Firms in forum battle over multi-million Cyprus holiday villa claims

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  • The defendants in these cases are all bankrupt so everyone can expect a pyrrhic victory. The only ones who will win will be the Lawyers. I hope they ask for funds in trust up front. What will happen if Cyprus reverts to a heavily devalued Cypriot Pound?

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  • The developers etc may be bust but isn't the purpose of the action to have the mortgages annulled/voided? Presumably on the basis that the banks were party to a fraud or deliberately closed their eyes to the likely value of the "investments". People who were persuaded in the 2000's to invest in dodgy French leasebacks may be watching this case with interest, as the banks involved in those schemes have a lot to answer for.

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  • What is the point of suing Cypriot Banks especially The Bank of Cyprus or the Cyprus Popular Bank which are going under. This seems extremely pointless.

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  • The point of suing the Cypriot banks is to have things put right. Even the Bank of Cyprus and Laiki Bank (ex Popular Bank) need to be taken to task. Neither of these banks will just disappear and their loan books will not be written off because they are going under. Therefore, each borrower needs to ensure their loan is right so that when whoever buys the loan book takes over, the borrower is being charged fairly. To do nothing now will be deemed to be acceptance of the current terms and charging on the loan.

    In fairness, the banks you have mentioned have been taking a reasonable approach and are willing to have a go at putting things right without litigation. However other banks - in particular Alphabank - are refusing to even acknowledge that when they encouraged borrowers into the CHF loans, they had already been given clear directives from both the Cyprus Central Bank and the European Central Bank not to do so. They are luring borrowers to re-negotiate their loans so that they get full disclosure of the borrower's assets and then they offer them a derisory reduction in the outstanding balance to take the loan elsewhere, knowing that no other bank will lend because of the lack of title deeds on the property.

    What is a real shame is that headlines like this divert attention away from the main issue. Unlike when we took our loans, we have the freedom to choose who will represent us in getting things put right. Yes, different firms have slightly different approaches, and we all know that much of the legal system works on opinion. But what is important here is that the needs of the borrowers are remembered and fulfilled. Our aim is identical - to have things put right as quickly as possible. What we need is the various firms who are acting for groups of borrowers to collaborate rather than compete. A single bee cannot bring down an elephant, but a big enough swarm can. Focusing on the differences and conducting public arguments does nothing to serve the needs of the borrowers and plays right into the banks' hands. If they can keep us divided, they can pick us off one at a time. If we work together we become the swarm that brings down not just one elephant but a whole herd.....

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  • Property in Cyprus was purchased by locals and foreigners, in most cases, for a quick profit. More like stock exchange speculation rather than a holiday house investment.

    Next thing that followed a crash in the market and naturally people blame all but themselves. How can someone purchase two houses!, spent hundred of thousands of pounds and not know the dangers engaged into via currency and country risk.

    Every one was profiting when things were alright both buyers, developers, lawyers and the banks.

    Just some food for thought.

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