CAM BANK REFUSING TO PAY INTEREST ON BANK GUARANTEES

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09 Nov 2009 00:00 by Jeff2 Star rating. 29 forum posts Send private message

Hi,

I  have bank guarantees for plots on phases 3 and 4 which I purchased five years ago through Aramis. My solicitor has been going through the process of claiming my money back with the CAM bank over the past couple of months.

On Friday however, he was told that the bank will not add any interest to the amounts shown on the guarantees and this must be claimed back from the developer.

Reading previous posts on here from people who have had their refunds already, it seems that the bank paid interest on those occasions.  In fact, I  thought it was a legal requirement for the bank to pay interest on bank guarantees.

Can anyone else who is going through the BG refund process at the moment, tell me what the bank are telling their solicitors regarding interest please.

Many thanks,

Jeff

 




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09 Nov 2009 21:11 by Keith110 Star rating in the UK and I am lead.... 682 forum posts Send private message

Jeff

You are very lucky to have Bank Guarantees on Phases 3 and 4.  We have purchased on Phase 4 and do not have the legally required Bank Guarantees.  When we took this matter up with CAM in July 2008 they stated in writing to us that we had purchased on a Phase that was not being funded by CAM.

CAM were the sole financial entity funding Las Higuericas Finca Parcs.  It is very strange how CAM can say they are not funding a particular Phase on which they have issued several Bank Guarantees!!

Furthermore in all the promotional material and advertising for Las Higuericas Finca Parcs, including a full page advert in the Easyjet Magazine, the CAM name and Logo were used to entice buyers to the development.  All the adverts clearly stated that a Bank Guarantee was included.  Nowhere did it state that Bank Guarantees would only be issued on Phases 1 & 2.

According to Spanish Law, in particular, LEY 57/68 it is a legal requirement for CAM to pay interest on the amounts covered by the Bank Guarantees.

Here is the relevant clause of LEY 57 / 1968

Primera - Garantizar la devolucion de las cantidades entregadas mas el seis por ciento de interes anual, mediante contrato de seguro otorgado con Entidad aseguradora inscrita y autorizada en el Registro de la Subdireccion General de Seguros o por aval solidario prestado por Entidad inscrita en el Registro de Bancos y Banqueros, o Caja de Ahorros, para el caso de que la construccion no se inicie o no llegue a buen fin por cualquier causa en el plazo convenido.

First - To ensure the return of the payments made plus six percent annual interest, by means of Contract of Insurance granted with an Insurance Entity inscribed and authorized in the Record of the General Sub-department of Insurers or by means of a Bank Guarantee issued by an Entity inscribed in the Record of Banks and Bankers or Savings Banks, if the construction does not commence or complete for any reason by the agreed deadline.

I think your Lawyer should demand the addition of Legal Interest.

I am sure Maria will have a view on this.

Kind regards

Keith



_______________________

LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com



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09 Nov 2009 21:48 by Jeff2 Star rating. 29 forum posts Send private message

Many thanks for the very useful reply Keith.

I've sent the extract from Spanish law to my lawyer already.

Sorry to hear you're one of the unfortunate ones without a BG. I can only assume I have them because I became involved at such an early stage. I know as time went on they became more scarce.

I hope the new refunds process works out for you and everyone in the your position.

Best wishes,

Jeff




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09 Nov 2009 21:57 by Keith110 Star rating in the UK and I am lead.... 682 forum posts Send private message

Hi Jeff

Yes I too hope for everyones sake that the Refunds Process works out!!

I know of several purchasers, also Aramis clients, who reserved in 2004 and 2005 and never received the legally required Bank Guarantees.

It is a shocking illegal mess and it seems that CAM Bank are unwilling to do anything to sort out the problems.

Kind regards

Keith

 



_______________________

LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com



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10 Nov 2009 09:16 by mariadecastro Star rating in Algeciras (Cadiz). 8857 forum posts Send private message

Legal Questions? Speak to Maria Direct

Interests are included, whatever they want it or not. If they refuse to pay them at the moment of the Bank Guarantee honouring, you will have a declarative action against the bank for this, with legal costs very likely to be imposed on them.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria


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10 Nov 2009 09:43 by Jeff2 Star rating. 29 forum posts Send private message

Hi Maria,

Many thanks for your reply which comes as a refief. I wiil ak my lawyer to make a demand for the interest.

Can you tell me if the interest starts from the date of the original payments or the date the bank guarantees were first issued please?

Thanks again,

Jeff

 




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10 Nov 2009 10:43 by mariadecastro Star rating in Algeciras (Cadiz). 8857 forum posts Send private message

Legal Questions? Speak to Maria Direct

Day you paid.

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria


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10 Nov 2009 23:19 by Jeff2 Star rating. 29 forum posts Send private message

That's fantastic Maria -  Thank you.

You're a credit to your profession.

Kind regards,

Jeff

 




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14 Nov 2009 23:20 by Whitney4367 Star rating. 9 forum posts Send private message

Has any-one who has used the services of Pablo of BP Spanish Lawyers received a refund of their deposit as he claims ?.




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17 Nov 2009 21:33 by Whitney4367 Star rating. 9 forum posts Send private message

If any-one has recently been in contact with Pablo of BP Spanish Lawyers please private mesage me 




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20 Nov 2009 19:48 by brickie100 Star rating. 14 forum posts Send private message

Pablo is a very hard man to get hold of at the moment, if anyone does know how to contact him please let me know.




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28 Nov 2009 23:20 by brickie100 Star rating. 14 forum posts Send private message

Would anyone who as used or is stil using Pablo Sebastian of BP Spanish Lawyers to represent you to secure your bank gaurantee's send me a private message.




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29 Nov 2009 16:16 by Whitney4367 Star rating. 9 forum posts Send private message

Ignoring this message could seriously damage your wealth!, any-one who is using the services of Pablo of BP Spanish Lawyers, must private message me as soon as you can.




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13 Dec 2010 23:55 by hughesd Star rating. 1 forum posts Send private message

Hello

I bought off plan in 2005, still being built, slow build, would like to get money back and have what I think is a valid Bank Guarantee.  Would like to start proceedings with Bank Guarantees however would value recommendations for solicitors and how to proceed.

Thanks

David




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05 Apr 2011 11:51 by Keith110 Star rating in the UK and I am lead.... 682 forum posts Send private message

David

You are right - it 'was' a slow build.  But it is not 'still being built'!!

The developer, Cleyton GES SL, abandoned the project and all the purchasers in May 2009.

If you have a Bank Guarantee from CAM Bank - you are lucky because not all of us received the legally required Bank Guarantees.

I would begin the process of executing your Bank Guarantee as soon as possible.

Kind regards

Keith



_______________________

LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com



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Previous Threads

REFUNDS LAS HIGUERICAS FINCA PARCS - 51 posts
full refund + interest - 5 posts
GILLS DAUGHTER DOES A RUNNER - JUST LIKE ANTONIO - 5 posts
Phase 2 deposit refunded - 8 posts
Phase 1 Success - I've got all of my money back!! - 3 posts
CAM BANK ARE STEALING YOUR MONEY - 0 posts
DAVID HAMMERSTEIN - MEP - 26 posts
PRIVATE MESSAGE ME TO JOIN CLASS ACTION AGAINST ANTONIO AND CLAYTON GES - 8 posts
DAVID MILLIBAND - FOREIGN SECRETARY - 10 posts
Return of deposits for latter phases - 17 posts
How do you get your car through the gates to your property??? - 3 posts
Hotel Cenajo Closure - 1 posts
Completion dates - 9 posts
Denise - 1 posts
Update on site (visited last week) - 40 posts
ANYONE HAD THEIR COH YET? - 0 posts
David Bailey - 0 posts
update on Finca parc - 63 posts
The Finca Parc guarantee. - 0 posts
Getting deposits back - 2 posts
And its goodbye from all of us as well - 4 posts
FACTS OF THE MATTER ARE ......... - 40 posts
finca parcs - 0 posts
Latest from my agent - 34 posts
Any Updates? All gone quiet again! - 10 posts

15 posts were found:


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