North Cyprus Property Problems | President refuses to sign Interest Rate Bill

How interesting that the President has refused to sign the much heralded and controversial Bill aimed at capping loans by restricting the amount of interest greedy banks are able to charge.

The one point of great interest to me personally was the fact that one of the reasons that the Bill did not receive presidential approval was because it was retrospective. Well if the Bill is finally approved and is not retrospective, then all the hopes of the 1400 plus people in the mortgage queue and indeed the Kulaksiz 5 will wither and die, just as they did when the the 5 Wisemen Committee was set up and disbanded within a week. There will be little need for a Bill addressing the potential problems of future borrowers if the present problems are not addressed. There will be very few purchasers so very little need for the Construction Industry to borrow. [Editor: wish that were true, they still need to update their 4x4s]

Of course the new Bill needs to be water tight. Of course the potential ‘loopholes’ must be filled. I agree with the concerns voiced by the President and Mr. Boyra. If however the Bill becomes so watered down as to be of no use to the present victims, why bother?

There are two types if victims. The first being those who found a mortgage on their property without their consent or knowledge and after they had purchased the property. Clearly these are the innocent victims of what is now described as stealth mortgages. The new Bill should address and rectify their problems. The second set of victims, who frankly do not get my sympathy, are those who did the borrowing or those so called ‘business men’ who borrowed without taking into account that they would need to be able to fund the repayment of their debt. Did they really sign on the ‘bottom line’ when taking out the loan without actually reading the terms and conditions?

It is ironic that some of those now shouting the loudest about the ‘unfair’ terms applied by the Banks, are serial offenders against the innocent purchasers. The words ‘glass houses and stones’ come to mind. You have to wonder if some of them should be allowed out in the traffic alone, in their 4×4’s funded by you and me, never mind run a business.

Never give in, never give up.

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