In recent days, hundreds of clients of the Alpha Bank in Cyprus will have received from their Bank a Registered letter informing them that they (the Bank) have now transferred their Loan/ credit facility to a third party. The third party who have now acquired the credit facilities is a Company registered in Cyprus called SKY CAC Ltd who will now “take over” the management of the Loans with a view to recovering – where appropriate – the amounts from borrowers. In particular, those Borrowers who are in default of their housing loans.
The Bank in Cyprus are able to do this 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).
Whilst the receipt of this letter will be more than sufficient to cause confusion for borrowers and an overwhelming sense of panic, it can also be viewed as an opportunity to be able to seek (and to reach) a settlement with SKY CAC Ltd in relation to their outstanding liabilities under their Loan(s).
Depending on individual circumstances and always on a case-by-case basis, we are already discussing with clients who have received these letters, what their options are.
The gains from this approach are:
- Once we are engaged to negotiate with the Bank/ SKY CAC Ltd on the client’s behalf, the direct communications to the clients can be “halted” whilst we negotiate with the parties in Cyprus.
- Where relevant, this is a good opportunity to negotiate a full and final settlement of the loan as we do know for a fact that the Bank/ SKY CAC Ltd will not just dismiss any offer, since they want to settle the matters which are outstanding.
It’s important when looking for a firm to represent your interests and to negotiate with your foreign Bank on your behalf, that you look to engage a specialist, experienced and regulated firm of Solicitors. Here at Judicare we have decades of combined experience in dealing with Banks in foreign jurisdictions, and as a specialist firm of Solicitors, we have been able to negotiate over €35 million of foreign Bank debt being successfully written off for our clients.
If you would like to discuss your case or simply would 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 firstname.lastname@example.org or even arrange a teleconference Zoom/Skype conference to discuss the matter.
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 the issues and to find the solution which is right for you.