Restructuring of polish chf mortgage

Anyone restructure their polish swiss franc mortgage with Deutsche Bank

I just walked away from mine. You should do the same.

wow- this is pretty pathetic advice.

i hope you live in the US and not in Poland...If not, the stain on your credit rating will follow you during your entire life..

In us they still have a computerised system nationwide but in Poland it can be fooled still YET~

Big deal.

Is it? whats he supposed to do if the repayments have doubled, the property is worth 30% less than what he paid and the exchange rate between CHF and PLN is 35% in the red as well. What if he doesnt have enough money to even feed his own family?

This guy is obviously going to take a financial hit anyway he does it. So whats your non pathetic advice? Your comment is pathetic, absolutely well and truly pathetic.

Stop being such a corporate drone Pip.


Its not the end of the world. People are generally better of without credit anyway.

I would not defend Walkaway because what he advises is illegal and he might have sold his property and then who know walked away from his bank mortgage ,if he is a foreigner in Poland Polish banks will stop lending to foreigners because of the risk that they can walk away.

its a dog eat dog world.


it'll take a bit more than that to stop the banks lending, they basically have anyway.

Worse case scenario the banks will just change the lending criteria, which they have anyway, ie 30% down payments. Also Foreign currency lending was always a bad idea, but the banks took a risk in the name of profit (FOR THEMSELVES) and its gone wrong.

Whats so different about an individual walking away from a rip off mortgage in comparison to Banks needing billions of Dollars in tax payouts because THEY made bad decisions.

Screw them i say, they'd screw us over in a second, ohh actually they already did that.

whatever you say. you are so smart. whatever you say is always correct.

I think it is pathetic advice.

Stop being such a corporate drone Pip.

and this is so stupid it is funny. You are so way off base on your opinion of me it is comical.

Maybe he/she should have something that is called the brain in the first place when he/she bought this mortgage.. Choosing a mortgage in a different currency that either the property is quoted in or than your income is denominated in is just plain nonsense..

Wouldnt be in the FX rate swang the other way. Then it would be called smart.


Why? you must have a reason

Hew has to choose the lesser of two evils, to coin a phrase.

I don't know, maybe a jail sentence for fraud.

a valid point. A friend of mine who bought in Krakow about 10 years ago is kicking himself for not taking out a mortgage in dollars.

A bit late for me After over wo years of lookingfor a statement of what I owed in my mortgage I eventually found outtoday my 680k mortgage is now 1.1M and as I havenot paid repayments for thesame period there is now penalty interest of 580K My god added to that the property will belucky torealize 400K in todays markets Am ishagged or what I dont live in poland one thing going for me

there are options available

One big question is can they chase accross international boundaries - what is realistic

Another question - if you can't get blood from a stone what is a Polish banks likely position on cutting there losses

What other options do you see WB

Yes they can.

Not only that, Poland has in the past shown its willing to issue European Arrest Warrants for people who walk away from mortgages, even after the property has been seized by the bank and sold.

So what would happen if you declared yourself bankrupt in the UK for example?

bakertilly.co.uk/publications/Pages/Bankruptcy-tourism-is-not-a-p assport-to-being-debt-free.aspx

Seems to indicate that you have to petition for bankrupcy where the majority of your creditors are. Which may temp you to run up uk debt and go bankrupt, but thats fraud.

Would it not be more beneficial to declare yourself bankrupt in Poland if you had a Polish mortgage?


It never ends positive if you run away from problems. In a recent case in Croatia the court ruled that banks had mis-sold CHF mortagages, the court demanded the banks reverse 75,000 mortgages back to their local currency without penalty

blogs.wsj.com/emergingeurope/2013/07/04/croatian-court-tells-banks-to-convert-swiss-franc-loans-hungarian-court-doesnt

According to a recent radio interview I was listening to, a group of Polish CHF mortgage owners are going to present their case to the Polish courts claiming mis-selling practice of CHF mortgage lenders in PL. I did not catch the name of the group, although I recently heard there had also been press articles about the same group.

I am not a lawyer so I can't give you legal advice, my personal opinion is if you are not a qualified investor,you did not have a sworn translator with you or you did not receive a English version of the mortgage contract/s before signing, you may have a point to start from.

Any overseas investor would not be be protected as they are would be deemed a investor not a consumer.

Does that also mean Poles living overseas?
Non resident is non resident or is it not?

That aside if an EU investor was going to save 100,000's of Pln it would be worth their time to register their polish home as their domicile, in my humble opinion.

If its not your primary residence its an investment and you will be treated as such.

You are absolutely right warszawski.

I must admit, I am from UK and bought property in Poland in 2008 as an investment (ouch I hear you say!!), which was all organised by a team dealing directly with the solicitors and banks!

I was never given ANY advice or options on the kind of mortgage I was going to receive. At no time did anybody from the bank contact me to advise on the dangers of fluctuating currencies. It would be a CHF mortgage and that was that!! The reason we were told (by the middle men) was because it was the most stable currency around and the safest option during turbulent times.

I like many thousands of other people were ill informed, ignorant to what was happening to us. The banks make millions out of us that's why the bankers were paid outrageous bonuses in some cases. Please don't get me wrong, there are many respectable and good bankers out there, but there were also many irresponsible greedy ones also.

The case of the Croatian Banks being brought to justice for miss selling is not the only case. In Cyprus it is happening also, but the Banks are settling out of court. The evidence is overwhelming and when you get a top legal team with HUNDREDS of people all giving similar statements, the banks have nowhere to hide!

Many people all contributing to one cause was a relatively small amount of financial input individually but created a powerful legal team that could take the fight for justice all the way if necessary! Members of the committee starting the campaign were made up of accountants, Inland Revenue etc, Professionals from all directions and innocent people from all walks of life. We were all taken for a ride! The banks are preparing to take the responsible action of restructuring loans into Sterling or Euro amongst other settlement offers out of court.

My morals and conscience would not allow me to walk away from my mortgage but only because I can just about afford to keep it going. The Banks are aware of what is happening around the world with regards to CHF miss selling and I should imagine its only a matter of time before some pro-active campaign starts in Poland. If it does I for one would be joining it!

Wasn't it somewhat obvious that if you borrow in CHF and earn in GBP, you'd be at risk from the currency movements?


You blindly entered a mortgage agreement without even considering things? Sorry, but that's madness - even with my plain boring PLN mortgage, I asked about 10-15 questions during the whole process.

I asked plenty questions but was reassured that the CHF was the most stable currency and wasn't given an option in PLN! We know that currencies fluctuate but not to such extreme as the CHF.

Obviously I was naïve to think that the middle men were truly acting in our interests, ! Myself and 1000's of others!

The UK property market is starting to grow again thankfully. I just hope that Poland starts to go the same way soon.

The fluctuation was actually not that surprising at all - the Zloty was clearly overvalued once it went below 3.5/1 EUR - and it was obvious that the CHF was artificially weak against the Euro and other European currencies given the strength of the Swiss economy in general. But given CHF interest rates, are you sure that you've actually lost out? Yes, your payments might be dramatically higher - but it's likely to be still cheaper than a PLN loan.


Why would they be? If they were cheap, then they were obviously working for the banks.

You are always advised to seek advice from your Independent Financial Advisor.

Did you speak to an IFA?

You are always advised to seek advice from your Independent Financial Advisor. Did you speak to an IFA?

The answer to that one has to be no!

I know the advice is always stated in any small print, in fact large print nowadays on financial contracts or offers but I cannot recall seeing it on any correspondence from the investment company. I admit I didn't go into it fully knowlegable in international property investment. I put my trust into a company that was well established, seemed very reputable and knew exactly what they were doing? Obviously they came out of it making money from both the investors, the solicitors and bankers!!

However foolish my decision to trust the Investment company was, that does not take away the fact that the banks gave me the mortgagee, no information or guidance or choice of currency!