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Polish Property Bought with Francs - Help

28 Jun 2012 #1
Hi There,
Hoping to get some advice, my lovely Aunt and Uncle seem to have been taken for a bit of a ride! They had purchased a property in Poland on a mortgage of Swiss Francs (when I was first told of this (2 weeks ago) I didnt understand why and now I do), It seems as though the amounts they were paying werent significant enough to cover the mortgage although they were never informed and are being chased for the debt......obviously at the banks are well within their rights. However power of attorney was signed over to the Polish gentleman dealing with this was to ensure any legalities were taken care of in their abscence Whilst in the UK.

Shortly after purchasing the property my uncle suffered for a dibilitating stroke, which has unfortunately left him in a wheelchair, I am not saying this to gain sympathy I just want to see if there is anything I can do to help my family whom have always been there for me. My Aunt last year suffered a heart attack and it seems the stress from this has not helped!

They have just had to sell their UK home which i am gutted about as this was a place of safety when I was younger, my uncle used to be a craftsmen making the most beautiful dolls houses and rocking horses, the house was quirky, they are now in a small one bedroom flat after selling this house in fear of the Polish banks.

Unfortunately I am not one to stand back and let my family be taken for fools (I didnt know they bought property), had I have known I would have ensured they knew all the facts, my uncle is the decision maker and this would have been his doing so but now he is in no state to rectify this. They have no children.

Just looking for some advice really, they are both in their 70's, I have read some of the threads on here that seemed REALLY useful.

Thanks for you time even just for reading this :)
MoOli 9 | 480
29 Jun 2012 #3
LOL! wanna go partners:)))?

Just looking for some advice really

What advice...the swiss franc went up and you have to pay back in swiss francs...lots of poles did that and are paying...or facing banks taking away property as people who borrowed in francs esp Poles are making money in Zlotays and paying more to buy SF and pay the bank in the currency they bought in.
peterweg 37 | 2,319
29 Jun 2012 #4
.the swiss franc went up and you have to pay back in swiss francs

No they don't.

As they are UK based they can opt for bankruptcy and probably walk away from the debt. At their stage in life this won't have any comeback - unless they come across wealth in future.
29 Jun 2012 #5
you have to pay back in swiss francs

Utter rubbish. You should stick to shopkeeping (even though it does make you tired).

As they are UK based they can opt for bankruptcy

That's certainly an option. But a better first step would be contacting the bank in question and trying to work out a mutual agreement. If the bank is offered more than it would get if they declared bankruptcy, it's hard to see the bank turning that offer down.
29 Jun 2012 #6
Hi Thanks for the replies, so basically their best option would be to declare bankruptcy in the UK, which may assist them with the debt to the Polish bank? I believe the debt is £60,000 but I am not 100% because they would kill me if they thought I knew! (My mum has kept me informed)

I understand that the Swiss currency has fluctuated, and this may have contributed. I just think my Aunt and Uncle have been very Niave be it a bit stupid, I love them dearly but this just screams what the heck are you thinking!!

Thanks for the advice, anymore would be much appreciated :)
29 Jun 2012 #7
so basically their best option would be to declare bankruptcy in the UK

Not right now. Right now their best option is to contact the bank in Poland and see what the bank will offer to do for them. Then they need to find out exactly where they will be left if they do declare bankruptcy. Then possibly go back to the bank and make the bank an offer (one larger than what it would get if they declared bankruptcy).
Forfour44 9 | 94
29 Jun 2012 #8
I think you should talk to the Polish bank. See how much they owe to the Bank, How much the Poperty is worth. You might be able to sell the property and pay off the bank. This would then leave them free to live in the UK with no Debt.

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