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Hi all.
We have got a bank guarantee and our lawyer has submitted it to the bank that issued it. The bank has accepted that it is one of their legal guarantees that they have issued and have contacted the commercial court to check that the amount on the guarantee tallies with the amount listed by San Jose, which it does as i have already checked this myself.
My lawyer is about to claim the amount plus interest a.s.a.p.
This proceedure has so far taken 1 month and there has so far been no blocking of the payment by the administrators. So it is still moving forward as far as we are concerned.
We personally cannot see where the administrators come into this, as we are not making a claim against Herrado Del Tollo or San Jose but against the bank which issued the guarantee and who guaranteed our deposit in the event of the developer not meeting their delivery date [which they have not done in our case by 1 year] and also for bankruptcy.
Perhaps those of us with guarantees can use this thread to tell people how far their particular claim has gone as we have, and to post on here when people have actually got their money back. That way we will all be more informed on what is happening and those that are dissatisfied may even consider changing their lawyer.
Finally, our lawyer is charging us 300 Euros plus 16% iva, to claim our money back.
Cheers. Bob.
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 Now Retired and have our money back in FULL via our bank guarantee. Bob and Pauline.
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Hello Bob
Which bank are you with as this would help to know. People who are currently having difficulty are with banco pastor. They are paying 900 euros but I believe this covers the full cost of getting money back (ie litigation also) which in their case may be a blessing as it sounds as though they may need it.
It may be worth chasing your solicitor next week to find out if it has been agreed..if it has then this will help those from Banco pastor who have had theirs declined on the alleged instruction of the administrators - who I agree should play no part.
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Hi Sarah.
Ours is a bank/insurance company called SGR.
We are hoping to see our lawyer next Tuesday to discuss a few things and anything that is relevant we will post on this thread.
Our costs which are lower probably only cover getting our money back if it goes through normally, if of course we end up having to take them to court, we will have to pay more but that will be a small amount to pay to get our deposit back with interest, which currently is between 4-5% our lawyer stated, and is a legal requirement by the bank.
Bob.
_______________________
Now Retired and have our money back in FULL via our bank guarantee. Bob and Pauline.
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Hi Hawkings.
Did your bank guarantee actually state that they would also pay you interest as well as the capital.?
Our bank guarantee is also with SGR but it has no mention of interest in the wording
Richard
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Hi Richard.
There is no mention on our bank guarantee about paying interest, but our lawyer has stated that it is a legal requirement for interest to be paid and this is included in the law that was brought out in Spain in 1999.
Bob.
_______________________
Now Retired and have our money back in FULL via our bank guarantee. Bob and Pauline.
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Hi Hawkings,
Thanks for that, its a pleasant surprise for a change. I'll email our lawyer and mention it. 
We hope to hear something next week as the two weeks will be up since our lawyer sent the burofax.
Richard
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Hi Richard.
Its nice to know someone else that is with SGR so we can keep each other up to date with whats happening and being in the same boat means the outcome will be the same, whoever maybe slightly ahead of the other.
Cheers. Bob.
_______________________
Now Retired and have our money back in FULL via our bank guarantee. Bob and Pauline.
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Hi Bob,
We haven't received any negative comment from SGR regarding the bank guarantee .They've received all the original documentation they requested so we're keeping our fingers crossed. Maybe it's just a little local difficulty with Bank of Pastor. Can't think legally they have a leg to stand on. A few robust words from a good lawyer might just help in those cases ,we shall see.
Keep in touch with all news,next week could be busy!
Richard
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i hav not posted before, dont know if i can do. We have Bank Guarantee with Banco Pastor and were with our Spanish solicitors Wed.June 11th. Before we travelled without even asking we were assured there would be no fee just a small amount for Notary for Power of Attorney. On arrival this was repeated to us but when we completed this we were asked to return to there office and were told the fee for litigation was 1500euro and 50% was required up front and this was assuming it was straight forward. We were shocked but ended up giving 700euro on our credit. February 2007 we had also had to pay 50% of conveyancing up front. Another Spanish abogado has since explained about interest and said Banco Pastor are in excellent shape and a very small fee is all we should have to pay. We have e-mailed regarding this and are awaiting reply
Laura Azucena
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hI Bob & Richard
Our bank guarantee too is SGR though we haven't executed it yet, must be the bank used when we all bought around the same time
BOB I will see you n Pauline when you get back
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Great Auntie Linda
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Auntielinda,
Why are you not executing your bank guarantee? It's your way out of this horrible nightmare. 
If its with SGR its probably got an expiry date.
IWMMB (I WANT MY MONEY BACK)
This message was last edited by taxiparrots on 6/15/2008.This message was last edited by taxiparrots on 6/15/2008.
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Hi Auntylinda OurBG is with Banco Pastor and all we were doing was activating it so went ahead with POA, it was only then we were asked for 1500euro and litigation was being mentioned. I found it hard to believe solicitors would prey on our fears, but thats whats happening alright. thank you to tony mal as well for your response.
Laura Azucena
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Richard,Laura
My bank guarantee does indeed have an expiry date, and quite honestly I never even though about executing it until I read Bob's posting.
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Great Auntie Linda
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Hi All
We are in the process of selecting a Solicitor so that we can register as creditors prior to the 30 day time limit. The issue we have is that some solicitors are 'indicating' that if we register as a creditor this will make our bank guarentee (which expires sep 2008) invalid! Has anyone else been advised the same ie if we register as a creditor our bank guarentee becomes invalid!
Rob R4 361
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Rob
That information sounds completely absurd..................how can a BG become invalid just by telling someone about the amount of money you are owed, complete rubbish.
Hire a seperate solicitor for secondary advice, if the previous solicitor is telling you poor information, dump them, dont pay them, sue them.....i would
On the other hand, is it just a rumour you have heard, where did it come from..................let us all know so it can be out in the open, its what this place is best for!
Brian
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Best wishes, Brian
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Brian
i completly agree with you it does sound absurd, but unfortunately this whole situation is absurd!
However the info came from two seperate independant solicitors speaking off the record and who 'indicated' but couldnt confirm as they are not litigation solicitors, that it might be the case, yes its vague. The reason for my posting is still the same - to find out, from a qualified source, the answer to a simple question. Does pursuing the creditors registration make my BG invalid?
Rob R4 361
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Hi Rob
Perhaps somoene will reply on this thread with an answer for you, hope they do.
When i read it a was trying to make sense of it.
The first thought i had was that by declaring yourself as a creditor a solicitor thinks you are in some way expressing preference to be in the administration process rather than cash in your bank guarantee. This indicates you are giving up the right to cash this in?. That is just an opinion of a solicitor. really.
You may have your own reasons for keeping the bank guarantee and not cashing this in, if it was me it would have to be a good one!
The Guarantee is there for instances like the one you find yourself in and letting the administration know its there is not making a choice, its simply stating a fact.
You need a solicitor who specialises in administration to advise you, i think you may be stuck with opinions on this forum until an abagado responds.
Good luck (why not just cash it in?)
Brian
_______________________
Best wishes, Brian
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6% interest should be paid on your bank guarantee's its the law,oh it is Spain. We've been told that the bank may not honour the guarantee yet another load bxxxxxxs why is there always someone ruining our day. A good bit of advice never never use a solicitor recommended by estate agents conflict of interests.
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Hi All,
i can only suggest that you ask the bank manager of the Spanish bank you have an account with to explain bank gaurantees. If anyone should know he should and you should get the info for free.
Good luck
I want my House
Tony R17 18
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Spanish bank guarantees do not expire even though they may have an expiry date on them - this is part of a new Spanish law from a year or two ago and was detailed by Abolex in posts a few weeks ago.
The guarantee is from the bank and usually underwritten by an insurance policy (so that the banks do not lose out - surprise, surprise) and a solicitor is not required to activate it.
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