Mortgage payment holiday

Does anyone know how to go about filing for personal bankruptsy in France?

Our Mortgage is with Halifax and as part of the 'deal' we are 'entitled'
to a payment holiday. Now we were thinking of going for this and using
the 6 month break to pay of two credit cards and a small amount left on
a TV that we bought on credit (never again!!!!). Is this a good
idea???? Comments below would be most appreciated.

I have the same problem. I am looking for an English speaking representative in Credit Immobilier. I have checked their website and called them but it is an on going problem. My original English speaking contact is not there anymore (I think).

Sorry Nick, this is not a solution to your query. I made enquiries with the Irish company that does my French tax returns and they can do it for me, but I would prefer not to have that extra expense.

Gavan

Folks

I tried this with Barfimmo (French Barclays). Absolute shambles differing advice, crap customer service and a total disregard for the me and my problem.

I suppllied all the evidence which they denied receiving, sent it again which they lost and the third time made me wait 3 months to say NO.

Good luck with your lender. They cannot be worse the Barfimmo which have just sold on their Leaseback mortgages to another company.

Andi

My wife and I have had exactly the same problems. We need, desperately, a mortgage holiday - but Barfimo (Barclays) have proved completely useless in every respect. (BTW, if you think they are bad - try the Italian 'Banca Carige'!! - 10 times worse and even more incompetent).

The only lwayer we found willing to take it forward wanted E2,000- and then a 'success' fee if he was succesful in Court!

The comments by Waggtail are wholly supported!!!

ChrisandJane

Hi

I like everyone above have also been trying to correspond and negotiate with Credit Immobilier but to no avail despite numerous emails and letters.

Have you managed to make contact since this posting?

If not, what steps have you taken?

Finally, does anyone know of a regulatory body that I can make a complaint to. I have explained over and over again why I am having a difficulty with the mortgage payments but no-one ever responds?

Any advice that anyone can provide would be very much appreciated.

Hi Natalie,

This link provides you with information about how to complain about your French bank

http://www.french-property.com/guides/france/finance-taxatio n/banking/complaints/

Best of luck!

Sheridan

Thank you very much Sheridan - the whole process is a minefield!

French Mortgage Agreements (the 'Offre de Prêt') sometimes include special provisions whereby borrowers can seek a repayments holiday. This aims at spreading repayments over a longer period of time to alleviate some of the financial pressure borrowers are faced with. Possibilities to obtain such a payment break usually are strictly defined. They often are subject to the fact the overall repayment duration of the mortgage cannot exceed its initial term - which in effect can make the option useless.

Another avenue consists in relying on the provisions of the French Consumer Protection Code, to obtain from a judge a payment break of up to 2 years. This is only achievable through legal proceedings. Borrowers need to be up-to-date with their mortgage repayments. When this is not the case and the mortgage has already been foreclosed, all borrowers can do is try and settle matters with the bank. To stop repossession proceedings from going ahead, the bank will then usually expect all arrears, interest and penalties to be paid forthwith.

Here are a few tips and a 'not to do' list:

- Try and contact the bank in writing, by registered (signed-for) mail, as early as you can;

- Get some help to ensure your letters to the lender are drafted in French! 

- Check whether insurance cover applies e.g. if you can no longer pay the French mortgage following a job loss or a bereavement in the family;

- Ask the lender how much remains outstanding on your French mortgage, having added the early redemption penalty if applicable, and try and rapidly sell your leaseback property at a price just above that level. Keep the lender informed re. marketing of your property and prospects of rapidly selling it.

- Do not believe sending the bank some emails in English will suffice! ncorps I know you wrote to CIF in French, but the bank can legally disregard any correspondence unless sent by registered mail with a postal receipt for the addressee to sign.

- Do not just wait until some legal paperwork gets served upon you at your home address before addressing the issue!

- Do not attempt to sell your leaseback unless the price allows for the mortgage's total redemption figure to be offset from the proceeds of the sale...

I hope this is informative. The above obviously is general guidance and does not amount to legal advice.