When is a Bank Guarantee not a Bank Guarantee?

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09 Apr 2008 12:00 AM by shaggi Star rating. 38 posts Send private message

A developer is offing a guarantee on monies paid to him from an insurance company based in Spain.

When you search the company on Google and follow this link to a government website www.dgsfp.meh.es/sector/entidadesnoautorizadas_in.asp

The company name appears as am unauthorised company. What does all this mean?

Will i lose my money and not be covered?
Is it legal to offer this companys guarantee?

Thanks for your help



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09 Apr 2008 11:32 AM by spanishsolicitor Star rating in Murcia. 140 posts Send private message

spanishsolicitor´s avatar
It is illegal to offer that sort of guarantees issued by unauthorized companies so you should tell your developer that you want one from a bank or from a insurance company authorized to operate in Spain otherwise you'll report this fact to the Spanish consumer authorities.
Felix
Spanish Law Firm


_______________________
www.fljordan.com



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09 Apr 2008 11:39 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Dear Shaggi:

I agree with Spanishsolicitor: you need to ask to have it changed andthen report the sitiation to Consumers Authorities ( regional) which is getting more and more effective for these things to be controlled and punished.

Do not hesitate about that!

Best wishes,

Maria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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09 Apr 2008 1:15 PM by sandra Star rating in . 812 posts Send private message

sandra´s avatar

Maria and Felix,

It is all very good advising Shaggi to report the offender, but how many purchasers would have followed Shaggis' action of trying to verify that the company was legal? Not many, and to my mind none.

Maria your tenacious crusade for improvement of consumers rights is acknowledged and admirable and probably the way to tackle the problems, but without swift and heavy fines for wrong doing and with judgements that rely on which side of the bed the judge got out of then I suspect you may always be swimming upstream.

When purchasing a property in ones' native country the  paperwork  is totally confusing to the majority of people. When purchasing abroad, add to this confusion; the probable lack of the language, almost certainly a lack of native legal jargon, and a set of completely different buying procedures and you begin to understand how the 'sharks'  (in all the professions associated with the purchasing process) can make their killings.

When using a solicitor for conveyancing purposes one should be able to trust, that at every step of the procedure, your interests are protected 100%. And be confident that if there are any problems arising from that solicitors work then compensation will come from them in the way of a fine levied on them by their governing body. No quibbles, no wriggling out of it and no trying to pass the buck. Perhaps then and only then will the banks, builders and estate agents and of course solicitors be inclined to stop their illegal and misery causing banditry.

Sorry for the rant.

 



_______________________

  

 

 

 

 




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09 Apr 2008 2:20 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar
That´s one of the keys: the election of the lawyer.

In our continuous and tenacious crusade ( thanks for that Sandra), we have came to new legal ways to  ask for contract cancellation under the force of  57/68 Law ( the one which request Bank Guarantees for the guaranteeing of deposits ) without actually having them!


Maria 

PS.- Need to say that we are far from being perfect, but we work hard, that we lose cases, but we study deep and bring sound claims to Courts. It is also very true that dissapoinmnet  and frustration with Judges´decisions come as part of the profession but we try to quickly  recover ourselves after every failure or disillusionment. ( I am deeply concerned about the situation of one of our clients today, sorry for the digression).

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


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