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Outstanding loan in Cyprus - ways to reduce/consolidate?


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Hi

 

I'm new to the forum and the reason I am posting here is to seek advice regarding a rather large debt accumulated in Cyprus, which was originally taken out as a student loan. The debt in question is in the region of £40,000 and has already been restructured once, with an interest rate still being charged on it (close on 10%.)

 

The loan is secured to my knowledge with a property, and the lender also insists on myself and the other two creditors (parents) taking out life insurance from a Cypriot insurer, which is very costly. What options are there available to me, as a British citizen, to deal with this debt (e.g. via a consolidation or the equivalent of an IVA), seeing as the bank is inflexible on payment reductions and I may be changing jobs in the near future, which will considerably reduce my income?

 

I want to avoid bankruptcy due to the property tied to the loan and the fact that I work in the financial services sector, where it can be a kiss of death in terms of employment opportunities; I also believe it'd make renting property here harder?

 

Any assistance on the topic would be appreciated. If it is of any help I am a British citizen but also possess Cypriot citizenship.

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Think you would need to deal with this in Cyprus and try to keep it totally separate from UK. You would need to know whether the loan is secured to the property or not. If it is not secured to the property, then there may be Cypriot ways to deal with the debt, which avoids having to sell the property.

 

Not sure you can get any advice about this in the UK, unless you can find a UK Solicitor who knows Cypriot law and the best way to deal with it.

 

Your only UK option ( provided you have not be away from Cyprus for more than 3 years) would be to declare bankruptcy from the UK, but this would be more costly than usual because it involves foreign debt. Then your UK record would be damaged. If you don't have any assets in the UK, you might be able to contain the debt in Cyprus and it to not affect you in the UK. Although you might have to declare Cypriot bankruptcy or Cypriot assets to UK authorities. If you work in Financial Services, I suspect any declaration is about your worldwide situation and not just UK.

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