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My 3000 euro refund from Caja Sur
30 September 2018 @ 20:25

When we took out our mortgage with Caja Sur in early 2014 we had to take out compulsory home and life insurance and pay an upfront amount for 5 years' worth of cover. This was part of the mortgage terms and conditions and enabled us to get a slightly cheaper interest rate than we otherwise would have got.  We were'nt very happy with having to take out these insurances with Caja Sur.  We would have preferred to shop around.  But the mortgage rate was good so we bit the bullet and went ahead with the mortgage and the accompanying insurances.

We ended up selling our house in early 2017, exactly three years after purchasing it.  We realised that we had paid 5 year's worth of home and life insurance up front but had only owned the house for 3 years. So we thought logically we would get a refund for the unused 2 years.  We went in to our local Caja Sur branch and asked our branch manager to refund us the remaining 2 years left.  She said she would get in touch with head office and try and sort out a refund for us.  After a week or so,  she eventually got back to us to say that they were refusing to refund this money to us. Apparently the terms and conditions said that we would not get any money back.  This was a load of rubbish.  I read through the terms and conditions of both insurance polocies and there was zero mention of not getting any refund.

We were furious at this point.  We decided to make an official complaint to the Caja Sur head office in Cordoba using the complaints form we printed off their website.  We heard nothing for a couple of months and then we finally got a letter back from Caja Sur HQ in Cordoba. They had agreed to refund us the monies owed, just over 3,000 euros.  It was then a bit of a long drawn out process after this.  It took several emails back and forth before they finally released the funds to us.  Thankfully we had a really helpful Caja Sur case officer who we dealt with, rather than being passed around various people.

We finally got our money back about 3 months after starting the complaint.  That's pretty good for Spain!  So it took quite a bit of effort and persistence but it was well worth it.  3,000 euros is not to be sniffed at!

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ads said:
01 October 2018 @ 12:52

Well done.
Even though you achieved return of monies, I wonder if this might be worthwhile formally reporting to the Bank of Spain, as it appears that this Bank initially provided false information which goes against banking standards.
Only when these abuses, re provision of false information, are reported back will the BOS ensure that Banks are held accountable and disincentivised for their behaviour, which only sadly undermines confidence in the Banking sector going forward.
My point being that the reporting and monitoring mechanisms need to be used and seen to be working effectively if trust in the Banking sector is to be restored going forward. A win win scenario.

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