14 May 2011 7:33 PM:

Thanks for your advice and support but this is really frustrating as we believed that la caixa being a major bank would honour its guarentees. Having spoke to the lawyers for the bank only last week they say that they will pay with interest only when the appeal courts orders them to do so.

The main question is what is the value of a bankers draft from La Caixa to guarantee a payment when this is obviously not true.

I would like to find a way of exposing this to the national press to show others that they should be careful of dealing with La Caixa and their bank guarentees.

Thanks

Thread: La Caixa Bank Guarentee that is unpaid

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13 May 2011 7:48 PM:

Dear Guadalupe,

Thank you for your assistance. Our lawyers in fact did request the courts in Arona Tenerife to force the payment and that the bankers guarentee (aval bancario) is executed as you rightly mentioned.

The lawyers for La Caixa then sent a written opposition to the judge stating that as we are a small business and what happens if La Caixa wins the appeal, and then, there is a possiblity that our company would not have enough funds to repay them. At this point the judge ordered La caixa to deposit the funds in court and that case goes to appeal in the Audencia National in Santa Cruz de Tenerife.

This is a game by La caixa as we all know that when the bank gave us the guarentee there was a property boom and the fault of La Caixa is that it did not take any guarentees from the constructor in Tenerife. It seems that they are delaying matters to give the constructor time to pay them so that they then pay us. The actual property sale was in 2006 with the bankers guarentee due to be paid in 14.02.2009.

Finally I want people to be aware that La Caixa bankers drafts are not worth the paper as they will not repay this unless a judge orders them to pay.

Victor

Thread: La Caixa Bank Guarentee that is unpaid

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13 May 2011 12:00 AM:

I signed with a local constructor a property sale with a bank guarentee from La Caixa (Aval Bancario) which was due for payment on the 14.02.2009 which to date remains unpaid.

We started legal action against La Caixa and in December 2010 and won the case but they have now appealed this and is causing further delays and financial problems for our business.

There is no reason for this delay as only today La Caixa said that they will pay if the courts rule the appeal in our favour and my question is why do we need a court order for La Caixa to pay a promisary note they gave us. This was the only reason why we sold the property to the constructor as the bank guarentee promising the payment of funds from La Caixa sealed the transaction.

Now we are without the money and without the land and legal fees running into 60-80K Euros already and another battle now to win the appeal. Do not trust La Caixa and any bankers drafts or bank guarentees they give you as they could remain unpaid and you having costly court fees to pay

Thread: La Caixa Bank Guarentee that is unpaid

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