Coop bank vs CreditWest

rwilson


Joined: 14/04/2008
Posts: 87

Message Posted:
13/12/2008 17:48

I wonder if 'bad' mortgages are the new Toxic Debt in TRNC.



CreditWest bank on this forum recently stated they have not loaned money to builders where people had already been sold homes.



Amazingly, Coop bank loaned money on land where people had already paid all their money and moved in. Any basic survey would have shown this!



I decided to move my account to CreditWest in support of their stance in this important matter. Comments anyone?

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
13/12/2008 17:51

"CreditWest bank on this forum recently stated they have not loaned money to builders where people had already been sold homes."



We are told by Ismet that they would only know this if they researched the land at the land registry and the contracts had been registered... so is their claim a policy or actuality?



I still applaud it as a policy...

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
13/12/2008 19:01

I also applaud but they did actually say that they have lent money in this way in the past but CURRENTLY have no exposure. So maybe they would do so again if the situation arises.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
13/12/2008 19:27

i've moved to them too !

rwilson


Joined: 14/04/2008
Posts: 87

Message Posted:
14/12/2008 14:01

" they would only know this if ....the contracts had been registered..."



NO!

ANY reasonable bank will get a survey done since in TRNC a few years ago contracts were normally not registered.



Co op granted mortgages where the survey must have shown people moving their furniture in. That is constructive notice that others had an interest in the land.

To ignore such notice would be negligent, generally defined as conduct that is culpable because it falls short of what would be reasonable to protect other individuals from a foreseeable risk of harm.



In the words of Lord Blackburn "those who go personally or bring property where they know that they or it may come into collision with the persons or property of others have by law a duty cast upon them to use reasonable care and skill to avoid such a collision."



I believe these mortgages may become Toxic debt for negligent banks and may even endanger the survival of some.



Hopefully they will negotiate with the homeowners.

Hector


Joined: 26/08/2008
Posts: 2352

Message Posted:
14/12/2008 21:02

This is why banks, i.e. before granting a mortgage extension to a husband, had to get the wife to sign to say she knew about & agreed to the mortgage extension and had thought about independent legal advice. This was because the courts had refused banks/mortgage companies repossession orders or couldn't get all their money back after borrowers had defaulted, on the grounds that the wife had a lawful share in the property (as per divorce laws). This was because the banks should have been aware that the wife lived in the house and therefore had constructive notice of her rights in the property.

Cyprusunday


Joined: 16/06/2008
Posts: 53

Message Posted:
14/12/2008 21:04

Does anyone know what the garantee situation is regarding cash on deposit in banks?

rwilson


Joined: 14/04/2008
Posts: 87

Message Posted:
15/12/2008 01:47

Exactly right Hector.



A prudent bank would not have chosen to ignore the fact that there were finished houses and people moving into them when it issued the mortgage.



By chosing to ignore the purchasers, its mortgage may well be invalid. Of course only a court can decide - but it is a solid case based on existing law.

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
15/12/2008 14:06

Cyprusunday.

Credirwestrep posted an excellent link to the government position on guarantees.

It is now 20000 euros equiv, per account. So you can have more than one account. There is some talk about this going up to 50k but I havent any confirmation until next week when I have an appointment with creditwestrep.

joseph


Joined: 17/04/2008
Posts: 709

Message Posted:
01/02/2009 01:18

Hi Breezyboy, you wrote:



"There is some talk about this going up to 50k but I havent any confirmation until next week when I have an appointment with creditwestrep."



So here we are 5 weeks later and still await your update after your meet?



regards Joseph

snakes



Joined: 28/10/2008
Posts: 1512

Message Posted:
01/02/2009 15:40

dont think the limit has been raised yet joseph but 20k euro's per account is definate so open as many accounts as you need to ! i have and found Credit West the most helpful ! good luck

stellasstar1



Joined: 02/07/2008
Posts: 1519

Message Posted:
01/02/2009 16:05

Does anyone know wha interest rate CreditWest Bank is giving at the moment? HSBC is down to just over 11% for 30 days. What a drop.!!

fiendishpaul


Joined: 18/05/2008
Posts: 1720

Message Posted:
02/02/2009 15:03

Creditwest dropped their interest rate on TL 30 day accounts to 18% last week. Still probably the best rate in the North and in my humble opinion a service second to none.

Steve1953



Joined: 04/12/2008
Posts: 298

Message Posted:
02/02/2009 15:46

Does Creditwest operate on line access and where are the branches in Kyrenia/Lapta area?



,cheers,Steve

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
02/02/2009 23:33

Steve1953 our branch is at Karaoğlanoğlu opposite Tempo supermarket ask for Naci or the manager Figen and tell them I sent you.



Our online service is currently viewing only but our new internet service will be up and running in a few weeks.

andysue


Joined: 12/11/2007
Posts: 891

Message Posted:
02/02/2009 23:45

we are buying a property at the sweetwaterbay site tatlisu and i will shortly need to open a bank account in the trnc to pay my dues like electric and site managment fees ect. i noticed when last over that creditwest had opened a branch at catlakoy, how much money do i have to put in the account when i open it and what id ect will be required when i go to the branch? im pretty convinced by all the positive comments about creidwest on here..



andy

CreditwestRep


Joined: 04/11/2008
Posts: 214

Message Posted:
03/02/2009 09:48

andysue if you email me on pazarlama@creditwestbank.com I can arrange for you to meet the manager at our Çatalköy branch or respond to any questions you may have.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
03/02/2009 10:56

Registration of sale contracts with the DLO began as from 2nd January 2008, so it is a very relatively recent thing. Many people were unable to register for various reasons.



I would like to see where Credit West stated that they have not mortgaged any land where the houses on it wer already subject to sale contracts.



Once a contract is registered it is not possible to mortgage that portion of the land without the written consent of the buyer.



So would someone please point out the link about the relevant post of Credit West representative so that we may have a close look at actually what was written exactly. Sometimes it is more important to look at what was left out rather than what was actually stated.

ismet

gary-monger


Joined: 01/02/2009
Posts: 36

Message Posted:
03/02/2009 13:01

aw shucks - looked at the title and thought it was a footie match.



Gaz.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
03/02/2009 18:35

Ref. msg. 18



Credit west rep,

Any comments about message no. 18?

ismet

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
03/02/2009 19:37

Ismet have a look at messages 31-34 on this thread http://www.cyprus44.com/forums/7523.asp

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
04/02/2009 13:32

Hi Joseph.

I only just saw your message. I still don't know if there is an increase as it would not affect me (see below) so I havent attempted to check it. The government guidelines on this show you are covered on multiple accounts below 20000 euros so all you or I need are multiple accounts, and to avoid further doubts, multiple banks with whom to place these accounts.

markvpiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
04/02/2009 15:47

and i'm sure the government have got the money to cover these deposit protections NOT



Mark

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
05/02/2009 17:28

Hi Mark,

All you can say positively is that they paid everyone out in 2000/2001 at which time they learnt a lot of lessons which were obviously not learnt by US and UK banks. Trnc government couldnt pay it in buttons but the Turkish govt. would be where it came from.