Don’t Forget the Interest Payment on Your Off Plan Deposit Money!

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I was in touch with one person who was very happy to report to me that he had used some lawyers he had been with for a while and had managed to get his deposit money back. However, when the lawyer had taken their cut for the success he was left with much less than what he had paid originally. But he was happy because at least he had ‘won’ his case and got payment.

In fact that was at a time when this could have been considered a great victory. I think around 2014 as I recall. However, I was also involved with some people in our group that also had a success around that time with a different lawyer but dealing with exactly the same development. In this case however, the lawyer also successfully claimed back interest on their deposit for ten years! This then paid more than their legal fees so they ended up with the full amount of deposit money back.

This is because money grows quickly over time with a reasonable amount of interest rate. This is due to compounded interest (look it up on google separately!). The same works for interest owing on debt of course, meaning you can get a lot of money back, especially if you have made your deposit payment a long time ago!

Therefore it is important that the lawyer you are using is able to make a claim for this. Why some do not claim for this (or did not claim for this) I do not know. There is a legal rate of interest in Spain that is around Four Percent Per Annum. That is far better than the interest on savings in the UK right now!

Imagine how that interest can grow over ten or more years now since most of us did make the off plan deposit investment in Spain. This is a very important point to make as it could literally cost you thousands of pounds if you are not clear on making this additional claim. The claim for this comes after the initial success of the case in court and settlement of the capital amount. It can take some time to get this awarded but it is worth the wait of course. It will be a separate claim made after the victory of the case.

Make sure you stake your claim for legal interest owing on your Spanish reclaimed off plan property deposit!

 

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