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).
In recent days, those same purchasers will have most likely received a rather alarming, recorded delivery letter from their Bank in Cyprus informing them that they (the Bank) are intending to sell their Loan/ credit to a third party. And also informing them they have 45 days in which to respond with an offer to submit an offer to the Bank to settle or buy the Credit Facility.
The Bank in Cyprus are able to do this as per the provisions of Section 18 of the Sale & Purchase of Credit Facilities and Related Matters Law of 2015, Law 169(1)/2015 and the Directive of the Central Bank of Cyprus entitled “The Procedure for the Notification to Borrowers and Guarantors of the Intention for the Sale of Credit Facilities Directive of 2016”.
Whilst the receipt of this letter will be more than sufficient to cause an overwhelming sense of panic for the recipient and the threat of an impending legal action, it can also be viewed as an opportunity to be able to seek (and to reach) a settlement with their Bank in relation to their outstanding liabilities under their Loan(s).
Depending on individual circumstances and always on a case-by-case basis, we are now 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 on the client’s behalf, the sale of the loan procedure to the new entity, which will most probably have a stricter approach towards settling the matters amicably, cannot proceed until our offer has been processed.
- 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 will not just dismiss any offer, since they want to settle the matter themselves rather than selling it off to the new entity that will purchase the loan for a very low amount.
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 Bank and to find the solution which is right for you.