Costa Advice Bureau Spain article.  Spanish Lawyer wins first case on an action for a group of duped expatriates
Posted: 07 May 2011 05:10 AM  
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There is often bad press relating to the competence or goodwill of some lawyers in Spain.  This bad publicity is unfortunately more than often justified but credit must be given where it is due.  We should also be made aware of the cases where lawyers have achieved favourable outcomes for their clients.  I would like to shed light on one of these success stories that I firmly believe should not go unnoticed.  The news is in relation to a Marbella lawyer and a recent and ongoing case where numerous home owners who had bought their dream homes in various Spanish provinces were happily contemplating a relaxed and problem free existence. This was not to be. The affected parties who were in the majority retired expatriates.  Many had used their life savings to either purchase a property or had paid off their mortgages leaving their properties free of encumbrances. These same people had previously been approached by a team of unbeknown to them, unathorised financial advisors who used scaremongering tactics and incorrect information to advise these unsuspecting families, that they should take out hefty loans on their homes to avoid paying excessive inheritance taxes which would apparently on death of either or both partners,  leave little if anything for their spouses or children to inherit.  With horrifying tax figures being bandied around, couples were goaded into taking out a type of equity release.  This deal went sour when an Icelandic bank went into receivership. Worrying letters were then received asking for the loans of often half a million euro and more to be repaid and that failure to do so would mean the loss of their homes and a massive the legacy of a massive debt. The now celebrated Spanish lawyer took, on this daunting case. Many were skeptical as they could not imagine that there was the slightest possibility that a case could be won against a major bank and also considering the size of the loans.  The case which had been taken and fought in the Spanish courts has been won with an extremely positive outcome for one of the families affected.  The lawyer won the arguments put forward and the courts declared that the loan was null and void. This particular family will now keep their home and do not have to repay the loan. The judge also ruled that the plaintiffs are to receive twenty three thousand euro in compensation for the suffering and stress caused and demanded that the defendants cover the lawyers? fees.  A precedent has been set so now it must be considered that the others implicated in this matter will also receive a favourable result for their individual cases. .  Congratulations are in order for the extremely professional and competent Spanish lawyer concerned.  Sharing this story demonstrates that there are success stories reassuring the expatriate communities that cases can be won and that there are some exceptional lawyers in Spain.

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Kind regards,
Myra
http://www.costaadvicebureau.com

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