss your case or simply would like more information on our fixed fee approach one of the team will be happy to take your call on a confidential basis at 01438 840258 or via email to firstname.lastname@example.org