Criticism of North Cyprus Loan Shark Level Interest Rates Gathers Momentum

criticism of North Cyprus high interest rates on Ada TVIf the first hearing, which was a non hearing, of the New Year is anything to go by, it looks as if Kulaksiz 5 still have a long way to go before they reach the European Court of Human Rights. The interesting development I am hearing of now is that they may well have been the first case to have been submitted to the ECHR in Strasbourg but they are by no means the last. I have been reliably informed that not just one or two are following them from this side of the island, but hundreds of such wronged property victims. I cannot say I am surprised. It would seem that not only are victims looking for justice in Europe but also in the U.S.A. It is very sad that they cannot find it where the injustice took place

Of course if the much talked about ‘interest rate capping’ becomes law, it could well mean a reduction in those who have had to seek justice outside the TRNC. However, if this goes the way of the 5 wisemen, we will be back to square one. Let us see what the next few weeks bring.

I was surprised to hear that Bulut Akacan is now regularly appearing in an Ada TV programme lambasting the Banks for their high interest rates. I wish him success in his endeavours and hope that he will be able to broker a deal to remove all the mortgages on Santa Fe homes so that their owners can take title. Mr Akacan has publicly lambasted the Banks, something I would be taken to court for doing. I cannot refrain from adding that perhaps if mortgages had not been taken out on homes already sold in the first place this problem, as far as home owners are concerned, would not exist. However that Mr Akacan is stepping up to the plate and trying to put right some of these wrongs is laudable.

I have also been reflecting on my own personal situation. I was told on Monday that Ertu Kader (Akfinans Bank Limited) still uses my villa on K5 at weekends and has been observed arriving with a young lady, presumably his daughter. The villa, had it been built to a reasonable standard and had it not been mortgaged by the builder Abdurrahman Guney (Kulaksiz Construction Limited) and the landowner Yuksel Yilmaz, I would happily have lived in until God called me home. It was not to be, circumstances far beyond my control, made it so.

It still seems certain that the families of the landowner will not be losing their homes. That deal was done back in November 2005 and anyone who doubts it is living in ‘cloud cuckoo land’. It still does beg the question, if our Advocates are wrong and the new interest capping law makes it to the statute books and if does apply retrospectively to K5, who will pay the landowner’s families share of the mortgage? The big IF.

Never give in never give up.

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