New Law

Wonderful news that the Banks and insurance Companies have to pay everyones money back plus interest and costs.

We have already won our case Banks have apealed and lost. Justice at last but as it been worth the heartache over the past 10  or 11 years. 

Ann.

Please can you give a little more detail because I'm not sure whether you refer to the Law 57/68 or something different.

you say that your case went along for over 10 years. How long did it take from the time you started your legal action to the time you won your case. . .? 

Which court or region of Spain are you referring to ?

Also , I'm aware that lots of other people have won legal cases against Spanish developers and Spanish banks but it appears not so many have actually had their money refunded because the banks and developers are able to lodge appeals and continue delays in giving back clients monies.

thanks

It follows a supreme Court ruling last year telling Banks  to pay investors back  for the deposits they paid.

On BBC news this morning it says up to 100,000 UK investors who lost money when the Spanish property market collapsed could be in line for payouts.

You can read it on the internet.

It was Murcia Court that  our case was heard.

Tha Bank appealed but lost.

We are still waiting for our money I am confident we will get it back hopefully soon, as they lost the appeal in April.

Maria started the proceedings two years ago.

If only what is broadcast by BBC was factually correct.

Yes, there was an important Supreme Court ruling last year , which is encouraging news, however my understanding is that there is still some way to go along the Spanish legal pathway before the Supreme Court ruling has the effect that we  all desire. There is no consistency with this as can be seen by the varying judgements made in different courts across Spain in which some are awarded legal costs and interest and some judgements decline such or part of such costs.

It is one thing winning the case, and it's another thing getting money back into your account.

Maria has commented previously on this very subject

In the meantime the banks are allowed to continue their appeals and deliberate delaying tactic and we are still waiting.

We await our day in court this coming October and our episode has also been running for 10 years now.

Best Wishes

As I understand it Broph is correct, unfortunately for us this is far from sorted out, it's still clear as mud.

I have seen the BBC news feature and also the written article relating to it.

The news was given to the BBC by a company called Spanish Legal Reclaims.  It is a company that specialises in Inheritance Tax Refunds.  But now, since the Supreme Court ruling of 21 December 2015, it appears that this company now specialise in Off-plan Property Refunds.

The news feature and article makes it appear very simple………….it says:  "The Supreme Court said that financial institutions are obliged to repay that money to buyers, if a developer disappears or is bankrupt."

So it makes it look like that if you have a contract for an off-plan property you just need to apply to get your money back.

It is not quite as simple as that, but it is true that in 2015 & 2016 the Supreme Court has clarified many aspects relating to LEY 57/1968.  This is all very positive for these types of cases.

Amongst many other statements the Supreme Court Sentence dated 21 December 2015 says:

‘In house sales governed by Law 57/1968 credit institutions (banks) that receive income from buyers in the promotor’s account without requiring the opening of a special account and the corresponding guarantee or warranty, shall be liable to the buyer for the total amounts paid by buyers and deposited in the account or accounts that the developer has opened in such entity’

Thank you Keith for your informed update and clarification of the present legal position.

Albeit that the legal processes role on and there is considerable court backlog, This is a very encouraging step forward for the many people like ourselves who hitherto, have had no prospect of ever recovering substantial deposits paid for off plan property.

You and the other legal teams involved in this process are to be congratulated on the integrity and determination that you have all displayed in taking this issue to its present position.

Thank You

Hi all

THE NIGHTMARE CONTINUES FOR US, 11 YEARS & COUNTING…

We Heard from out solicitor today that Banco Popular have appealed against our court case that was won in February despite the supreme court ruling I keep reading about!  I don’t understand all this Spanish Legal mumbo jumbo anymore unless I’m missing something?  If the Supreme Court decision is absolute, then how can and why have Banco Popular Appealed?

When is the Sentence declared firm and final?  Has anyone else had court case won and had money returned from Banco Popular? We’re completely devastated by this, as we thought we were seeing some light at the end of the tunnel!

Regards

Vic