- February 11, 2014 at 6:36 pm #57940
Has any one been the victim of bank guarantee fraud. My partner and I purchased 2 apartments in a development called Jardin Tropical, the developer was Larios 2000.The development never got built,Larios 2000 went bankrupt so did the insurance company responsible for underwriting the bank guarantees,Compagnies Des Guarantees.My Spanish Lawyer was absolutely useless and said there is nothing we can do.We stand to lose our lifes savings 100000euros.If anyone can offer any help or advice it would be greatly appreciated. Unfortunately the loss has left us with no spare funds.
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- February 16, 2014 at 8:33 am #119184
Another sad story, believe me you are not alone. There are many many foreigners in the same position. Buying in Spain should carry a government wealth warning.
If your lawyer has said there is no hope, believe me there is no hope of recovering your deposit. Otherwise the lawyer would go on milking you for money to pursue the case. You are basically an unsecured creditor and whilst I have every sympathy for you the only thing you can do is accept it and move on with your life. The worst thing you could do is throw more money after bad. Your first loss is always the cheapest.
You can always set up an action group and waste years of your life in the belief you will eventually recover your money as other have done. I know Spain well and how it works, doing that in my opinion will lead to you running round in circles, spending more money, a potential nervous breakdown and eventually disappearing up your own orifice. 🙁
- February 17, 2014 at 10:47 am #119187
Yet another awful story regarding property in Spain, a bitter pill to swallow losing that amount of money. 🙄
cleasbyjohn, is your 100k tied up in these 2 apartments or are you expected to part with another 100k say stage payment, in which case I wouldn’t? As logan says, the worst thing is to throw good money after bad, maybe someone on here might have an idea, wish you luck 🙄
- February 17, 2014 at 12:45 pm #119189
Thanks for your reply’s,I cannot believe that a Lawyer has no responsibility for,
1) Ensuring that a Bank guarantee is legal and enforceable.?????????
2) That all monies paid by the buyer are placed into a secure account,to which the developer has no access.
As stated on the purchase contracts.?????????
- February 17, 2014 at 1:39 pm #119190
There may well be negligence on the part of the lawyer in your case. However you will need to action as case against them persuade another lawyer to take the case, pay thousands and wait years and years before you get any result.
- October 22, 2014 at 5:40 pm #183762
Went through a similar experience which I thought I would share incase it helps. Approximately 3 years ago, I bought 2 OFF PLAN INVESTMENTS in GRANADA Spain that should have been completed by the beginning of 2014 but to this day are still not built!
I had tried desperately to get my money back from the developer but without any luck.
Fortunately, I was introduced to a Spanish Lawyer who since meeting, has acted rigorously & professionally on my behalf.
I am delighted to say that this lawyer has managed to get my deposits back which ammounted to approximately €40’000.
If your situation is unchanged since your post, please get in touch with me & I will be more than happy to forward on contact details for the lawyer.
Hope this may help.
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