I notice there is not much on the forum about those people who were affected by the Swiss franc mortgage scandal. Has anyone actually won a case against the banks, or have people just given in ?
My Bank in Cyprus has recently given me an offer, via Hill and Blythe (and legal team) to settle out of court regarding my Swiss Franc loan case.
The deal is a reduction of approx 40% on what I have left to pay and the mortgage loan to be restructured in a currency of my choice from either Euro or Pounds Sterling.
It's been just over a three year battle, but I'm happy to finally have a result.
Question now is, considering I'm going to rent the property, do I settle for a GBP Sterling or Euro loan? I'll be making repayments from the UK, but all dealings in Cyprus and rent payments will obviously be in Euros.
Any advice appreciated.
Hi, Been in a similar position with the CHF mortgage from 2007.
The first few years no problem, then the mortgage payments doubled if not more. I struggled and missed a few payments, took on an extra job back home to try and cope.
I was in arrears for about €4500,
Finally saved up the arrears, spoke to the bank manager in Cyprus I had the funds to pay of the arrears and was informed it had gone to the recoveries dept, around 2015.
The last 3/4 years my Cyprus solicitors and me have been in constant touch with the recoveries dept.
And in Nov 2018, I was offered, if I could deposit €62,000 before 27/12/18, the mortgage would be settled and released. Mortgage at that time was €125,626.
I've paid the €62,000 and now mortgage free with deeds.
Total ball ache and long, but got there.
Next, Getting the house into my 2 daughters names, so they will let me live there rent free when I decide to pack in work, then when I pop my cogs, as Nigel mentioned in a previous topic, they can enjoy holiday in Cyprus like I do 4/5 times a year.
Good Luck to all in this situation.
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