{"id":520,"date":"2011-09-13T09:59:44","date_gmt":"2011-09-13T08:59:44","guid":{"rendered":"https:\/\/www.lawbird.com\/wordpress\/?p=520"},"modified":"2014-05-05T19:06:12","modified_gmt":"2014-05-05T18:06:12","slug":"expats-in-spain-battle-the-banks","status":"publish","type":"post","link":"https:\/\/www.lawbird.com\/wordpress\/expats-in-spain-battle-the-banks\/","title":{"rendered":"Expats in Spain battle the banks"},"content":{"rendered":"
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UNITED: Euan Armstrong and Ian Sherdley have joined forces against the banks<\/p><\/div>\n

Euan Armstrong<\/strong>, who the Olive Press reported is taking Danske Bank<\/strong> to court after it convinced him to use his two million euro Malaga home as collateral, has now teamed up with fellow expat Ian Sherdley<\/strong>, 69, to form the Equity Release Victims Association.
\n\u201cWe are forming an association to prevent these banks from robbing expats of their property by offering a pile of cash as part of an investment plan,\u201d explained Armstrong, 73, who lives in Marbella.
\n\u201cEquity release is not safe and a loan against the property with the idea of hiding the money in an offshore account or removing the money from the value of the property is certainly illegal in Spain.\u201d
\nSherdley, 69, from Lancashire, who has lost a staggering 2.5 million euros through a similar scheme with Nordea Bank SA<\/strong>, added: \u201cThese banks are just trying to fill their coffers. So now we are working on getting a legal voice to pursue them through the criminal courts.\u201d
\nThe pair are being backed in their venture by lawyer Antonio Flores from the Marbella based firm Lawbird.
\n\u201cThe purpose of the association is to support people through their predicament,\u201d Flores explained.
\n\u201cEquity release is actually killing people, through such degrees of stress. Their livelihoods are being reduced and in some cases their lifespan.<\/p>\n

\u201cWe have decided to do something.\u201d<\/p>\n

Now Armstrong and Sherdley are calling on other victims \u2013 believed to run into the hundreds \u2013 to stand up and fight these huge financial institutions.
\n\u201cWe ask everybody to join us who has or is suffering a similar rape and pillage from a Scandinavian Bank,\u201d said Armstrong.
\n\u201cDo not lie down but stand up and fight them.
\n\u201cThese banks are making billions of euros every year and stealing your money.\u201d
\nWhen questioned both banks said they were unable to comment on individual cases.<\/p>\n

Documents<\/p>\n