SADM Closure - Not Quite !!

Hi all

Whilst many members have had their deposits returned already, I know there are still others who are awaiting the outcome of their court cases, or indeed, awaiting their cases to be heard ?

We received our deposit back in April 2015, but, are still awaiting the outcome of the banks appeal through the Supreme Court, and any subsequent interest payment that is due to us, ( the lawyers costs have already been dealt with ).

It seems ludicrous that we have to wait, ( its already been another 2 years since the refund ), yet again,  for the interest payment to be made !!

When we initially pruchased our property at SADM, we had paid approx. 72,000 euros by way of an equity mortgage on our property in the UK, which obviously incurred interest.

Since this took place in 2006, I would imagine there should be a substantial amount of interest due back to us from the Spanish bank ?

Has anyone else received interest back on their deposits, and can give us an indication of the interest payment that we are likely to receive, ( interest % rate ? ), and any time scale ?

Barry & Sue

I understand the interest is somewhere between 4 and 6% per year from reports I have kept up with on here.

im surprised as always by the lack of information the lawyers in Spain pass on to the clients, it's like the consumer is the bottom of the pile in Spain and the 'professionals' place themselves way above anything else!!!!

some Supreme Court rulings have been favourable to cases like yours in the last two years, you should have all this info at your fingertips from your lawyers and I reckon you must, must get onto them straight away and not leave them alone until you find out mate.

Our case is on 1st June, I have asked now three times for them to let me know the court has all the papers they need because it was cancelled in February because the bank hadn't provided the info requested.   I havnt had a response yet, can you believe it!!!

Ask if there is any hold up and why mate.  Good luck. Jump on these people, don't leave it to their own time frame (I wouldn't be surprised if they don't have your money already). 

As Barry said or asked as anyone got any interest on the deposit paid back to them ?

Hi Barry

We got our deposit back in April (minus costs) but are still awaiting our interest which we expect to get before the banks appeal against costs, goes to court. We are told it could be just over €21k. Our deposit was €54k.

Hope that helps

Joyjo

joyjo I think that is what is frustrating , you wait all that time for it to go to court and then you are still waiting for god knows how long .Then it appears no two cases are the same ,I think they make it up as they go along ?

The fact that Law 57/68 was supposedly already a Law is a laugh. It's been left up to us to find out it wasn't worth the paper it was written on 

Tell you what my views on this are chrissie but the lawyers will not like them.

the SADM and San Jose thing went to administration right!   

Our lawyers through the administration process said the only option we had was to be represented in the bankruptcy court, and pay them about 3 to 5 grand for their representation (god knows how many people at 3k a time).  

Not one word from them about the law we are now using to take banks to court.  It was an English guy who tested this law out and made progress.  

Now, guess what, the same lawyer we had take the money off us for the bankruptcy court, who advised against using law 57/68 because he said it was not possible to win, is taking money from people to represent them in the very same law.

so   Can we now sue these lawyers for being  professionals  incompetent?    Will we live long enough haha  

so.   Who's zooming who?    I just want to get rid of the whole business and leave them to it, it's been scam after scam really.  

By the way, what happened to the guy Tony Malpass?   Maybe he was a scammer too, I thought he was playing a crazy game  

This message was last edited by briando55 on 07/05/2017.

This message was last edited by briando55 on 07/05/2017.

Not sure what happend to SARC and Tony.  All i know is we are 11+ years on and still counting. What a total shambles. Hope you are well Brian. Don't forget I'm in the same position as you are.

I know chrissie, it's like the never ending story.   Our case is now 1st June.   It was going to be 2nd Feb gone, but the bank didn't produce a document in time and our lawyers didn't see it coming (doh).  

Now im just politely asking what's next and I'm told the 'sentence' will be 2 to 6 months later (haha).  Oh and by the way, august is a holiday so forget that month.   

It's all  bit (lot) strange. How come i feel like a criminal for asking quite straightforward questions.  Seen lots of holidays come and go. Don't forget Easter !!! I could write a book along with hundreds of others. Hang in there mate.

I thought about that quite a bit mate.

I reckon we feel that way because in Spain the courts. lawyers and banks look upon us as the people who get in the way of their otherwise important work.  The consumer is the bottom of the pile who should just be quiet and let them get on with their business 'as quickly as we can'.

What a load of ********* eh.   The only quick sentence is ours!  12 years and counting.

Im pretty serious about the incompetence in the administration stage though, why take money off us when a law exists to claim back?    Did you pay to be represented in the administration (which we all knew was a waste of time and was going to be a winding up of the company)?

We paid €2,300 to a lawyer in 2008, he said wait for the bankrupcy and see whats left for us!!

We then joined Guadalupe in 2015 and are now hopefully nearing the end.

I cannot understand why some solicitors aren't keeping clients informed when asked.  We are kept up to date with everything, slow as it is.

Joyjo

Guadalupe is the best Lawyer to have. She has had so many quick settlements. We've had mistake after mistake and the courts are muchas idiotus. 

Joyjo.   I reckon we ought to find out how many paid for that service in 2998 and challenge it as bad advice.  

Maybe share info about who the lawyer is and get a no win thing going!!!

Joyjo you are doing very well if you have got so far since 2015. We have been 11+years. Well done to Guadalupe. Hopefully you will have a speedy conclusion. We just had confirmation that the courts (with a little c) are actually even more stupid  than i originally thought. Or maybe it's another hold up who bl...y knows. 

Which courts are you guys in?    

Im told each one gives different expectations and time scales ( good eh). 

Hi Brian. If you are asking me we had news that we won our case last March and thought that would be the start of the end but no it's not, it continues as a nightmare. 

I can't remember that bit chrissie, can you drop me a PM and il compare notes.  

We were in Alicante court last May. We were granted deposit and interest but bank appealled costs. Deposit was sent last month but still waiting interest and appeal is due in Madrid court ( this appeal is against appeal already heard and was in our favour).

Joyjo

Joyjo.

Have you asked the simple question, why when the bank is only appealing costs have we not received the deposit and interest yet?  and asked for this to be explained in writing with options for recovery.  (bailffs, sherrifs etc.)

Its absolutely ridiculous that you wait so long for payment after its been granted.

I think your lawyer is not working in your best interests and may even be pretty incompetent! 

Im sure you did some of this though, any comments and advice in that direction?