THE SIMPLE ANSWER IS YES.
This may not be what you want to hear and any number of ‘Bar Room’ Lawyers will tell you otherwise but under various EU Statutory Provisions, debts can be chased/collected across borders. We have assisted many people who tried to ignore their commitments/debts and ended up under pressure from their lenders. We have seen instances of:
- The appointment of UK & ROI solicitors to chase shortfalls of mortgages.
- Legal actions commence in local Courts in Cyprus, Portugal and across Spain, obtaining a Judgement there for pursuit in UK & Ireland.
- Applying and securing Charging Orders on home and other property in the UK & ROI.
- The issuance of County Court Summons & Statutory Demands, together with the threat of bankruptcy.
All of these issues have been dealt with and satisfactory conclusions reached for these people and many others.
SOME PEOPLE IGNORE THE ISSUE.
In many instances this is understandable due to the lack of real information as to what can be done here, again the ‘Bar Room’ Lawyers are available! Some people will continue with this approach in the hope that ‘no news is good news’.
I guarantee someone will at some time chase the debt be it the original lender or some unknown 3rd party.
In the US and EU the sale of ‘delinquent debt’ as it is known is becoming more and more prevalent as lenders sell their bad debts onto Vulture Funds. We at EU Property Solutions have dealt with these types of organisations across Europe and they are not the nicest people by any stretch!
WHAT CAN I DO?
Simple answer always be proactive get the best advice and know what you are against. We all know problems rarely go away until we face them. It’s exactly the same with debt/mortgage issues. I would say this anyway but here at EU Property Solutions and across our group of companies we give free initial consultations so you are aware of the full implications of any property debt situation, and the backdrop to that is we are fully aware of the differing lenders approaches and attitudes. WHATEVER YOU DO EVEN IF YOU DON’T CALL US I IMPLORE YOU…….DO NOT IGNORE THE SITUATION AND HAVE THE UNKNOWN HANGING OVER YOU.
There are always options and solutions. You may have a problem but invariably so does your dear lender. Know your position, get advice and attack!
Contact us for professional and expert advice: +44 (0) 330 124 1230 or [email protected]