Deposits cause continues

PROGRESS continues to be made on the legal front for the thousands of British families who lost significant amounts of money after the market crash at the end of 2007. 

Following the ruling by Madrid’s Supreme Court in December that Spanish banks bear responsibility for missing deposits placed in their accounts, with interest on top, lawyers across the country are preparing cases in what could be a seismic year for the property industry. 

Given the myriad legal complexities to unravel, at present those who lost between €23,000 and €83,000 in deposits appear to be making the most headway with local lawyers, who are now taking on cases on a no-win, no-fee basis. 

One such company is Spanish Legal Reclaims, whose chief executive Luis Cuervo stresses the importance of having a strong case backed up by complete documentation.

His company fights for lost deposits, plus interest, and takes a significant fee that still leaves clients with their deposit back and a little more. 

That being said, all the serious firms offering to take the battle to court on behalf of affected Brits stress that it is likely to be a difficult, lengthy process.