Dacion en Pago refused by bank. Bank has valued the property lower than sum owed

[coldinengland]

Hello FedupFran

I would stop paying and deal with them in the UK if and when it happens.

As long as you don't have a job where you will get fired if you are bankrupt or your not a director of a company I wouldn't worry.

The VERY worst case is Bankruptcy and that would be good for getting rid of other debts in the UK. The co op bank and Barclays will give bank accounts to un discharged bankrupts.

I'd tell the bank to stick it.

Maybe try and create a false paper trail to another address in Spain (register your self at the town hall etc.).

This might make it less likely that you get chased in the UK if its believed you live in Spain.

Maybe go for a holiday in France (rent some ex pats illegal holiday let, owners direct have loads of them) and send them a registered letter from France giving the holiday let address.

You want the bank to waste some money on lawyers fees/debt collectors on a wild goose chase!

Don't forget the debt wont go away so you will have to be careful if you inherit money or other assets, even decades later.

Think about trying to rent the property out and collecting rent. See if you can lodge the rental contract in the notary so the bank can't take the property very easily.

Don't put the rent money in a Spanish bank and keep it to one side so you have some money to hire a lawyer if you need one.

Try and keep the water and the electricity on.

If the bank want to lend against an illegal pile of concrete more fool them. They were idiots, not you. And as for your promise to repay, just make sure there is no reason for them to sue you. Just make sure that suing you would be a waste of their money.

Don't be a sucker paying for other peoples mistakes! I give you this advice with a clear conscience!!!

Thomas

[seventom]

I'd tell the bank to stick it.