Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

Many Spanish 'variable rate' mortgages included the 'Clausula Suelo' in the small print.  As I mentioned in a previous post on my blog mortgage holders with this clause included have been unable to take advantage of the low Euribor rate over the past 3 years.

This as an abusive clause.

A facebook group has been set up called:

Eliminación de la Cláusula Suelo de las Hipotecas

http://www.facebook.com/#!/pages/Eliminaci%C3%B3n-de-la-Cl%C3%A1usula-Suelo-de-las-Hipotecas/179037445445867

They say:

The 'Clausula Suelo' affects 29% of mortgages. The number of mortgages would hit 3,834,095 in 2008 and the profit earned by the entities would be around 7,000 million euros.

There is also this website:

http://afectadosclausulasuelo.org/

which is defending the rights of consumers with regards to the Clausula Suelo.

They state:

ADICAE is the only one that has been defending the rights of consumers in this issue for the past three years. We now have thousands of consumers who demand the removal of the clause and the repayment of amounts unduly paid to the bank or savings bank.

If you are affected by any of the 56 entities then ADICAE, has until Nov. 11 to deliver the full documentation provided in this website.

See the list of these 56 entities by clicking here: http://afectadosclausulasuelo.org/faq.php#pregunta_12