Ombudsman frees guarantor from 26 year old loan in landmark ruling

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Ombudsman frees guarantor from 26 year old loan...
 © BusinessMail 2018
By Stelios Orphanides

Financial Ombudsman Pavlos Ioannou said that he ruled in favour of relieving a woman of her obligations from a loan she had guaranteed 26 years ago after the bank failed to inform her that it was in arrears.

Ioannou said on state-radio CyBC on Wednesday that his ruling was based on the retroactive effect of the law on the limited protection of guarantors of a particular category which came into force in 2015 and which could apply in the woman’s case.

The unnamed woman had agreed with a cooperative bank to guarantee a CYP25,000 (€42,715) loan in 1991,...


Ombudsman frees guarantor from 26 year old loan in landmark ruling


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