Warning about bank misleading customers

 When we completed 2 years ago as part of our 1 year interest only offer from a certain Spanish bank, we were asked to deposit £7000 into an ISA with the bank for 2 years. All the correspondance with the bank representative detailing the terms of our mortgage offer stated that after the 2 year term we would be able to withdraw the money as it was to secure a better interest only rate. So in November we naturally wanted to withdraw the money back to the UK to invest in a higher interest account but after months of requesting details on how to go about it and threatening to speak to our lawyer the bank representative emailed to say the bank would be holding on to the deposit as we had agreed to a clause on completion that states they can keep the money for the term of our mortgage if they so wish (25 years). We knew nothing of this clause until now. We were misled by the bank all along and have evidence to prove we were told it was 2 years. The clause is deemed to be abusive by our lawyer and given the previous emails from the bank he thinks we will win a court case against them to release the money. Who would ever knowingly agree to something to say a bank can have £7000 for 25 years! Our lawyer has requested the money be released but they have refused. Imagine having to take a bank to court to stop them from keeping your money for 25 years, how can this happen?

I am telling you this just incase you have also deposited savings under false pretenses on completion. I am sure they have tried this with other clients and you need to check the documents with your lawyer. The document is in Spanish of course just to confuse you further. We have now got to decide if we proceed with court action which can take 2-3 years and pay 1000 euros upfront in costs.

It has got to the point where I don't trust anyone that we deal with in connection with our property and I wish we had never set eyes on Roda Golf as it has been over 4 years of hassle and a financial nightmare.

I hope you haven't fallen victim to this but please contact privately if you think you have.

Regards,

Erinjake1

Unfortunately this is a lot more common than you think.  Spanish banks are a law unto themselves and should never, ever be trusted.  It's too complicated and I don't want to print my personal affairs on here but I have lost a fortune through unscrupulous banks.  This is a lot of the reasons why Spain is in such a financial mess.  I really can't give you any advice on what to do because I have taken a bank to court and lost but I do know people who have won, it's a complete nightmare. Sorry .....