Bulgarian mortgage

[sunnybeach]

Hello,
My husband and I bought a property in Sunny beach in 2008 and have taken out a mortgage with piraeus bank. We have since split up and neither of us now want the property; since seperating we also have a lot less spare cash to pay the mortgage.
I have read in the news that a large number of properties are now on the market since so many people have defaulted on their loans. We cannot sell the property so this appears to be our best option.

I would be interested to hear what happened to these people that defaulted on their mortgages?

Kind regards

 

[seamus]

sorry to hear about your predictement but i say it will end in repossecion

 

[martyodonnell]

Hello,
My husband and I bought a property in Sunny beach in 2008 and have taken out a mortgage with piraeus bank. We have since split up and neither of us now want the property; since seperating we also have a lot less spare cash to pay the mortgage.
I have read in the news that a large number of properties are now on the market since so many people have defaulted on their loans. We cannot sell the property so this appears to be our best option.

I would be interested to hear what happened to these people that defaulted on their mortgages?

Kind regards

Hi I bought a property in Sunny Beach and secured a mortgage with Pireasus Bank, I am having terrible difficulities with the management company they are renting out my apartment behind my back. I have been trying to sell it for 3 yrs they are not refusing to let estate agents show the aprt to potential buyers with an excuse that I have not paid my management fees. I am thinking of defaulting but wondering what are the consequences how did you get on?

 

[seamus]

you can not win if you take on the banks they gave you the money it s up to you how to use it . you make a bad buy they tell you that your problem

 

[seamus]

hi if your gave your house in uk or ireland as guarantee you have aproblem even if you did not geve guarantee you still may have a problem we all in europe

 

[bulgarian attorney]

I was wondering if anybody has had a property repossessed in Bulgaria. Did the bank come after your other property in the UK or Ireland? Was your credit rating affected.

It's easy now to follow you anywhere in the EU. There is a fast procedure called European Enforcement Order.
Now a days here has been started big amount of lawsuits against the banks. They are not correct as they should be.

 

[indiffs]

crunch time

cibank have informed capital financial partners (CFP) that, unless the loan plus interest and charges are paid within 7 days they will begin legal action.
I have tried to negotiate directly with them- offered them the bansko property etc but they're not interested.

CFP say the bank will inform credit ref agencies in the uk, appoint bailiffs to pursue me here.

I'm in a mountain of debt with mortgages, loans etc here. I am keeping afloat but am well overdrawn, as is my wife.

Any suggestions or help please?

 

[Lysos]

Consider an 'Individual voluntary Agreement'.

The Insolvency Service | BIS

 

[indiffs]

Thanks lysos. I don't want to default on any of my loans etc, I can make payments on them all but the bulgarian thing has gotten so out of hand. But I suppose I can't chose to pay some debts and not others?

Do you know what they can do to me?

 

[Lysos]

No, you can't cherry pick, but my understanding is that if you have entered an IVA then the Bulgarian Company can't come after what you haven't got - but you would still be obliged to make regular payments. You really need to seek independent legal advice as soon as possible.

 

[indiffs]

thanks again

 

[indiffs]

probably a silly question- what will happen once uk bailiffs, legal action etc arrives at my door?
can i be 'made' bankrupt, can my business be taken/frozen etc?

 

[KayJay]

I'm dubious that an IVA will help you much, to be honest. As I understand it - and correct me if I'm wrong - you have a loan though СИБАНК, ie the Bulgarian one. Any steps you may take to have yourself declared bankrupt in the UK would have no real effect on what the courts in Bulgaria might decide. Over here, the courts rubber-stamp measures which would be entirely unacceptable in the UK but once this has been done then the UK courts have little choice other than to implement them. I'd guess that you could easily end up paying out thousands to lawyers and insolvency practitioners with no solid prospect of success.

The good thing about Bulgaria is that the market is pretty stable but that is partly because people are very careful when it comes to taking out bank loans etc. One of the reasons for that is that the banks in turn are very careful to take every possible measure to enforce payment and the courts are happy to play their part in promoting this stability.....

 

[indiffs]

i appreciate your input. I'm confused- if i have an iva, or am bankrupt, here, what difference does it make what a bulgarian court decides?

I suppose I need to talk to a solicitor but theres little prospect of me paying thousands in legal fees etc, as i don't even have hundreds.

Could anyone outline what will happen when the uk court inevitably rubber stamps the bulgarian courts decision? I can't pay the loan, my debts far outweigh my assets which ammount to perhaps £6000 equity in a house here. I've a 9 year old car and some stock in my business- about £5000

 

[Lysos]

Contact the Citizens Advice Bureau. You may get some free legal advice. Whilst I understand KayJay's point if you are declared bankrupt in UK & have no assets I think it unlikely a Bulgarian bank would chase you; if you patently have nothing, what would be the point ?.

 

[KayJay]

It's a very simple point: being declared bankrupt in the UK is very much an easy way out these days. However, the Bulgarian's court decision will stand until the debt is discharged - ie if you find yourself with assets in the future then they will already have an avenue to pursue you in the UK for what you still owe over here in Bulgaria. The fact that the bankruptcy is spent in the UK will most likely be of no interest to a Bulgarian bank or court.....

Whether they will bother is a moot point of course but I wouldn't fancy having the prospect hanging over me more or less forever. The public auctions of repossessed property over here are usually "fixed" so that favoured bidders get the best deals - the amount recouped is therefore likely to be very small. You really do need to get proper legal advice from a BG lawyer specialising in these cases rather than just a UK one who will have little clue about the possible pitfalls of approaching this situation in the wrong way.....