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26 Nov 2009 12:00 AM:

Hi All,

It wasn't too long ago that all I ever read about Bank Guarantees was bad and very negative. But now there seems to be success story after success story. Is this just coincidence or are things actually improving? If so is this due to the great work by lawyers such as Maria de Castro or are the courts themselves starting to recognise the legality of them?

Cheers,

AIS



Thread: Are things turning around?

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10 Feb 2009 2:09 PM:

 Hi,

 

May I too have access to my PMs. I have just joined and have a number of messages awaiting my attention already. I have no intention of ever spaming anyone at anytime, now or in the future.

Many thanks!

,,

Thread: Justin, help required please regarding PMs to new members..

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10 Feb 2009 12:00 AM:

Hi All,

We have received a letter from our developer that, apart from the complex being delayed until September now (1 year after the contractual deadline), the letter more worrying states the following:

"[The developers] have also stated that they will be in touch with all clients again shortly in order to renew or extend the bank guarantees on the monies you have already deposited with them. According to the list of [the developer's] creditors (which has just bee released), they owe a substantial sum of money to the insurance company that issued the bank guarantees, this makes us doubt very much that this company will be willing to renew or extend the original bank guarantees"

Have I understood this correctly - our deposits are potentially at risk if the bank decides not to renew or extend the BGs?

As far as I understand the bank guarantees do not need to be extended as the current ones are valid until completion of the property. I have both read this here on other forums and legal advise websites, plus our agent issued a letter in September 2008 stating: " We would like to remind clients that their bank guarantees cover all amounts that they have paid to the developer so far and will do so right up until completion, so at no point are their funds at risk". - This seems to contradict the latest letter above.

Have I misunderstood something, or is this a nonsense letter? Does our developers situation mean our deposits are truly at risk, or are they trying to scare us into not lawfully calming our deposits back? 

Yours,

Very

annoyed_in_spain



Thread: Confused

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