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It’s very curious – well, I’m very curious. And I think it’s something the Governor of the Bank of Spain needs to know.
Is there anyone out there who has had their deposit/stage payments returned through the honouring of a bank guarantee? I mean just for the asking? Without having to take the bank to court?
And for those of you who have taken the bank to court did you win?
And when you won, did the bank pay up or did they appeal?
And then, did you win the appeal or did the court overturn the resolution to rule in favour of the bank?
And then what?
In other words, are there any success stories out there at all? By success, I mean you actually have the money to which you were entitled in your own hands (or bank account) – not just a promise.
In taking the petition to the Governor of the Bank of Spain we would like to hear of success stories if there are any. The law (Ley 57/1968) is very clear and if followed to the letter would mean no one would have to go through this long drawn out expensive way of having monies returned. He needs to know that, and to know which banks are following the rules as well as those which aren’t.
Please post your successes on here – as briefly as poss – and the stage at which you were successful. No failures please – we have bagfuls of those!
Thanks
ruth
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Hi Wouter
I've only just found your mailing on another thread after I put my posting here this morning!!
Well done you. That's just the kind of story I'm looking for . I would be grateful if you would send me the details of your lawyer and more importantly the name of the bank that came up trumps (albeit under threat).
Terrific!
ruth
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Hello Ruth,
We have got our money back 2 weeks ago.
Our bankguarantee was expired in May 2008.
We did send a burofax to the bank on 16 December. They respond on 15 januari 2009 and hey ask for another week to gve an answer. Afther that week they did ask again for a week. Then we give them 7 day's to give our money back, and told them that if they did't give it back that we take them to court. On Monday 26 Januari 2009 we got our money back.
We did send them on the 16th of December the next papers;
1. a copy of the bankguaratee with the expired date.
2. a copy of our contract with the developer
3. a copy of our bankaccount that they could see when we paid our first payment ( € 92.165,-)
4. A copy of a case like us where the court decided that a bankguarantee can't expired by a date, it could only expred by delivering the house inclded all licence.
5. a copy of an offerte from a lawyer, with a desciption in it that they are for sure that the bank had to pay us back.
6. a copy of a letter with information about a lot of crime arround bankguarantees, the law 57/68 etc.
7. On the end of December we did go to the bank wit our solliciter, real estate agent and did asked our money back so clear that everybody could heard it.
8. we send a mail to our Dutch ambasade and to the generaal director of the Spanish bank with our case in it. They respond and told us that we have to claim the money back on the right way and if we did this and we did't not get our money back they would know and then they would look if they could help us. ( we let the bank know that we did this.)
On the end we got the amount who was in the bankguarantee ( 92.165,-) back from the bank.
Now we go on the same way to the developer to get our frst deposit ( € 3.000,-) and the interest of the total amount back.
Wout Smolders
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Hello Ruth,
Our real estate agent, Carin Peeters from Puur Spanje in Estrella de Mar, Los Urrutias, did organized this all and see works together wit our solliciter Maria Carrasco from MC Consultingservices in Los Belones. They did an great job for us.
Wout
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Hello Ruh,
The bank was Banco Popular.
Wout
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Wout, thank you so much for the explanation.
What a wonderful example of teamwork and persistence achieving results. That was quite an effort but, my God, what an outcome! Reading your account is very moving - inspirational. It was so well done.
I wish you every success with the rest of it - do let us know how you get on.
Ruth
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Well done Wouter!!!
That is great ! and it will give hope to everyone who is in the same position.
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One won this week. We are doing a revision of cases like that being won and lost at the moment.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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We were told by our lawyers that as the bank of Galicia did not respond to the oreder of the judge in Malaga to honour our bank guarantee and return our deposit within 10 ten days that we have won our case. However that was some months ago and now our lawyers are asking the judge to have the bank of Espana refund our money as they hold monies from all Spanish banks.
Has anyone information or had an experience like this? Does it make sense and does it take long. Our lawyer has assurred us that there is no cause for worry and that we will also receive interest and that then they will start proceedings to get their costs back from the bank.
Should we worry? Would very much appreciate your comments.
rosegreen
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We were told by our lawyers that as the bank of Galicia did not respond to the oreder of the judge in Malaga to honour our bank guarantee and return our deposit within 10 ten days that we have won our case. However that was some months ago and now our lawyers are asking the judge to have the bank of Espana refund our money as they hold monies from all Spanish banks.
Has anyone information or had an experience like this? Does it make sense and does it take long. Our lawyer has assurred us that there is no cause for worry and that we will also receive interest and that then they will start proceedings to get their costs back from the bank.
Should we worry? Would very much appreciate your comments.
rosegreen
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We waited approx 3-4 months for our money, and then another few months for interest & costs to be paid.
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We had our bank garantee honored just before Xmas. After many months of receiving misleading and conflicting information from our solicitors, finally, it was here in EOS that Mr Antonio Flores promised he would try his best to recover it, and so he did (through one of his team members). Our garantee was held by an insurance company (rather than a bank) called ASEFA. They took their time and kept giving long answers to our solicitor. Finally in November I decided to get in touch with them myself and by them I was told they had already taken the decision to pay back the moneys. We got interest paid and as the exchange rate was on our favor we did make a profit but still feel very sad about our appartament building not being finished!
Wish you all sucess.
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Sorry Tish don't know if I missed or am just a sieve brain but who was your Bg with again .I have yet to hear of any one with my bank being paid out but still live in hope !
_______________________
 Nothing surprises me anymore 
 but I am willing to accept that sometimes (although not very often ) I can be wrong ! 
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Rosegreen:
In our experience, it is beng almost general that the execution of these Guarantees needs to be asked to the Judge ( after failed amicable execution). So your situation is... I would say... commun.
Best,
Maria
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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The BG was with Banco Popular.
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I think the most frustrating thing is not being able to tie anyone or anything down to a specific date, we to have been told that the judge has found in our favour and that we must now wait to see if the holder of the BG (ASEFA) decides to appeal.
This is open ended as far as we can make out in that it depends on when the court sends the decision to ASEFA and then they have 20 days to appeal. As it stands we don't know if the court has notified ASEFA or when the 20 days expires.
It would be extremely useful and positive if the lawyers involved sent a weekly update to their clients with the state of play, even if it is to say that the court has not yet informed the guarantor of their decision.
As I said, the most frustrating and anxiety causing situation is not knowing what is happening. Lawyers please take note.
Kel
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I think that lack of information from Lawyers frustrates us all!
We sued our original lawyer as they kept thousands of euros of our money and the property was not built ....not even started. Our case was heard on 17th Dec 2008. The decision by the Judge should be made in 20 days. Here we are in February. still heard nothing...I'm told the Judge is busy!!!!!!!!!!!! 
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Perhaps the Lawyers who contribute to the forum would like to comment on this and help to alleviate concerns. Could this be a subject for 'The Siesta Show'? - lack of communication / information not the actual BG.
Kel
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I agree with you Kelju: Specially when developers produce contracts with no specific completion deadlines. They are legally obligued to do so and to provide compensation and cancellation possibilities out of time breaches.
Timeframes in Courts are generally not met by Judges with no much consequences.
We lawyers, need to conquer the heart of our clients trough careful clients service, communication, transparency, informationm support, truthfulness, availability...
Uf... a lot of work to be done by everyone here and there... no doubt.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Maria
What advice can you give to ensure a successful execution of my Bank Guarantee.
My contract is dated for completion 28 Feb 2009 but will not be built until October 2009, LFO some time after that date. The builder has not contacted us to request an extension to the 28 February. If the builder offers compensation for the delay I may accept as it is a good complex, but I think I wil have to threaten to execute the BG to get the builder to offer any thing.
I am flying to Spain in March and have booked an appointment with my solicitor. What questions should I be asking him and what actions should we be doing?
Thanks in advance Maria.
Colin
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