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IMPORTANT NOTICE TO ALL OWNERS WITH A MANCHESTER BUILDING SOCIETY (“MBS”) MORTGAGE!

12th August 2023 by admin under In The Media, Legal Action     
Step forward for building society merger as terms agreed

If you are reading this article there is a good chance that you are among the 200 odd owners of Spanish property that took out a mortgage with Manchester Building Society, now part of Newscastle Building Society.

For years, Manchester Building Society (“MBS”) offered lifetime mortgage loans to owners of Spanish property. The facility allowed “asset rich, cash poor” property owners unlock their wealth by means of periodical drawdowns that typically, would only be repayable upon death of the borrower, within a maximum period of 12 months from the demise.

Unfortunately, MBS ran out of cash to pay property owners, all agreed instalments were halted due to a prohibition by its regulator, PRA, to grant further loans in Spain and elsewhere and left borrowers “high and dry”, still with a MBS mortgage registered against their property and thus, unable to sell it.

There is however a way out to free your property from this mortgage for good, and that solution is already available through Lawbird Legal Services. Last year, a Velez Malaga Court fully accepted executive proceedings brought by Lawbird Legal Services against MBS, on behalf of a British client, demanding full payment of the agreed loan of 300k Euro (with interest). This is in addition to the over 50 rulings won in many other courts against different equity release providers around Spain.

Now, more claims are being filed through the Courts to terminate the mortgage loans due to contractual default by MBS, on the following grounds:

  1. MBS have stopped making any further agreed payments.
  2. MBS have not given a solution to the property owners.
  3. MBS have not reviewed the existing mortgage loan proposal to adjust it to their inability to continue offering the promised cash.
  4. MBS will not address the current situation of owners that are unable to sell, offer a compromise or terminate the mortgage loan.

If you have a property and you have Manchester Building Society Lifetime Mortgage, you need to act now and take advantage of the existing favourables rulings to achieve the following:

a. Nullify the MBS mortgage loan.

b. Retain the sums received so far as compensation.

c. Remove the charge from the house.

If you are in the above situation and want to know how ERVA and their appointed lawyers can assist, call Anabel on + 34 952 86 18 90 or send her an email (info@erva.es) to schedule a free online or office meeting with the lawyers.

Dont wait any longer, acting now is better than doing it later or not doing it all, it will not cost you anything to know your options and legal rights!

…click here to read more

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A Judge nullifies 12 equity release mortgages worth 6 million Euros

12th December 2016 by admin under In The Media     

Vista de los juzgados de Bilbao en los que se ha llevado el caso.

Source: Diario Sur

The sale was conducted through commission-driven financial advisors based in Estepona, Marbella and Fuengirola.

Court of First Instance 11 in Bilbao has ruled that twelve mortgage loans valued at 6 million Euros, granted to British families mostly in the Malaga province between 2004 and 2007, should be declared void.

The Court dealt with this case as all loans were granted at a Bilbao Notary Public and the representatives of the lender, SL Mortgage Funding nº1 Limited (SLMF), were also based in the Basque city, according to Lawbird Legal Services S.L.P.

These loans were sold to attain a reduction in potential inheritance tax, inasmuch as the mortgage would reduce the taxable value of the property, but also as a means to supplement the modest pensions received by the owners of the properties.

Chester-based SL Mortgage Funding nº1 Limited (SLMF) had not applied for the necessary regulatory permits to legally raise funds from the public and provide an investment service, activities reserved and regulated by the Bank of Spain and the CNMV (financial regulator).

In spite of not having any of the above authorizations, SLMF would lend but at the same time retain most of the proceeds of the loan, which would then be invested by them.

The ruling declares that “infringing the protocols set by the relevant administrative authority to supervise the disputed product is a regulatory violation that exceeds that of a mere breach of banking laws, such as misselling, so profusely dealt with recently in relation to the massive sale of complex financial products.”

The Judge held that in this case, the breach of public policy “is far more serious for it makes a mockery of a whole system of financial and banking supervision designed to prevent abuses to consumers and protect the stability of the sector”, and likens this behaviour “civil fraud”, which is any proposal that contravenes mandatory regulations or has a false or forbidden reason.

The sale of this product was conducted via commission-earning financial advisory firms (Hamiltons Financial Services, Henry Woods Investment Management and others), based in Estepona, Marbella and Fuengirola.

SLMF also recommended a network of lawyers that created an appearance of seriousness, downplaying the extent of the lack of licensing requirements of the bank and the product.

According to Lawbird Legal Services S.L.P., for the claimants, the ruling confirms that operating in breach of mandatory banking and financial regulations makes the suspect a “boiler room”, -even if the company was legally operating in their own country- and allows the victims to rid themselves of a nightmare lasting for over 10 years.

The Judge concludes that the nullity and voidness should be made applicable to all contracts and agreements executed between the clients and the bank, applying the laws of contractual termination in odd fashion –albeit most favourable- as clients “will be able to claim what consideration they gave under the contract without having to return was given to them.”

Other articles:

La Vanguardia

El Economista

Finanzas.com

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BREAKING NEWS: BILBAO COURT NULLIFIES 12 SLM MORTGAGE LOANS WORTH 6 MILLION EUROS

7th December 2016 by admin under In The Media, Legal Action     

Image result for Juzgados de Bilbao

Court 11 in Bilbao has invalidated 12 Equity Release IHT mitigation mortgage loans sold to the public by SL MORTGAGE FUNDING Nº1 LIMITED.

The Court orders the diverse Land Registries to remove the charges with immediate effect and nullifies, alongside, any and all contracts signed by borrowers with the Cheshire-based lender.

In addition, the Court has resolved that borrowers will not have to return any advance payments made by the lender and will be entitled to the return of any disbursements made as a result of these contracts.

The Court found that SL MORTGAGE FUNDING Nº1 LIMITED operated an illegal lending and investment service and likens it to a “civil fraud”, as it did without clearance from the Spanish banking and financial authorities and concludes that the lender deserves the maximum possible penalty, as per article 1306 of the Civil Code.

More to follow.

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Rothschild’s Awful Banking Practices Exposed on French Television

6th December 2016 by admin under In The Media     

It was about time the “Baron’s” infamous banking antics were exposed in his motherland, France. “Envoye Special”, a weekly prime-time show presented from the “Champs Elysses” with the Eiffel Tower as a background, has succeeded in telling the horror inflicted by this man and his company to foreign expats with property in Spain.

Minutes 7.30 and 50.30 refer to the Credit Select mortgages miss-sold in Spain.

 

 

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Nordea Bank Luxembourg Exposed on Finnish TV

15th October 2015 by admin under In The Media     

Remise Chèque Nordea 2012 copy

(Nordea bank giving money to charity whilst they go about their business of cheating pensioners)

Nordea Bank Luxembourg’s tricks have been exposed on the YLE TV, Finland’s national channel.

In the film it can be seen how Mr. Jesper Hertz, managing the Marbella office, declined to comment as he arduously strolled into his office.

You can watch the video here.

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Finland YLE television channel to expose Activities of Danske and Nordea Luxembourg Branches

4th October 2015 by admin under In The Media     

Finnish TV channel have been recently following the activities of Danske Bank International S.A and Nordea Bank S.A. (as well as the Swiss branch) in Spain and to this extent, they traveled to Marbella to film some victims of these highly dishonest individuals.

One of these cowboys is the man on the picture, Jesper Hertz, an expert in cheating customers by advising to take out loans against Spanish properties owned outright by expats so that they can avoid Spanish Inheritance Tax.

The Finnish TV wants to know how come these bank operate with such wildly diverse standards depending on where they are based i.e. Finland, where they preach the highest values of morality, integrity, honesty, compliance with the laws and, on the other hand, Luxembourg and Spain, which are truly tax evasion laboratories.

More to follow.

 

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Marbella Mayor & Nordea Bank S.A. Connection

31st March 2014 by admin under In The Media     

Enlace permanente de imagen incrustada

Nordea Bank Luxembourg has been reported nationally for helping the Mayoress of Marbella, Maria Angeles Muñoz, avoid Spanish Inheritance Taxes.

According to Interviu weekly Nordea Bank S.A., operating from the tax haven of Grand Duchy of Luxembourg and through an office in Marbella, sold a tax evasion mortgage to Ms. Muñoz.

This story was originally published by ERVA when it detected that a company owned by the Marbella Mayor and her husband, Crasel Panoramica S.L., had taken out an Equity Release in 2010.

Nordea Bank S.A. has been publicly accused of cheating customers by making them believe that their product is a legal vehicle to avoid IHT, when such a possibility is tantamount to tax fraud.

 

 

 

 

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The Mayoress of Marbella Uses Her Right of Rectification

5th March 2014 by admin under In The Media     

The Mayoress of Marbella has written to the newspapers that published the discovery of an Equity Release contract. In her missive she formally responds to the allegations that the contract was used, as per Nordea Bank S.A. precise indications, to avoid paying taxes and confirms that this is not true and that never intended to pursue such aim.

The recitification can be read in the following link:

http://www.elplural.com/2014/03/05/la-alcaldesa-de-marbella-asegura-que-paga-sus-impuestos-y-niega-haber-contratado-productos-financieros-para-defraudar/

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A Company Owned by the Mayoress of Marbella Took Out a Nordea Equity Release

20th February 2014 by admin under In The Media, Stories of Victims     

alcaldesa

The Spanish Land Registry has confirmed that a company owned by María Angeles Muñoz and husband Lars Broberg, Crasel Panoramica S.L.,  took out an Equity Release mortgage loan with Nordea Bank S.A., based in Centro Plaza, Marbella.

The mortgage loan capital was €3,100,000 against a property -used as collateral- valued at over 4,5 million Euros.

We cannot confirm whether Lars or María Angeles are keen golfers, the prototypical victims of Jesper Hertz, Nordea Representation Office Manager, but what we do know is that the property was purchased in 2001, and the mortgage loan signed in 2010 (maturing in 2020).

We also know that Nordea Bank S.A. has accurately explained, in a promotional brochure no longer available online since 15 days before the interim hearing in a case against them -for misleading publicity-  (although cached by Google without Nordea IT ‘expert’ expecting it), how to go about the business of cheating the Spanish Tax Office.

These are some of the conclusions that must have convinced the Mayoress to buy this product:

Today’s investor is more likely to have amassed a fortune through personal effort.

 

This booklet has been devised as a basic guide for this new breed of investor and in particular for investors affected by Spanish tax and inheritance legislation.

 

Failure to take sufficient action of Spanish Inheritance Tax (which may be as high as 34%, or even above 80% in certain situations) in the wealth-planning process, may lead to an unexpected and financially unpleasant surprise for the heirs.

 

Fortunately, there are ways of mitigating both the wealth tax and the inheritance tax at the same time, one of which is to take up a mortgage.

 

Borrowers may take up a mortgage loan either at the time of the purchase of a Spanish property or after having owned the property for some time.

 

Clients appreciate our Nordic values – they differentiate us from our competitors.

 

Our Nordic values: integrity, impartiality, honesty, directness, flexibility, commitment, treating clients as individuals, we can make the difference.

 

(We are informed that the Somalian Bankers’ Association has announced a job vacancy for an expert on Nordea values…Jesper can you help?!)

It is suspected that they took out the Nordea flagship ‘international wealth and tax planning’ product , the Capital Managed Plan (CPM).

The Spanish Tax Office warned against using this product to reduce Wealth Tax and more significantly, Inheritance Tax.

The question is thereby one: victims or accomplices of a tax fraud scheme?

If the former, they should report the bank to the authorities and where not, we must conclude that they are suspects of a potential tax fraud situation.

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Equity Release Charles ‘Charlie’ Walton shows his teeth

12th February 2014 by admin under In The Media     

Stars come out for Costa del Sol golf tournamentThe golfing event may be almost 2 years old but it is one of the very few photos, if not the only one, of Charles `Charlie` Walton, the creator of probably the  biggest, most damaging, lie the Costa del Sol has known: the Spanish Equity Release Scheme, and all the diverse spurious variations of the same sold to hundreds of unencumbered property owners.

Charlie Walton, who is now trading in gold (perhaps eager to emulate ‘Sir’ Nigel Goldman) is basically an unregistered unqualified Costa-cowboy who made millions cheating everyone, from pensioners to IFAs, from banks to investment companies, from lawyers to…more lawyers (the manipulated Uria & Menéndez report on equity release springs to mind).

It is simply dumbfounding to contemplate the profesional history of man who boasts having been Sales Director for ‘Premier Group’, a company that for starters, operated illegally in Spain…not without the conniving assistance of turn-a-blind-eye Isle of Man financial regulators.

We shall not end this post without giving out a word of warning: do not do business with this man…until he comes forward to help clean up the mess he and his great lie created.

(Read about Charlie Walton’s recent Golf Game).

 

 

 

 

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