100,000 Brits could be refunded deposits for off-plan flats that were never built

Payback time

LAST UPDATED: 30 May, 2016 @ 13:14
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banks spainAS many as 100,000 British property investors could be set for a refund from Spanish banks.

Deposits for off-plan apartments which were ‘lost’ when the property crash hit in Spain can now be reclaimed after the supreme court ruled that banks should have protected the deposits.

One firm, Spanish Legal Reclaims believes this could mean out-of-pocket investors receiving an average payout of €25,000.

This would cost Spanish banks up to €19 billion.

“Finally there is a real possibility to recover your money,” said Luis Cuervo from Spanish Legal Reclaims.

“Previously it was impossible to get your money from the developers but now you can claim with the banks and they have the resources to pay people back.”

He added that jilted investors should be ‘quietly confident’ they will be refunded but that they might have to put up a fight.





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