Request a Call Back

Please fill in your details to request a call back from our expert team

Request a Callback

DEBT CHASED IN UK ON A FOREIGN PROPERTY?

We offer a completely free, no obligation initial consultation

PROPERTY DEBT SHORTFALLS- CAN THEY BE CHASED IN A DIFFERENT COUNTRY?

European Banks have the ability to pursue overseas borrowers for outstanding debts. It is as simple as that.

We read some advice which seems to suggest you are safe in your country of origin. This is incorrect and ignoring the issue will likely be putting any assets you have at risk.

European Banks are beginning to become more pro-active in the debt collection. The dust has settled on property market and general economic decline on the continent and Banks have been given the ultimatum to tidy up their loan books. Some have even been sold to Private Equity funds who are looking to make a return for their investors.

This will become a more prevalent problem and we urge overseas borrowers not to ignore their liabilities abroad. If you are being pursued in the UK or Ireland for an overseas property please contact us.

Request a Call Back

Please fill in your details to request a call back from their expert team

captcha

LET US HELP YOU TO MOVE ON WITH YOUR LIFE...

EU Property Solutions always offer any potential client a free initial consultation. This can be done face-to-face in one of our three office locations, via Skype, a conference call or via email. We typically ask for standard financial information when meeting as this allows us to give you the best advice tailored to your circumstances. We are not here to judge, but to assist those who find themselves in difficulty and provide solutions to navigate to better positions. Our fees are always made open and transparent from the outset and there are no hidden fees or costs.

Our team has a fantastic attitude and will take openly and frankly with all our clients with the sole aim of achieving the best possible outcome. Please contact us at EU Property Solutions today and we look forward to meeting you soon.

We offer a completely free, no obligation initial consultation

1persue-1

At EU Property Solutions we find it incredible so many British and Irish borrowers feel they can merely “hand back the keys” and walk away from the property thinking they are somehow immune to any consequences once back home.

Many borrowers simply post their keys through a Bank or representing solicitors’ letter box and make a run for it. It is actually something out of the movies! These debtors have the impression that creditors’ cannot pursue their home country assets and nor that the Banks have the time or resources to pursue overseas. This may be true in respect to small balances but in truth Banks are stepping up their overseas debt collection and debtors with this mind-set could be left to rue this misjudgement.

In order to promote free-trade commerce throughout Europe legal cooperation is essential and thus legal mechanisms are in place to facilitate overseas perusal. This makes it nigh on impossible for a UK or Irish High Court to raise its own motion on grounds for non-enforcement or review.

Anyone who signs a mortgage deed in Spain, including guarantors, is personally liable for the loan. Any legal action with likely be notified to the Spanish Address on which the mortgage has been placed, and although logical, many overseas borrowers in Ireland and the UK will be unaware of any proceedings against them until the process is gathering a pace.

In terms of debt perusal in the UK or Ireland lenders can look to recover your home assets and many lenders will appoint UK Debt Collection agents and this could lead to an effect on your home country credit report. The Spanish lender can look to put a charge on your property even if it already has an existing mortgage and can even enforce an Attachment of Earnings Order. Spanish lenders to seem to be developing a greater appetite for overseas debt perusal given the magnitude of balances and Banking system overhaul.

EU Property Solutions hear too often about people handing back their property keys and wiping their hands of Spanish lenders only to realise down the line in the future they are still liable and are being actively pursued, and most importantly discover THEIR OWN HOME IS AT RISK.

It is imperative that if you have surrendered your property you enter dialogue with the relevant lender to minimise the exposure and risk of your home assets. EU Property Solutions can assist anyone in this situation so please contact the team today.

DEBT CHASED SUCCESSES

Full Mortgage Write Off in San Luis Sabinillas, Malaga
May 1, 2019 | 0 Comments

A retired couple from Nottinghamshire approached us with their holiday apartment in San Luis Sabinillas, near Duquesa on the Costa del Sol. They had a mortgage outstanding of €170,000, with the property being valued at €159,000. The monthly cost was €90 – but the issue here was this product was sold on an interest only…

Another La Cala Success – Complete Debt Write Off
April 30, 2019 | 0 Comments

A married couple from Hertfordshire approached us with their holiday villa in La Cala Golf & Country Club. They had an outstanding mortgage of €678,000 with Banco Sabadell. The property was valued at €599,000 and the couple found it very hard to find buyers due to the uncertainty that Brexit has brought, coupled with Spanish…

Divorce & Overseas Property Debt
April 12, 2019 | 0 Comments

EU Property Solutions have assisted borrowers in the past who are divorced or separated to settle their overseas debt in an amicable fashion. We understand it is a difficult and emotional time for all involved, nonetheless civility and working together can bring excellent results. The problem A common occurrence in these types of cases is…

5 Top Tips for Renting Your Holiday Home
March 1, 2019 | 0 Comments

                  Due to busy home and work schedules, the time spent at your holiday home tends to be shorter than you’d like. Whether it’s in sunny Spain or picturesque Portugal, having a holiday home is a great way to feel comfortable while you’re abroad and do things…

2019: Year of Spanish debt collection
January 11, 2019 | 0 Comments

Spanish banks have been making major moves lately to offload their non-performing loan books. This means 2019 will be a busy year for property debt collectors! If you have a Spanish mortgage, chances are you could be affected. Just before Christmas, Bankia announced that it has agreed the sale of €3.07bn in bad real estate…

5 Biggest Mistakes When You Can’t Pay Your Foreign Mortgage
January 9, 2019 | 0 Comments

If you have a foreign mortgage that you are struggling to pay, don’t worry. Issues are easily solved when you approach them in the right way. Don’t make these common mistakes that can make your situation worse: 1. Hand Over the Keys Many borrowers simply stop paying their mortgage and leave the keys with the…

Cyprus Property Mortgage Settlement
October 25, 2018 | 0 Comments

This week we finalised a settlement with a core Cypriot lender on a failing Cyprus property mortgage investment in Larnaca. The gentleman approached us for help solving his Cyprus property mortgage problem. Following a recent discount offered by the Bank, the outstanding mortgage was £150,000. However, despite the discount, the property valued at a mere £50,000.…

Mortgage Greater Than Value In Spain – What Are The Realistic Options?
October 17, 2018 | 0 Comments

Following the 2008 Global Financial Crisis the Spanish Property Market suffered a drastic decline, and in some instances, property values halved. EU Property Solutions have assisted many borrowers to offload their Negative Equity burden. This article summarises the current circumstances and trends we are seeing in our work and the options available to those in…

Decline of Polaris World and Costa Blanca Golf Resorts – We Provide Solutions
September 5, 2018 | 0 Comments

The Costa Blanca has long been a popular hotspot for many people wanting to buy their dream holiday home. Over the years many have followed their dream purchasing either investment properties or as holiday homes for retirement futures. During the Spanish property boom pre-2008, many people purchased properties in this region. Our focus this week…

Lost Deposit Reclaim in Spain
August 22, 2018 | 0 Comments

EU Property Solutions consistently have enquiries from clients with horror stories about lost deposits paid on developing dream homes in Spain that never materialised. An area of major concern has been the Costa Del Sol, where during the property boom between 2004-2007 off plan developments were abundant. HAVE YOU BEEN AFFECTED? If you lost money…

Call Now ButtonCall Us: 0330 124 1230