Hope for anyone who lost deposits in Spain

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12 Aug 2016 12:11 by olliereel Star rating. 17 forum posts Send private message

Hi all

My name is Ollie Reel from Armagh in N.Ireland and like yourselves i lost my deposit in a Spanish development in Estepona Spain - Ocean View Properties were the agents - Estepona Beach and country club the developemt which was never built - I have worked for years to try to get my deposit of over 145K back and have been successful through a Uk company The Claims Bureau based in Littlehampton , West Sussex. They were able to claim half of my deposit back through the FSCS ( Financial Services compensation scheme - anyone in UK who can pove they received poor financial advice to remortgage their own home to buy in anywhere in the world may be eligible for this scheme. The best thing about my claim is it was No Win, No Fee so i didnt  have to pay a penny out to have my case heard. The company do take a % at the end but believe me i was more than happy with getting anything back after all these years of trying

I have helped many people go down the same route as myself and am now working full time with the Claims bureau  -  to help others who lost out like myself. The good news is we can now help anyone who bought in Spain in both Uk and Ireland as we have teamed up with a lawyer from Spain Martin De La Herran the man responsible for taking cases to the Supreme Court and setting a precedent for  a Law 57/68

The opportunity centres on a Spanish law that was intended to protect people against the loss of monies paid to developers for the purchase of off-plan properties

Introduced in 1968, the law is not new. But it has been largely forgotten, mainly because the Spanish banks who are liable for any losses did not inform the hundreds of thousands of UK and Irish citizens who invested in Spain of its existence or of their legal liability.

But a series of recent legal decisions, all in favour of investors, has opened up the possibility to those people to claim their money back.

The Supreme Court in Madrid has given the Spanish Banks a clear interpretation of Law 57/68 which clearly details that they must pay out on claims made against them in cases where clients’ money has not been protected and the developer has either failed to build the properties and ceased trading, or failed to deliver them on time.

We have been working on this project for some time and have partnered with a Spanish Law firm – Abolex - that has a 100% success rate in the 75+ claims they have made on behalf of clients.


As you will hear in the LMFM radio interview which i have attached here -  people only have one shot at this and the cases taken by Martin De La Herran of Abolex lawyer Cadiz and Alicante were all quite complex but he managed to win them all, going through the three stages of court process in Spain right to the Spanish Supreme court, and has set a precedent for others to claim - Not all Spanish lawyers are equipped or have the knowledge to handle these cases so people have to be careful who they go with - There will be other lawyers from Spain claiming they can take on investors claims and many will offer to do it No win No fee but if they lose the case, people will not get a second chance and may be eligible for court costs in Spain - Martin De La Herran will take on the cases No Win NO Fee ( which is rare for Spanish lawyers to do) and will not go to court with a case unless he is 99% sure that the case will be successful.

His precise knowledge of this very old law has meant that, as i said before, he has had 100% success rate with over 75 cases ,  some of these won even before the Supreme court ruling in December which upheld Law 57/68 - he is quite confident he can succeed for Irish investors who fall withing the remit of Law 57/68

We have been working along with 'The Claims Bureau' on complex financial claims for a number of years and, much to our frustration, have seen that the largest concentration of investors in un-built foreign property is from Uk and  Ireland. This has been very frustrating for Irish investors in particular because neither the Financial Services Compensation Scheme, nor the Financial Ombudsman Service covers residents of Southern Ireland, so aside from the occasional privately funded legal victory, this huge group of people have lost tens of millions of Euros in Spanish deposits, with ,  until now, no way to get that money back.

Unlike PPI, people cannot claim back their money themselves. These are complex legal claims and they need a Spanish Solicitor to represent them.  But prior to that they also need someone to assemble the correct documentation, audit the claim, and make it case ready. The Claims bureau who i am now working for have the people, processes, expertise and experience to do this.

Please listen to the radio interview on The Claims bureau website and contact us if you would like to give it a go - you have nothing to lose - unfortunately the forum does not allow me to post direct link - you could also go to my facebook page - -Reclaiming Spanish Property Deposit - for more info


Mr Oliver Reel/ Mr John Reel

Customer Relations  Ireland



** EDITED **




This message was last edited by eos_moderators on 12/08/2016 13:19:00.

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29 Apr 2021 14:18 by mariadecastro Star rating in Algeciras (Cadiz). 9330 forum posts Send private message

Legal Questions? Speak to Maria Direct

Case won against Caixa in Estepona Golf and Country Club today!


Maria L. de Castro, JD, MA


Director www.costaluzlawyers.es

El blog de Maria

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