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Lawyers urge against Cypriot bank mortage discount offers


By Shannon Sweeney

04 July 2014 at 11:16 BST


Cypriot property investors alleging they were mis-sold Swiss franc mortgages have been advised not to accept discounted mortgage settlements by their lawyers.

Lawyers are urging Cypriot property investors to reject offers made by Cypriot banks. fivepointsix

Lawyers are urging Cypriot property investors to reject offers made by Cypriot banks in a mis-selling mortgage scandal which saw around 35,000 consumers alleging they were mis-sold Swiss Franc mortgages and who now face high mortgage payments, threats of UK litigation and higher chances of losing their UK homes. Cypriot banks' offering of discounted mortgages could still leave Cypriot property investors with 'substantial negative equity,' according to lawyers who are urging against taking the offers.

Claims against Alpha Bank

The majority of claims are currently against Alpha Bank. According to legal services company Judicare and Maxwell Alves, Cypriot banks were offering investors a 25 to 40 per cent discount on the current balance of their loan. Judicare is set to go to trial between October and December in Cyprus, with jurisdiction not being argued. However, Maxwell Alves believes the issue of jurisdiction is central to the case. Source: Financial Times Adviser

 
   
 
 
 

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