CAJAMADRID NOT PAYING BANK GUARANTEES

Has anyone had a bank guarantee with Cajamadrid and if so any problems when you decided to get your money back?

Did they pay interest on the guaranteed ammount volantary, or was this awarded in court and if so what interest rates were payable ,did this cover your legal fees?

Sorry state of affairs for all of us.

Halegate

we cashed our one BG with Cajamadrid approx 18 months, only took 5 weeks.

Ours had a clause in it limiting their liability, in our case limited to the amount we had paid so no intrest.

\but at least we have 60% of our money back.

Had our Bank Guarantee with Cajamadrid,   they dragged their heels at first , but after court threat from solicitor they paid quite quickly just before Xmas (14 weeks total).  I do believe it depends on how much clout your solicitor has got. 

Good Luck

Gales,

Did you get any interest on your money,cos 5 years is a long time and a lot of money could be due in interest payments if it was not excluded in the contract?

Regards

Gary

Has anyone suceeded in suing the banks for the interest due on the money they have held as stage payments and which has been covered by bank guarantees?

I believe they are obliged to pay this interest regardless of whether it is explicitly stated on the guarantee.

we had a bg with caja madrid and received our money back plus 6% interest within 4 weeks, but i must add that was before the recession.

Update,

Cajamadrid have now agreed to pay b.g,s but don,t want to pay any interest,but 5 years @6% is a lot of interest on 60k,so it looks like the court route.

Cheers.

Halegate

Sorry only just got back on air and noticed your post,  we didnt get any interest and can't work out the difference in these bank guarantees - I am told it is just the luck of the draw if you you have one with the  'interest '  wording but sounds a bit Mickey Mouse to me!

The bank is required to pay 6% interest on your funds under the bank guarantee law, irrespective of  whether or not is states interest on your guarantee.  Also, the guarantee does not expire , it is valid until your property is handed over to you.

For gods sake, don't let them get away with anything, you are entitled to all of this by law. What is the point of the spanish having any laws, they are a law unto themselves !!!

Re BGs

We have had our 83,645 Euro refunded from Popular Bank, using Maria of Costaluz  Lawyers.

I must say really good service from  receiving our POA she had the cheques in a couple of

weeks.

Re legal interest am advised by Maria

1) The interest is claimed from the developer.

2) The method of claiming this is by a MORITORIO, which i will be going ahead with next week.

I sent Halegate a PM re MORITORIO up to now he as not came back.

Good Luck to all     Barry Cox.

Barry

Congratulations, you have done very well in such a short time. We have waited for over two years now since POA , the bank refuses to communicate with our lawyer. So , we are waiting for a court date which is taking forever. If the bank has held your money then surely it should be paying the interest ??

Antojo

I see it the same as you,the claim would be against the bank.

The Lawyer says its against the developer and will take a few months and

if HUMA don't turn UP(AS THEY SEEM TO MAKE AN HABIT OF) YOU WIN .

Hi,  If the money is held by the bank but in a Huma account then it would be Huma that would get the interest.  Therefore it makes sense that they would have to give permission for the bank to pay out interest or pay out themselves.

That's only logical thinking and as we all know it doesn't always follow!