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ReadyLaw, Lawyer
Category: European Law
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Experience:  Bar Professional Training Course
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My partner (who has been recently diagnosed as being on the

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My partner (who has been recently diagnosed as being on the Autistic spectrum) bought a holiday investment property, in 2008, in Crete. He was promised that a golf course would be built nearby, bringing in clients, willing to rent. His parents were guarantors, for the loan that he received, for the purchase. After the financial crisis, with many banks going bankrupt, the golf course wasn’t built and the builders of the complex, weren’t able to sell all of the properties. He became aware that something was wrong when payments were bounced back to him. He was told that the bank had probably closed his account when his passport expired in 2012. He discovered that the bank had indeed been closed down, by the manager of the complex. No other communication was made until 2019, when a letter appeared, saying that Piraeus Bank now had control of the accounts and was demanding full payment.
JA: What steps has your partner taken so far? Has he prepared or filed any paperwork?
Customer: His father has since passed away and his mother has Alzheimer’s. He is very concerned that the bailiffs will try to take items from his mother’s house
JA: Where is the house located?
Customer: His mother’s house?
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: There is a Greek lawyer, who was recommended by the Complex manager, who will be given a power of attorney to set-up a new bank account for my partner. We are in France, at the moment, waiting to be able to go back to England to have a meeting with a notary. He can’t afford to pay the balance, in full. This whole situation has caused a great strain on his mental health. His anxiety and stress, has led to him having depression.

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Please let me know how you’d like to proceed,

Hi, welcome to JA, I am Readylaw one of legal experts here. My goal is to provide you with the best experience possible and answer any questions which you may have about your current situation. I may not respond immediately, this is because I may need a few minutes to read what you shared above, type and respond to you. Feel free to ask any follow up questions as needed until you are satisfied.

Thanks for your patience and enquiry.

This does not at all seem to be a very straightforward situation to be in to say the least. I must be candid with you in saying that as his parents were guarantors for the loan, they could, in theory, pursue his mother for the unpaid loan. They would however first need to have an order from the court allowing them to take anything from your mother prior to being able to do so. I would not therefore worry too much about this, as such an application could be challenged.

If the property is still there in Crete why hasn't he sold it to satisfy the debt?

He could however, challenge being ordered to pay in full. The bank is just using this tactic to see whether he could be forced into paying all this money. It is not unheard of for a debtor to say to the court I cannot afford the amount being demanded because of their current financial situation. He may then make a proposal as to how much he is able to pay.

My overarching guidance is to not ignore any letters of demands which may be sent. If these are ignored the bank could proceed to court and obtain judgment in default.

Can I clarify anything for you? I hope I have answered your query in a way that is simple and easy to understand. If anything remains unclear, I will be more than happy to clarify it for you. In the meantime, thank you once again for using our services.

Customer: replied 9 days ago.
He was looking into selling it but the market has crashed and he’s been told that he did find a buyer (if it did sell), it would be in negative equity. The letter that has been received is in Greek, with no official translation.

I see. You have to consider whether such a guidance was in fact truthful.  It could be that they were not being candid.

Customer: replied 9 days ago.
What makes you suggest that?

I do not know definitively. It is however best to have someone independent check whether what has been told to you is in fact the case. usually in circumstances such as these where there is money outstanding against a property the lender's first step is to repossess the property. I find it strange therefore that this was not done in your case. It makes me question whether it is in fact an accurate thing to say that the property would be sold at a loss.

ReadyLaw, Lawyer
Category: European Law
Satisfied Customers: 2702
Experience:  Bar Professional Training Course
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