UK Tax Return

OUR SECOND CHEQUE FROM HUMA HAS BOUNCED TODAY 25TH FEBRUARY. IT WAS PRESENTED AT THE CAM BANK AND THERE WERE NOT SUFFICIENT FUNDS.

THERE IS CAUSE FOR CONCERN NOW.

WE ARE GOING TO COURT TO GET MONIES BACK AND NOW ASKING FOR COMPENSATION AND INTEREST.

THIS IS ESTIMATED TO COST 5000 EUROS.

This is not good news

Giving out post dated cheques is one thing but not paying them is another

I do not know if the credit crunch may have anything to do with this  but it is strange that they are promoting Tabernas at the same time as this happening!

Perhaps Tabernas is in another company ownership?

Anyone out there had a similar problem?...

Well - no I don't think it strange - dishonest and unsavoury, but not strange.  They are trying to sell at Tabernas thinking they can hit a new and unsuspecting market.   They also want people to transfer from ACC - thereby not only NOT taking out money, but putting  MORE money in for them.  It is a simple cash flow problem and they are moving money around to try to keep afloat.  They will be wanting to bring enough money in on Tabernas, to keep them going.   But, I think (and I know I bang on about this) given the current state of the market - they are in trouble.  They are not going to sell their properties, either on Tabernas or on ACC (if it ever gets started) in large enough numbers to fund their ambitious building plans.  They are not the only ones to be hit of course - I have a friend who put a deposit down on a 4 bed house in Florida 2005 - then the crash came and the builders will not go any further with the development until they have sold more houses thus releasing more money for the building.  A vicious circle and terrible for people with a lot of money tied up with them.

Brian  

when we bought on ACC in the beginning we were told there would be 1000 houses then all of a sudden a"town " sprung up on ACC! If we were told at the beginning how many houses etc were being built we would never had purchased.All i can say my instincts were right  and we got out when we didAcc will never be built ,The develpers are just downright greedy, they do not want to part with money from ACC 'cos that is how OCC has probably been financed!

I cannot understand how the same Junta has allowed this project to develop you watch they will find some endangered species on the land and therefore will not be able to proceed for months as they did when they stalled re the bloody turtles or tortoises on ACc!

Its like watching groundhog day!!!

Rant over!

Hi Andylynn,

VERY SORRY to hear that news

we are back in spain tomorrow hoping to take another step towards transfering over to mcc.

we don't think we will get any money back from huma, so transfering our deposit seem's the best bet.

mcc is a nice place, but there are still concern's there, the mcc assoiation which now runs things feel that if acc and the occ don't go ahead then there won't be any money to complete mcc

the mcc assoiation took huma to court over the proposed golf club at mcc, the outcome was the court ordered huma to start work within 18 month's and to lodge 5 million euro's with the court,

there was no appeal  allowed. this could be one of the reason's cash flow has gone

best regards

cuffie

hi andylynn ,sorry to hear your news,more so because we have post dated cheque for march,as have another eleven clients using the same solicitor as us,a very worrying and stressful time for us all,

cuffie,i think 5 million euro is a breeze for a company the size of huma,there shuffeling money about from one development to another,its an offence on its own in spain to issue a cheque that would not clear,or so we have been informed?????????lets hope its some bungling idiot in an office that forgot to do his job,(doubtfull! but cant blame us for wishfull thinking)

wating for a response from solicitor on this recent development,

make no wonder im sodding grey!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hi Hicky.

5 mil should be easy funds for huma to raise,but they have a 109,000 euro mortgage on the property that we are exchanging with at mcc, after 5 years of building at mcc most companie's would be self funding by now

maybe it's done that way in spain, but paying bank rate's is not the best way

cuffie

Hi Andy and Lynn,

Sorry about your news, how much more stress is this bloody company  going to put us all through before it honours its agreement and refunds OUR money. With their reputation for bad service they still have the cheek to ask us to transfer to another property with them (THEY MUST BE JOKING) I wouldnt trust them as far as I could throw them.. I have been in touch today with my solicitor in Spain to ask what the hold up is with getting us a date to go to court with HUMA only to be told that the courts are now on strike.  I give up.

Alfie

It is my opinion that Huma want people to think that they're in dire straits - that way we'll think ourselves lucky to walk away with just the original 50% minus interest, deposit or any compensation.

Don't believe 'em -they're not going bankrupt.

Remember, your money (whether or not YOU have a copy of the bank guarantee) has been sitting in the bank (Huma use many banks) since you handed it over.

I got my 50% back and now I'm going after interest and compensation.

I will, however, never buy in Spain again.

I would not entirely agree with you - consider the following:

1) They have purchased the land at ACC

2) They have returned a lot of moniess already to peolpe who have bought on ACC (some with intrest)

3) They commenced building a large number of properties at ACC before the building work was stopped.

4) All property develpoers have to make money to pay overheads - in the past couple of years HUMA have only sold a few properties on MCC as they have not been able to complete any on ACC.

5) HUMA employed a builder to build on ACC - they may well have been in breach of contract when building work stopped.  Certainly a lot of equipment has remained on site.

6) Legal costs will have increased as they try to get planning permissions sorted.

7) HUMA lost a case at MCC and a sizeable sum (i believe 5,000,000 euros) had to be paid into the courts.

8) One of the main reasons we all bought on ACC was that the prices were so good - if the porices were good then probably HUMA 's profits were low.

9) HUMA 's new site in Almeria will have been purchased and I would be surprised if any one would have bought a property on it.

10) With the slow down in the property market I would expect banks to be very careful in lending to property developers.

11) I do not believe any company would write cheques out for these amounts and then let them bounce if they had loads of funds - it only ensures that any confidence with future customers is reduced and their relationship with their bankers is worsened.

To me if you have no bank guarantee (like me) then the situation looks increasingly bleak.

Hi Cuffie

knowing what huma are like.....What guarantee will you be given that the mortgage on your purchase will be paid off.

Be careful as you might be buying nothing.

I spoke to our solicitor again today ( Tuesday) and found out a little bit more.

Prior to the cheque being paid in the bank were able to check if there were funds in HUMAS account.

There was not.

Our solicitor contacted HUMA and spoke to the Finance department. They confirmed that there was not funds in the account and that they did not know when the cheque would be honoured.

Our solicitor took the cheque to the Mazzaron Branch of CAM Bank to get it stamped that there was not funds in the account to honour it. You have to get this done.The cheque then goes to a Notary who again presents it to HUMA asking them to honour it. If they do not the Notary then takes the matter to Court. HUMA could of course honour it when the Notary presents it.

The Notary will present it to HUMA next Monday or Tuesday.

Our solicitor will update us with what happens.

As soon as I hear I will post the outcome on this thread. 

Many Thanks for the messages of support/sympathy etc. It is much appreciated !! 

I find it hard to accept that the procedure for every cheque which bounces in Spain is as your lawyer says

Their banking system is the same as ours'international'

There must be a massive number of bounced cheques in Spain, same as UK!

perhaps this is just a procedure for putting Huma on the 'spot'......looking forward to hearing how you get on

hi again,may i ask andylynn .

                                               have you got a bank g  for this money?

rowlandsbb,

What did you expect the procedure to be ?

We had a verbal response from HUMA that there was no funds in the account to honour the cheque.

This meant we could either:

(a) Do nothing

(b) Present the cheque again for it to bounce

(c) Take positive action.

Strangely we went  for the last option. If a cheque from a UK Company bounced here and they said there was no funds we would take legal action !!!!! You cannot compare this situation with the UK !!

Put them on the spot ????  Of course we want to put them on the spot.......

........A spot in the Court where a judge is ordering them to re-pay our deposit with interest and compensation...... 

AndyLynw,

                     Well done...... court is the only way to go........ it may take a while, but i look at it this way, personally i've been waiting for 4 years, i am sueing  for every thing including £400 a month for rent in the uk, 6%+comp+costs+lawyer fees .     The longer they hold out ,        the more      THEY WILL PAY       

                                                                                          Craig.