CAJAMADRID NOT PAYING BANK GUARANTEES

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08 Apr 2009 00:00 by halegate Star rating. 141 forum posts Send private message

Has anyone had a bank guarantee with Cajamadrid and if so any problems when you decided to get your money back?

Did they pay interest on the guaranteed ammount volantary, or was this awarded in court and if so what interest rates were payable ,did this cover your legal fees?

Sorry state of affairs for all of us.




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08 Apr 2009 21:26 by mark t Star rating in Normanton West Yorks.... 63 forum posts Send private message

Halegate

we cashed our one BG with Cajamadrid approx 18 months, only took 5 weeks.

Ours had a clause in it limiting their liability, in our case limited to the amount we had paid so no intrest.

\but at least we have 60% of our money back.




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12 Apr 2009 12:34 by gales Star rating. 19 forum posts Send private message

Had our Bank Guarantee with Cajamadrid,   they dragged their heels at first , but after court threat from solicitor they paid quite quickly just before Xmas (14 weeks total).  I do believe it depends on how much clout your solicitor has got. 

Good Luck

 




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14 Apr 2009 09:26 by halegate Star rating. 141 forum posts Send private message

Gales,

Did you get any interest on your money,cos 5 years is a long time and a lot of money could be due in interest payments if it was not excluded in the contract?

Regards

Gary




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21 Apr 2009 20:59 by chrisw9 Star rating. 3 forum posts Send private message

Has anyone suceeded in suing the banks for the interest due on the money they have held as stage payments and which has been covered by bank guarantees?

I believe they are obliged to pay this interest regardless of whether it is explicitly stated on the guarantee.




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22 Apr 2009 17:27 by jethro Star rating in guildford. 129 forum posts Send private message

we had a bg with caja madrid and received our money back plus 6% interest within 4 weeks, but i must add that was before the recession.




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22 Apr 2009 18:30 by halegate Star rating. 141 forum posts Send private message

Update,

Cajamadrid have now agreed to pay b.g,s but don,t want to pay any interest,but 5 years @6% is a lot of interest on 60k,so it looks like the court route.

Cheers.




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24 Apr 2009 22:15 by gales Star rating. 19 forum posts Send private message

Halegate

Sorry only just got back on air and noticed your post,  we didnt get any interest and can't work out the difference in these bank guarantees - I am told it is just the luck of the draw if you you have one with the  'interest '  wording but sounds a bit Mickey Mouse to me!

 




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25 Apr 2009 17:33 by Antojo Star rating. 105 forum posts Send private message

The bank is required to pay 6% interest on your funds under the bank guarantee law, irrespective of  whether or not is states interest on your guarantee.  Also, the guarantee does not expire , it is valid until your property is handed over to you.

For gods sake, don't let them get away with anything, you are entitled to all of this by law. What is the point of the spanish having any laws, they are a law unto themselves !!!

 




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26 Apr 2009 09:46 by barryc Star rating in Workington Cumbria. 6 forum posts Send private message

 

Re BGs

We have had our 83,645 Euro refunded from Popular Bank, using Maria of Costaluz  Lawyers.

I must say really good service from  receiving our POA she had the cheques in a couple of

weeks.

Re legal interest am advised by Maria

1) The interest is claimed from the developer.

2) The method of claiming this is by a MORITORIO, which i will be going ahead with next week.

 

I sent Halegate a PM re MORITORIO up to now he as not came back.

 

Good Luck to all     Barry Cox.



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26 Apr 2009 14:26 by Antojo Star rating. 105 forum posts Send private message

Barry

Congratulations, you have done very well in such a short time. We have waited for over two years now since POA , the bank refuses to communicate with our lawyer. So , we are waiting for a court date which is taking forever. If the bank has held your money then surely it should be paying the interest ??




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26 Apr 2009 15:25 by barryc Star rating in Workington Cumbria. 6 forum posts Send private message

Antojo

I see it the same as you,the claim would be against the bank.

The Lawyer says its against the developer and will take a few months and

if HUMA don't turn UP(AS THEY SEEM TO MAKE AN HABIT OF) YOU WIN .



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26 Apr 2009 23:20 by Sparky Star rating in Somerset and Vera. 125 forum posts Send private message

Hi,  If the money is held by the bank but in a Huma account then it would be Huma that would get the interest.  Therefore it makes sense that they would have to give permission for the bank to pay out interest or pay out themselves.

That's only logical thinking and as we all know it doesn't always follow!




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