We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help needed
*Summertime*
Posts: 68 Forumite
Please could I have some advice.
In 2007 I brought a property off plan in Cyprus, I was advised by Alpha Bank to take out the housing loan in Swiss Franc. This has caused me misery ever since, not only has my initial loan doubled the property is not worth a fraction of what I paid for it.
In May this year I sourced a Cypriot Lawyer to act for me in having the loan currency changed from CHF to Euro, he emailed last week to say the new loan was approved and, without seeing the terms of the new loan I hit the send button on his £3000 fee; bad move as the new loan actually increases my mortgage term by 14 years and I end up paying an extra £47,000 to the bank.
I'm 7 months pregnant, so stressed that I have lost enough weight for the midwives to be worried and do not know where to turn.
I feel I have tried every option, I met with a reputable UK solicitor today who said there may well be a negligence claim against the company who I bought the apartment through, but it would cost me a further 2k plus Vat for their fees and that will only get us to the stage of 'writing a letter'.
I see no other option than to walk away, at this stage the thought of going bankrupt and saying goodbye to a dream is a massive relief more than anything else.
I worry as I have no idea of the process/costs involved.
Also, a few years after I bought the apartment I got married and bought a house with my husband, there is only approx £20,000 equity in the house and we rent it out due to my husband being made redundant, we now live with my mum.
What would my next step be?
Thank you
In 2007 I brought a property off plan in Cyprus, I was advised by Alpha Bank to take out the housing loan in Swiss Franc. This has caused me misery ever since, not only has my initial loan doubled the property is not worth a fraction of what I paid for it.
In May this year I sourced a Cypriot Lawyer to act for me in having the loan currency changed from CHF to Euro, he emailed last week to say the new loan was approved and, without seeing the terms of the new loan I hit the send button on his £3000 fee; bad move as the new loan actually increases my mortgage term by 14 years and I end up paying an extra £47,000 to the bank.
I'm 7 months pregnant, so stressed that I have lost enough weight for the midwives to be worried and do not know where to turn.
I feel I have tried every option, I met with a reputable UK solicitor today who said there may well be a negligence claim against the company who I bought the apartment through, but it would cost me a further 2k plus Vat for their fees and that will only get us to the stage of 'writing a letter'.
I see no other option than to walk away, at this stage the thought of going bankrupt and saying goodbye to a dream is a massive relief more than anything else.
I worry as I have no idea of the process/costs involved.
Also, a few years after I bought the apartment I got married and bought a house with my husband, there is only approx £20,000 equity in the house and we rent it out due to my husband being made redundant, we now live with my mum.
What would my next step be?
Thank you
0
Comments
-
Ok first question do you have much in the way of unsecured debtsHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
No, I don't have any unsecured dabts.
Only mortgage debt.0 -
Another thing, will I be able to go Bankrupt here in the UK bearing in mind the debt is in Cyprus?
I have no other debts here and this is a last resort but I owe the bank 181,000CHF which I just can't pay.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards