27 Oct 2010 12:00 PM:
Hi
I feel the same i don't want to pay anymore money until i see thats someone has won a case against the banks or feel confident we can win. If the group action is not going to cost too much I am happy to join, and have given my details to Maria.
In the meantime i went against my solicitors advice that it will be hard to be the banks, and asked another solicitor(my parents solicitor in Spain) of his thoughts. This is what he said...
According to the said act that you mention, the developers who are going to build houses receiving some installments as part of the price have got two obligations:
- They have to guarantee the refund of the money which is paid in advance for the price plus 6% of yearly interests through an insurance policy or through a bank guarantee.
- They have to pay all the installments that they receive from the purchasers in a special bank account which must be opened in a bank or a savings bank so that they can use the said funds just and exclusively for the building costs.
In order to open the said special bank accounts in Banks and Savings Banks, it is compulsory that the developer fulfills the first condition, this is, they have to guarantee the money that they receive, or otherwise the Banks and Savings Banks will be resposible if they accept to open special bank accounts without fulfilliwng the first condition.
Now i have found out from y solicitor that the developer/ bank did not open a Special account for my payments! only a simple one, so i have written back to above solictor to ask him what happens if its not a special account and are the banks liable for not ensuring a special account was opened and therefore my funds covered by that condition and BG....
I will let you know what he says when he replies hopefull today. He is a good solicitor and highly thought of, so i trust his judgement. He has offered to take this on for us too, but i cant change solicitors without paying all the fees to date apparently!! i wonder if thats true or another untruth! therefore can we use Maria or anyone else to fight the banks in paralell to using our own solicitors... or will that cost us again to move as the new solicitos need all the paperwork from previous solictors apparently!! plus power of attorney with apostile stamp.... etc etc??
Community thread:
Taking Huma to Court
--------------------------------------