Hi. I'm from the UK, and own a property in Southern Cyprus. The mortgage in place is secured on the property purchased. I am currently in arrears and am making a regular payment, but not enough to keep the mortgage up to date. I have rented the property permanently, and this income goes straight to the bank monthly(Marfin Bank). I have been in constant communication with the bank, and i make additional payments when i can(my household income is less than half it was when i purchased the property). I have explained my position fully to the bank, and want to meet my obligations as best i can. They are now proposing to pass my case on the the debt collection department if i don't make up the arrears in the next few months. They have also told me that this will increase my interest rate to 14-15%! I have already explained that i should be able to address some of the arrears, but not all, in December, and that if they insist on this increased rate, i will not be able to recover. Can you advise me how best to handle the bank? Also, what impact will this have to my UK credit file is i default, and potentially have a repossession, can they come after my UK assets?
State/Country relating to question: United Kingdom
Talking to the bank
Making lower payments
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