PDA

View Full Version : The bank decided to put embargo on my salary. What Can I do?



Sammy
01-06-2010, 12:50 PM
I signed for a friend to buy a house, later he could not pay the house rent due to the situation of things in Spain.
The bank collected the house from him and because he lives outside Spain, the bank decided to put embargo on my salary.Even where am working now I only work for 8hrs every day and my salary is 850Eur, not only that I have three children, am only managing with it and am even owing some debts.
What Can I do

Lawbird Lawyer
01-08-2010, 05:55 PM
Dear Sir or Madam,

There's nothing much you can do. You probably signed as an "avalista" if your friend's mortgage. In other words, you guaranteed his lender that if your friend failed to service his mortgage you would be held liable in his place.

My advice is to never sign as an avalista in Spain, even if it´s for a family member. The consequences are just much to dire if they stop servicing the mortgage repayments.

Yours faithfully,
Raymundo Larraín Nesbitt