Ask a Law Question, Get an Answer ASAP!
Hi, Thank you for your question and welcome. Is the bank based in Cyprus? Is the loan facility under Cypriot law? Kind regards AJ
Thank you. Technically they have been making regular demands so they could sue you to recover the original facility. However they are willing to negotiate, therefore are the aware of your financial means? Do they believe you have assets to pay? Kind regards AJ
Hi, Thank you. If they have taken a cut on the loan this, they will probably negotiate further, but if they do at some point they are likely to ask you to disclose your financial affairs and income before any further cut is made. The procedure for bringing a civil claim is very similar to England, you will be served with a writ to which you will have 14 days to respond. They will have to send you notice before commencing action and issuing the claim. Kind regards AJ
Hi Thank you. It is easy to sue in the sense that there is a procedure in place to do - but that does not mean it might not take a long time if there are a back log of cases. Also do you have any assets in Cyprus, if the answer is no they may not think it is worth while spending time and money investigating your assets.
Hi, Thank you. They potentially could, but it would be extremely expensive. They would need a final order with no right of appeal and then they would likely have to seek permission to enforce the order in England. They would also have to actually know that you own property in the UK in the first place, otherwise they would be conducting a fishing exercise for your assets - which seems unlikely if they are already willing to write part of it off. Kind regards AJ
Hi, Thank you. I would think it may be worth trying to negotiate further. Whether the bank sues you or not is their prerogative, so it is difficult to say whether they will or wont. I would try and negotiate but just be prepared that they may ask to see details of your financial affairs. They have waited a long time to enforce this, and the offer they have made is their first offer, so they must be willing to negotiate further.
Thank you. I would be most grateful if you would rate my answer in the mean time. I look forward to hearing from you. Kind regards AJ
Hi, Thank you. How long have you got to accept it? Have you made a written proposal as a counter offer - if you make such a proposal it should be done by reference to your affordability i.e what you can service monthly. Kind regards AJ
Hi, Thank you. Your options are to accept the deal or risk being sued (again this is subject to the caveasts discussed above). The only other way to get a bank to negotiate is to disclose to them your financial means and provide information on your affordability. Ultimately could you afford the new deal? Do you believe you were missold the product.
Hi, Thank you. Do you have a regulator for the banks in Cyprus? Kind regards AJ
Hi, Thank you. If you have 7 days, why dont you try and make a counter offer in writing, see if you can escalate the matter to a decision maker. If you cannot then either accept the offer or risk being sued, but either way make a complaint to the regulator on the basis that you were mis sold the product?
If I can assist any further please let me know. Kind regards AJ