Good News

Just to make a  point .Tonymal knows nothing  !! BGs are not only issued by Banks . However this is good news as financial institutions other than banks seem to be upholding BGs as they should with in Spanish law .Fingers crossed for those with BGs not issued by  banks ?

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10 Feb 2009 9:39 PM andenca Studio I'm in London I've made 40 posts Send private message to andenca

We had our bank garantee honored just before Xmas. After many months of receiving misleading and conflicting information from our solicitors, finally, it was here in EOS that Mr Antonio Flores promised he would try his best to recover it, and so he did (through one of his team members). Our garantee was held by an insurance company (rather than a bank) called ASEFA. They took their time and kept giving long answers to our solicitor. Finally in November I decided to get in touch with them myself and by them I was told they had already taken the decision to pay back the moneys. We got interest paid and as the exchange rate was on our favor we did make a profit but still feel very sad about our appartament building not being finished!         Wish you all sucess.

 Hello MM. Dont just limit this to BG's. Tony knows not a lot about a lot.

Great news about someone getting their money back. I assume, therefore, that they did not have to have their contract resolved via herrada del tollo first?

Joanie.

That would be a surprise as my lawyer has stated that our finance company  has said that they will only pay out when our contract is cancelled, which we are waiting for the court to do.

                Bob.

 me to bob hence my question. It would be good to see institutions paying back (as they should) before the resolution of contract. An AVAL needs no such resolution yet the banks and financial institutions are illegally enforcing this

Thought this sounded familiar and quite sad at the same time.

http://www.spanishpropertyinsight.com/buff/2009/02/spanish-bank-guarantees-dishonoured/