Insurance and problem with the bank Cajamar Caja Rural

Hello Zaneta

I am dismayed regarding your post as I changed to Cajamar bank last year and am very happy with them. I dont have a mortgage so I cant identify with your problem. What I do know is, it is customary for a bank to insist on minimum home insurance on buying a property(after all until its paid up its their property they need to protect). As for life insurance, again if you didnt have an insurance with another Company, how would they get their money back should you decease so they sell you a policy for that too. Perhaps you felt forced but you could have said no to another years policy but they would have insisted you prove you had insured elsewhere. I dont know if you can cancel their policies after agreeing to accept them as I know you can cancel at least giving them 1months notice at renewal. Maybe someone else could help you with that or speak to your solicitor as it seems he helped to get the mortgage and he could get a copy of your mortgage contract and although you have not come to time of renewal maybe he can cancel on your behalf your agreement to extend with them. There is a dedicated english speaking helpline with the bank you could use(I used it once and very helpful) maybe easier if your english is better than your spanish. In Uk at one time you had to insure with the mortgagor but not now but you have to provide proof you have insurance with someone and interest rates and costs of insurance do go up. If you did purchase last January and therefore renewal is imminent then I think if you didnt give them the statuary 1months notice then they would have insisted you renew with themselves. Remember you have to protect their interest as well as yours and you now have a year,s notice to try and get a more competitive quote for next years renewal.

I hope you get this all sorted as I have read very little negative comments regarding Cajamar bank and I myself can only speak positively regarding our experiences. 

Kind regards

Pauline.

We have banked with Cajamar for 15 years. Our mortgage was with them. When we bought our house back then we received 2 copies of the escritura, one was thicker because it encompassed the mortgage agreement. At that time, there was no requirement to have life or house insurance which surprised us having been used to UK mortgages. I am sure this has now changed as suggested by your post.

We insured our house and contents with Pelayo (can thoroughly recommend them) and the years went by …. Then several years ago, we discovered that Cajamar, without asking/informing us, had cancelled our insurance and substituted their more expensive one. We went to see Sebastian in the local Pelayo office, he rang the bank and sorted it. We had to go between the two a couple of times with paperwork, luckily about 2 minutes walk, and Cajamar immediately  returned the money to our account and we have continued, without problem, with Pelayo. I was very cross as you can imagine, had we not had our mortgage with Cajamar, we would have changed banks immediately. However, apart from that, we have always had good service with them. We are not now tied to them with any debt but we like the people who work there so have no intention of changing banks.

Therefore, I cannot see why you cannot change insurers but, as Pauline has already pointed out, you would need to show that you have another provider to seamlessly continue cover. Best of luck.

Unfortunately it appears to be a common thing with Spanish banks at the moment.

Similar to what the UK banks were up to 20 years ago.

Trying to sell you all sorts of add on's to increase their profitability.

Does anyone deals with Caixe Bank.