Any Sign of Legal Action III -- A further call for information

Thanks Wineflair.  

Interesting post.  I am interested in what leverage you used to negotiate a settlement with your lender. 

My lender is Credit Immobilier de France & my understanding is that it is a failed entity; no longer lending & its loan book is being run down over the next 20 years.  It has been at the heart of a lot of the property  mis-selling scandals in France of the last 10--15 years. 

I'm in default since 2014 but it is unable to re-possess due to a court ruling; a definitive court case has been awaited for > 3 years now & will be appealed ad nauseum.

My current outstanding  loan is only about 1/3 of the original (long story) and, to try and bring some closure, I offered before Christmas to allow it to re-possess in full/final settlement and to simultaneously drop my legal action.  By any sensible analysis, that's a deal which should appeal to a bank in this situation: avoids further expensive legal actions; allows it to finalise/crystalise the account; allows a further portion of monies to be recovered; avoids any suggestion of taking a very expensive  cross border case which, it knows, will be defended to the hilt and also risks the possibility of a counter suit being instigated in Ireland -- it must have some awareness  of the developments in the last 12 months at an EU/political & Competition Authority level  which has to be a concern to French lenders even if they may choose to ignore at present. 

All that said, CIF wouldn't hear tell of my suggestion & still maintain the line that they were mere dis-interested lenders and I was and remain 100% responsbile for ensuring the investment was kosher.  

It doesn't make a lot of sense commercial or otherwise as far as I can see. So I'm curious Wineflair as to how and what you negotiated with your lender.  Had you taken legal action before your settlement ?; who was it with ?; did you negotiate yourself ?; can you indicate the general terms  etc etc ?.  

Also am very keen to hear whether other owners have been or are actually being pursued in their home countries having defaulted and walked away from this crap.  This forum is full of tales from people for the last several years who said they were doing this.  What's happened ?.  Have they reached settlements with their creditors ?.  Have their debts been ignored +/- quietly written off. I don't know at this stage to be honest whether the decision to take legal action was the correct one.  Perhaps, in hindsight, walking away & letting one's property be re-possessed would have been a wiser move.  This EEO threat is also mentioned but I have seen no evidence of it being used (successfully or unsuccessfully) in Ireland.  Has anyone been subject to it in the UK or Ireland do we know ?.  Has the VAT rebate  ever been raised ?.  Has the non-payment of Taxes Foncieres or managmeent charged by these people been an issue for people in their own country ?. 

I think tremendous progress was made in 2017 with the petition and finally involving MEPs & various national bodies.  Its the first real sign of collective progress. I know that the French consumer authority have been forced now to investigate the many non-French complaints.  I have little faith that they will do the right thing but hopefully I will be proven wrong and there are certainly some promiment people/organisations  in Ireland  who won't let this drop I feel.  What all leaseback owners need now is a signal that EU consumer law has been infringed at some level as we all are quite certain it has been.  Once this happens, the ability to negotiate a better deal and/or merely choose to walk away depending on one's perspective will open up to all.