Reasons banks give for not paying out on BGs

Someone suggested starting a new thread to help each other and share information.I don't know if this will help us but it will be interesting and perhaps shed some light on the situation.It  will also allow an insight into the different  attitudes  and stand points of  the different  banks .It may also enable us to compare the different legal routes our lawyers are taking and perhaps instruct our lawyers to follow the route that others are finding to be most successful.So here goes 

Does anyone wish to share the reasons their bank who under wrote their BG gave for not paying out and forcing them to take the bank to court to enforce payment ?

I suggest if you don't know the reason that you ask your lawyer exactly what the banks reply was.I have asked my Lawyer this and he is sending me a copy of the burofax reply from the bank .Don't worry about translations the lawyers will charge too much for that just get it in Spanish and we will deal with the translations together this end .I work with a few Spanish people,  we will find a way to translate that will save money.

Does anyone wish to share or  to compare notes about which legal route their lawyer is following , there are a few different ways to go  and different lawyers believe in different ways?

If your lawyer has asked you not to share certain info because of SARC  is there any info it would be OK to share .
We really have ti ignore SARC now they have been proven wrong and get on with getting our money back.
Cheers to all no matter what you once wanted. JA        IWMMBQ

This message was last edited by joanie666 on 9/14/2008.

Come on Joannie666 I really dont mind if you disagree with me I value your opinion. Speak your mind  JA


This message was last edited by julie anne on 9/14/2008.

Must confess...........i dont have a bank guarantee.

My lawyer replied today to say he will not have any information until the end of the month, from the administration

Brian

No I agree with you just dont want to post on this forum for everyone to see.

Unfortunately I dont have a BG either.  

My Lawyer says the Administration dont  have an absolute set timescale to produce the Report for the Judge (unlike SARCs previous claims).  I would prefer it if they did and actually hope that he's wrong! We shall see. 

JA, I know im listed and have filed in two separate Courts (not just regstered as a creditor) as they have now broken two contracts on  me.. Ill find out if there is a more precise legal term for my guys legal route.  He's pretty adament that they will not let go of the exchange route yet tho.  and they are discussing it again this morning.  Im not too excited as you can imagine!I  I felt for you last week when you heard they werent paying out on your BG.  Lets hope you get some answers.

 

Sal

Hi to all,
I just received a letter from one of the entities that provide the bank guarantees for San Jose's clients.
In this particular case, the BG had an expiry date of April, 2007.
The excuse they say for not attending our request of payback of the deposit is this expiration date (which is null and void according to both the Law 57/1968 - article 3 and several Court Sentences that have declared so).
Another bank replied to us (on a different case) and their excuse that time was that the house was ready for completion (this is a year after it should have been handed over). Again this is not an excuse, as by Law not only the house must be ready, but also the habitation license must be issued and the purchaser must have been officially requested to sign the Deeds, which didn't happen in this case.
Regards to all,

Should banks be paying out on the basis of the adminstration process alone ?  Or has the date of proposed completion of the property have to have passed ?  I was told that until they have not completed within the timescales there is no breach of contract ?

Regards

Unfortunately, the fact a company is under administration does not automatically mean a BG issued is enforceable. It is a must tha completion date has passed. Regards Martin

Fair enough, what I've been told is correct then.  

Its just a waiting game for me then.

Cheers

Having said that...............if I get offered a new completion date, I take it that would be a counter offer which would void the original proposed completion date and thus the BG would have to pay out ?

Hi Jon G I dont see your point  why would they offer you a completion date sooner than the one you have  on your BG now .Doesnt make sense to me.  You will have to wait until the date has past then try to claim on your BG  .This may not be a bad thing as by the time that date comes ther may not be so many people trying to claim at the one time.
.JA

If they offer a date a year further down the line, then they will be confirming that the agreed date can't be made therefore they would be in breach of the contract as soon as the new offer was made ? I would hope then that the BG could pay out earlier.

Jon G doesn't work like that the date on the BG has to have come and gone. Sorry  Been there got the Tshirt. JA

Me too only 18 months out of contract and a BG with a date on it which too has run out !!!!!
SGR say they won't pay as SJ are in administration I'm no lawyer but that is the problem lots of us are facing at present

My SGR BG has no date, so I was just assuming that it pays out if/when SJ are in breach of the contract I have signed. If, therefore, they give me a new date beyond that I signed up to then they would be in breach. At least thats what I'm hoping.

The completion date of your property as written on the contract is what matters you can not claim on your BG until this date has passed and then a grace period of three months.People are having enough trouble trying to get the bank to pay out on BGs where the completion date is well passed mine is passed by about  3yrs + now and still the bank wont pay.As I said before by the time you are ready to claim it may be better as not so many people will be trying to claim at the same time.My BG is also with SGR I am now taking them to court more hard end cash down the swaney JA


This message was last edited by julie anne on 9/16/2008.

Julie Anne     What if one of the banks that hold the BG goes to the wall??????

Annjoe

Don't Know but I guess it would be game over. JA

In answer to my own question.
Why do banks not pay out on BGs ? 
Because the Court appointed  Administraters dealing with SJ's affairs wrote to banks on the 10th June 2008 and asked them not to .Cheers guys corruption,corruption ,corruption and yes you've guessed it more corruption. JA