The market of red loans has become a sieve, with lawyers fighting daily battles in the Courts.
Sometimes successfully and other times unsuccessfully.
However, lawyers with a low degree of preparation and lack of knowledge of the legal framework appear to defend borrowers who nevertheless leave the courtrooms defeated by the lawyers of the Funds and the servicers, who have many working hours on similar cases.
The penalties on servicers from the Courts
However, there are also exceptions, lawyers who put the Funds in a very tight spot since they secure positive court decisions against them.
Recently, court decisions for injunction measures were issued against managers such as the servicers because they were not able to provide the borrower’s contract.
The Court’s bench imposes a fine of 1,000 euros per day until the loan contract is provided.
But the servicer is not able to comply with the court decision, with the result that the borrower, as if by miracle, acquires financial claims against the servicer, who sees his own debt increasing toward the borrower.
In just one month the borrower has 30,000 euros to collect, and in one year the amount will reach 365,000 euros.
The appearance of the Israelis
With the publication of the injunction decision, interested parties, mainly from Israel, gather who intend to buy the claim by paying significant amounts that exceed 200,000 euros.
The interested buyers, after reaching an agreement with the beneficiary of the claim, pay the price, with the new buyer having all the time to himself, since for every day of delay he will have 1,000 euros in his cash register.
In two years, the claim will have exceeded 600,000 euros, with the servicer at some point entering negotiations to pay off the debt.
The NEMESIS Association
The president of the Borrowers’ Association NEMESIS, Panagiotis Leliatsos, states to BankingNews that he has in his possession similar court decisions as well as the expressed interest in buying the borrower’s financial claims.
Mr. Leliatsos has gained great experience from handling similar cases to the point that he has dissected the shareholder registries of the Funds that hold the red loans.
He says that every year they change the shareholder structure of the companies like shirts, with headquarters in Ireland.
The legal framework of the country that hosts them requires them to publish annual financial statements which, however, are nonexistent because a few days before publication the portfolio has changed beneficiary so that the traces disappear in order to not disclose their annual financial data.
The lost contracts of the borrowers
At the stage of transferring the red loans from the banks to the Funds, the process occurred under pressure and the transfer of the files was carried out hastily by the banks and moved to a warehouse in Aspropyrgos.
Even forklifts were used to install the files in the new space, which turned out to be unsuitable.
The floods that struck Mandra in October 2023 resulted in sweeping away the warehouse as well as its contents.
The Funds that had deposited the loans in an unsuitable warehouse in Aspropyrgos lost the contracts that the banks had signed with the borrowers and which constituted their own property asset.
Of course, which funds lost the contracts is not clear.
However, the cases are revealed in the Court halls when borrowers request that the contracts they had signed with the banks in the past be produced.
What servicers do when they do not have the contracts
The servicers who manage similar cases and do not have the contract in their possession choose the legal route, the lawsuit, to demand repayment of the loan.
The legal path they choose requires an experienced lawyer to put them in their place.
It is noteworthy that several lawyers undertake similar cases by doing copy paste from previous decisions but do not have a positive result due to legal inexperience.
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