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Hi,
All bank guarantees are being executed through the court administration process (concurso) .In this way a claim can be made against either the bank or the company SJ.

can you explain more about this how do you know I had next to near given up on my bank guarentee as we have so far heard of no sucess with them.Is this a sperate process of getting on the crediters list. Is there anything else people with a bank guarentee should be doing     thanks


This message was last edited by julie anne on 6/25/2008.

This message was last edited by taxiparrots on 6/26/2008.

Hi has everyone checked the meesage thread on the general forum bank gaurentees there is some info in that .I think the important phrase to look for on the  document is "primer requerimiento" have look.It says if you have this wriiten on your document the bank pays out if not you have to go to court to claim on it.I have just looked at mine and its not on it. I dont know how reliable this is take a look.and see what you think.Has anyone asked thier lawyer about this .I have left a meesage with mine hopefully she will explain tomorrow If she does I will post what she tells me. julie anne

Ps My lawyer said it doesnt matter about the expiry date they usually state a date which is the completion date of the property or until the handover of the keys . perhaps you could all ask your lawyers about dates on BGs and we could compare notes. My BG is with SGR .


This message was last edited by julie anne on 6/26/2008.

This message was last edited by julie anne on 6/26/2008.

Julie

Mine does not say that either  but I do know  one couple who bought in 2004 and their BG does & they are in the process of getting the money back

When it was presented to SGR the bank just said OK !!!! 

Will keep you updated on that I have seen thier BG and compared it with mine  exactly same wording exect last line thiers doesn't have a date but the wording you mentioned

Linda

Has anyone been paid out yet through a BG?

In any resort or site or circumstance?  Do the lawyers know or have exparience with an actual pay out?   Anyone know at all?

Do the Bank or Insurance co become a creditor when the individual gets paid out, and do the have 'preferred credit' etc.

Brian

I know of one couple who were paid out last year who were buying at SAdM.  They stayed with us.  They were buying a Tulipan and the contract date expired.  They decided this area was not for them and executed the BG and emailed me when it was paid out.  That was last year, around September if my memory serves me correctly.

Hi all.

As taxiparrots said all bank guarantees must be executed through the commercial court or court administration. The court first checks that the amount on the guarantee agrees with the amount on the creditors list less 7%iva, and if it does the court then asks the bank if they are in a position to pay. As long as the bank is not in liquidation themselves and are solvent then the answer will be yes. When the bank say yes, the court then say to them, pay then. Thats the long and short of it.

My lawyer  served papers and a copy of our guarantee to SGR some weeks ago and they [SGR] were not negative about it but said they wanted to check the amounts [which i know are correct having had them checked myself] and our lawyer is applying to the court for payment but how long that will take depends on the court.

I suggest that the first person to actually get paid on their guarantee, post on here stating the bank because that should set a president that others can follow.

                Bob.

I agree hawking 333 I am in the process with SGR and have been for several months I will let you know asap when we have an answer good or bad 

Hi all, A bank guarantee is an executive document (i.e. can be directly executed in Court) to be attended by the guarantor (the bank) with no intervention of the developer needed (Law 57/1968 and L.E.C.). Therefore, nothing to do with the administration process. Those with a BG will need a proof of the construction not being completed (Notary certificate will do) and both documents can be taken to execution in Court. Execution will include fees & costs incurred. Expiry date on the BG is considered illegal by Courts and also by Law 57/1968. Kind regards,

Hi Guys

Just want to share my experience with this bank guarantee business, we have executed ours and it did have an expiry date which our solicitor advised "codswallop"  it does not matter the slightest, he has been in touch with the insurance company and at the moment they are refusing to pay out until they have further info about the administration siuation with San Jose??? obviously there must be some reason behind this.  

We recieved a letter by the court last week advising us to get on the creditors list so we have done this also which included paying an english solicitor for his notary skills ha ha ha ha ha. a stamp if you please.......anyway faxed this and posted it to our solicitor in spain and they are getting on with it.  Our solicitor who we were gonna sack at one point totally reassured us and explained everything in detail which he had not done before and said "you will definately get your money back, i just can't commit to telling you how long it will be before it happens"

Jannine x

Hi Janine My lawyer has told me that the guarentee should be paid out regardless of the situation with administration by law the  bank/ins company must pay the fact that SJ is in administration is irrelevant in the law this is exactly the situation the BGs are for.Ithink we should staret to get tough why shpuld we have to go through a lengthy costly legal court process to enforce an existing law.Lets`all stand up and be counted and be heard.

Apparently there was a meeting between banks, the Judge and administrators from the Mercantile Court of Alicante and a decision was made to deal with those who have bank guarantees  along with all other buyers deposits. It means the bank guarantee will be executed when your lawyer contests your deposit. So long as the bank,insurance company or finance company can pay i.e not bankrupt itself, then the judge will order it to pay. Quite simple.

Hi,

Not sure how many of you log onto santaana del monte site, there was a couple on there who managed to get there money back from there BG, if my memory serves
me right it was around March of this year and im sure the lady was called Angela.
It would be good if we could get a hold of her as im sure her BG was with the Banco Pastor, We are having problems with them paying out on the BG and looks like
we will have to take them to court......beggers beleave really...... surely the BG is there to protect us......seems like none of them can be trusted

Any information regarding this couples contact would be appreciated......I can't log onto the SADM site for some bizarre reason,

Cheers

Thats strange because the sadm site didnt report that information on here as far as i know.

I asked a couple of weeks ago if anyone had got money back from a BG because i thought that was very important information.  Which sadm site are you talking about, probably its not sarc because they regularly post on here.

Brian

hey dog I keep a close eye on both sites incase I miss something .I am not aware of anyone as yet that has had a refund.Plenty of people have won thier case in the courts bit still the banks /insurance  co/ financial institutions refuse to pay .I dont understand why this is . My gut feeling tells me that my BG which  is with SGR is useless . SGR  is a company in which SJ had a large holding and infact was not a bank but  a kind of credit union set up by a group of business men and companies to  secure finance for business ventures. They secured finance  out with the normal a bit like the American mortgages sub/prime etc  the strength of all the companies combined not on individual financial  viability. This is why we are the victims of thier folley. The bankers and the company seeking protection from thier creditors are one in the same. Leaving us high and dry .                                                                                                                                                                                                                          any one   
who throws any more hard earned cash at this is of f thier head. This is my opinion but I stick by it only time will tell and I dont want to say I told you so .


This message was last edited by julie anne on 7/7/2008.

Brian

The other site is santanaanadelmonte.net if you want to take a look. Its a good site full of useful info and have to say has the majority of buyers of SADM as it's members. Anna the 'host' has close links in with SJG and others and probably gets the inside track quicker than most of us. If you log into it, just follow the route for the Members Forum.

regards
Darren

This message was last edited by Darren_Michelle on 7/7/2008.

Have to agree its a great site for factual info not as yet taken over by the IWMH mob and I hope Anna will never let them run her site the way justin has allowed the IWMH  to rule the roost on EOS .They  even have the say on who is allowed to post if you dont agree with IWMH you are off.
  EOS  should be renamed IWMH and if you dont  agree with my views you dont have an EOS.Thank you Justin restoring my faith in democracy and for running this site  like an  African nation I do not care to mention.  bring back alm. The freedom to speak is a basic human right.

I have been told by a very reliable source of a couple who executed their bank guarantee last november and got all their money back. This was well before adminisrtation bit like shutting the door after the horse has bolted wish I had executed mine in March 2007 as I am sure many of you would have

 can't say more as don't actually know these people, Julie Anne freedom of speech is a basic human right executed more so in the UK than anywhere else that is as long as you agree with all the government say of course

Thanks for that information Darren, i will have a look at that site later, did Julie ann say you get kicked out if you dont agree with the IWMY brigade?.......oops looks like i may be in for a kicking then.  

The rules with some of those people are........say anything you like as long as we agree..........we say anything we like regardless of you agreeing..............If we find any news regardless of accuracy, we will let you have it and you will then be happy and glad. because you will be told its accurate...........

With rules like that you are of course certain to have your house and sip cocktails in the bar any day soon after those naughty administrators have gone.

Linda.....we were offered our money back by San Jose, they told us we could have it on July 10th because it had to be taken from the business accounts.    That means this week we would be able to get on with our lives and leave others to do the same.

If the money was safe and secure in a seperate account, as the IWMY people are saying and as legal requirements suggest, it would have been an easy thing to do.....just pay us up in January, no probs.

I have been interested and set a challenge to find anyone who has been paid by a bank guarantee.....guess what, no one has.

Be carefull people.......very carefull