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    guitargary's Avatar
    guitargary Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 27, 2009, 09:14 PM
    Using money to pay of debt
    Hi Guys

    Firstly thank you for taking the time to look at my question.

    I'm in a bit of debt. To the tune of about £30,000

    I own an apartment in Bulgaria, outright. There are no secured loans or mortgages against it and I have a Bulgarian Bank account.

    I wish to Mortgage the Apartment in Bulgaria, and use the money to pay off my debts here in the UK.

    I have received a mortgage offer from a Bulgarian bank. However, they stipulate, that the funds must be used in Bulgaria.

    How can I use these funds to pay off my outstanding debts here in the UK, and satisfy the lender?

    Many Thanks

    Guitargary
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Feb 27, 2009, 09:47 PM

    This is a matter that has probably been imposed on the bank by the Bulgarian Authorities.
    You need to refer this to an Attorney in
    Bulgaria.
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