Reply To: Bank Guarantees


Hi Maria,

I can see where you are coming from in saying people should get 6% interest. In all our correspondence starting with our original lawyer who signed our purchase contract, we were told that we would have 6% interest paid on our 30% deposit. In reality this is not the case. 👿 The court in Madrid made a judgement against the bank to pay us within 10 working days. The rate of interest we are getting is between 4% & 4.5%. This does not cover our legal and other expenses incurred. We will have to take another (expensive) court action to recover this, although as there are several of us in the same boat, we are considering a class action. It is a matter of principal for all of us especially as some people were paid with no interest being given at all, because they needed their deposit returned ASAP, and could not be doing with court cases.

The Bank in Madrid has to pay today or appeal. I’ll let you all know the result.

The court ordered this payment on May 25th. The Bank has 10 working days in which to make the payment from the date of notification to them by the court. When we were told this at a meeting with our lawyer on May 30th, my husband asked if/when the bank was notified. Apparently they hadn’t been notified 😯 : 🙄 🙄 : This was confirmed by an e-mail awaiting our return from holiday last Monday saying the Bank had 10 working days in which to pay up … of the 1st June!!!! Watch this space!