Bank Guarantee
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I am now trying for the 2nd time to get the bank to pay through the Bank Guarantee, the first time they replied with the fact that
I have to take the developer to court first. It seems that the guarantees are not worth the paper they are written on, just like
the contracts, this has been our nightmare for over 2 years. We now have our agent Instant Access persuing in court.
Anyone else in my position?
Andrea
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Hi Andrea
There are many people in the same position unfortunately.
Banks are less willing than ever to hand over money as they are all being affected by the credit crunch and the housing market slowdown.
It will take a a good few months to take it through the courts but your lawyer should be able to recover your funds. It's just unfortunate that it has to go to such extremes.
If you didn't have the bank guarantee then things would be much worse...if that's any consolation.
Justin
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