The 5th Anniversary

Thursday 19th September 2009 was the date we'd expected to receive back, 100% of the money we transferred from our BNP Current Account into a "5%, 5 year, 100% guaranteed" product, 5 years earlier. In the two months prior to transferring the money, we'd suggested other products BNP had advertised, but the Branch Manager, Moises Erades, advised against them "because they've all gone" or "because there is a risk".

When we'd asked, in the Autumn of 2008, what the penalty would be to redeem 50% of the money, Moises told us it was impossible, as we could not touch the money until the end of the 5 years. A year later he claimed it had always been a 'perpetual' product and he had no idea why we thought we'd get 100% of our money back in 5 years, with 5% interest.

In March we asked to borrow against the security of the money, so that we could take advantage of a 'stress sale' of a property along the coast that offered a 50% discount, Moises wrote back:

From: 2101-Jávea(Moises Erades Sart)
Date: 3 de març de 2009 9:23:16 GMT+01:00
To: "Clive Read"
Subject: RE: PRESTAMO

Hola Sr. READ:

He pedido autorización a los servicios centrales:
Cuando tenga respuesta se lo comunicaré.
Saludos.

which, in English, told me
I requested authorization from headquarters:
When they answer I will communicate.

6 months later, and with many visits to ask for news, there is still NO DECISION.

We asked Moises on 3rd September to request permission for "a line of credit" to tide-us-over until we COULD get our money back and he said we'd know in a week. I called a week later but he had no news and said he would contact me when there was a decision. It was agreed that his bank would tell us HOW MUCH credit they were permitted to grant.

BNP's Manager mis-sold us a product as "5%, over 5 years with 100% Guarantee" that was NONE of those things.