I bought an apartment at Medina Elvira 23 and, as time passed and there was no occupation license, I spoke with a friend of mine in Costa del Sol to get some advice. He recommended me his lawyer, who has helped him sometimes with some issues with Estepona's Town Hall and some companies.
I called him and got an appointment. He told me not to sue Peninsula, 'cause they have no money, and go instead claim my money to the insurance company, ACC (I think it´s called like that). I thought about it for a few days, and I decided to go ahead and sue ACC as I have the bank guarantees for the money I gave Peninsula.
The months passed (justice in Spain is, we may say, a bit slow) and finally we had a trial against the company. Everything went well, as my lawyer helped me prepare the trial the day before. Some months after we had the official communication, WE WON!!!!!!!!!!!!!!!!. ACC didn't appealed and I got MY money back. I know I've been lucky, lucky enough to hire a good lawyer. His name is Oscar Calvo, he has his office in Estepona (Malaga - Spain). It's easy enough to find out his number and address by internet. Hope this helps!
True, I think there were in the whole of spain at one point 2 developments offering guaranteed rental, one was grupo balboa and did not pay and this one. The people sell the lies, take the money and the investors are left high and dry.
A very short term sad mindset to have. People lose credibility in others.
spain traditionally was a tough buy to let market. Now the prices are down, if you can choose very carefully the asset and have a rental strategy in place you can do okay, not rich quick but pretty okay.
When things go up all the time people think they make on capital growth, but when they go down they are sitting on negative equity and bills, it should of always been about the underlaying rental demand if was an investment property.