Icelandic Bank Collapse Brings Further Despair for British Expat Retirees
Following the 2008 downfall of Landsbanki, the mounting misery of manyled to long legal proceedings against the Icelandic bank’s administration, who are currently seeking to repossess the home of many . But after five long years, there’s more.
Counter-claims have now been made by Landsbanki administrator Yvette Hamilius, who says that the hundreds of expats and their respective legal representation have falsified their accusatory claims in the hope of a more rewarding outcome.
Financial advisors operating throughout the nineties set up many, apparently dubious asset distribution policies for the now retired expat population, who have been left to face unaffordable debt amounting to thousands of pounds.
British pensioners based in France and Spain are now taking their collective plight against imminent property repossession to the high court. They claim that the mis-sold Landsbanki policies have led to today’s desperate situation, which has the potential to leave hundreds homeless.
Speaking on behalf of the Landsbanki Victims Action Group, Spain-based founder Michael McInnes has explained how British expat pensioners were advised to extract cash value from their homes in order to help face the commonplace affordability issues that many expat pensioners faced.
These borrowed funds failed to mature and to pay for themselves, leaving little or no return for affected expats. McInnes cited plummeting house prices as a key reason why many expat investors have been left with insurmountable debts that exceed the current value of their properties.
He now hopes to prove that the homes were mis-sold in a Spanish-law defying manner. To date, Landsbanki administrators have maintained silence on the situation surrounding many of today’s victims who were encouraged to borrow funds equal to the full value of their property.
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