Spanish Bank - Judgement of the Supreme Court - December 2015 - minimum exchange rate clause

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22 Jun 2016 13:36 by warrenattewell Star rating. 4 posts Send private message

Yesterday I received a call from my bank in Spain, making me a wonderful offer out of the blue - to fix my mortgage for the remaining 10 year term at 1.75%. Sounded really good!

However, once they forwarded me a copy of the offer to sign - I realise they are trying to get me to sign away my right to claim against the Bank under the above ruling - which orders the Bank to repay overpaid interest from May 2013 and possibly for the whole of the loan.

Really underhand!!

Does anyone know if I need a solicitor to make this claim or do I just claim directly from the Bank?

Should I wait until the ruling from Court of Justice of the European Union (in the next few months) before i claim?

Warren





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22 Jun 2016 15:24 by chesterpants Star rating. 14 posts Send private message

My bank (Unicaja) offered to remove the floor clause on the proviso that we wouldn't pursue them for any refunds.  Do these banks have any kind of morals whatsoever?  What a set up.  

Our lawyer has been on the case for over 18 months now and I'm just happy to sit it out and see if the courts force them to pay the entire amount back, not just the last 3 years.  Daylight robbery.





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22 Jun 2016 16:18 by warrenattewell Star rating. 4 posts Send private message

I can  remember really struggling to keep on top of this mortgage when the credit crisis hit, at a time when my repayments should have reduced significantly due to Euribor falling through the floor. I questioned my rate in 2009 and was pretty much fobbed off and lied to.

I will certainly not let off the Bank from repaying the overpaid interest.





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22 Jun 2016 17:12 by chesterpants Star rating. 14 posts Send private message

Exactly the same for us.  We were probaby a couple of days max away from losing the place.  Overpaying € 4k a year in interest due to this clause.  I pity those in a similar situation who couldn't hang on.





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25 Sep 2016 18:58 by Nigie Star rating. 108 posts Send private message

I've been off EOS for a few years however I needed some advice and got it, and am now scanning through threads of interest to me and came across this one. I like Warren also had a call in July to re-mortgage. The deal was so average it wasn't worth it. At the time I had read about the overpayment of interest and I was a bit wary that thiis was exactly that. I mean, the bank were calling me 3 or 4 times a day and emailing me lots. Great, as when I have been struggling they are nowhere to be seen. So why would they pester me. Clearly the same reason as you. Then one of my friends who owns on the same development did re-mortgage before realising the reason. I also questioned the rates around 2009 and was fobbed off as I could see friends at different banks radically being reduced.

Bottom line is I have done nothing about claimimg these overpayments back. What is the best approach here ? I'm reluctant to pay lawyers and / or no win no fee as Ive been down that route before with Spain issues and all ive succeeded in doing is lining someone elses pocket. 

I believe my bank are probably culpable as a friend with an identical mortgage, same place, same time, different bank, is paying 150E a month and I am paying almost 500. Would be nice to get some of that back.

Just looking for advice really on the best way to start the ball rolling.

Thank you,

Nigel





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25 Sep 2016 19:13 by johnzx Star rating in Spain. 4719 posts Send private message

I would have thought that a person taking a mortgage is responsible  for the deal  they agree to.  I would be very surprised if there was an legal control on what interest one can be charged.   

Much the same way as say buying a property and then discovering too late they could have bought it cheaper. 

 'Caveat emptor'.



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25 Sep 2016 19:22 by Nigie Star rating. 108 posts Send private message

Yes I agree there however that is irrelevant here as the floor clause was not in any of my Spanish documentation regarding the mortgage. I suspect the same for the other guys too.  It WAS in my Barclays UK mortgage however, which I took out in 2008 so I am fully aware of the facts, and was then. Fortunately the barclays floor came in at 0.9% not like the Spanish one which I think is 3.75% or there abouts.

Anyone got any good advice and facts on how to address the issue please ?





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25 Sep 2016 19:35 by Nigie Star rating. 108 posts Send private message

Luckiloy the judge here wasn't thinking buyer beware!

http://www.wsj.com/articles/judge-in-spain-rules-against-mortgage-floor-clauses-1460049434





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25 Sep 2016 20:58 by chesterpants Star rating. 14 posts Send private message

After 2 years, several hundred euros and virtually nothign by way of updates, we were unceremoniously 'dumped' by our lawyer Regina Martin of Benalmadena Lawyers, based in Arroyo de la Miel  *** AVOID ***

Aside from the fact that we will be raising a complaint against this 'lawyer' with the proper authorities, we have decided just to sit it out until the ultimate decision by the courts which will supposedly be by the end of this year. The frustrating thing about all of this is that the floor clause is nowhere to be found in the mortgage papers/deeds and yet Unicaja have just applied the terms of it anyway.  The have 'kindly offered' to remove the clause but only on the proviso that we don't pursue them for the overpayments.  Well, I'm sorry to tell you Unicaja that we will be pursing ABSOLUTELY EVERYTHING THAT YOU HAVE STOLEN FROM US over the years. I would imagine we are looking at something like € 30k Euro's and counting.  

Disgraceful state of affairs.  Wouldn't happen here in the UK.  Go Brexit.





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28 Sep 2016 07:32 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

mariadecastro´s avatar

The basis for the claim against " Floor Clauses" is the lack of proper information to the Consumer.

https://www.eyeonspain.com/blogs/costaluz/10541/Legal-tip-976-Spain-Supreme-Court-on-floor-clauses.aspx

We are currently waiting the decision by the European Justice Court on retroactivity of nullity declaration, which will determine the refund period in these claims



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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28 Sep 2016 09:59 by chesterpants Star rating. 14 posts Send private message

Maria

What is the expectation after the refund period is determined?  

Would this mean that customers still have to take the banks to court to remove the clause/invoke the refund process or would the banks finally recognise and accept that the clause must be removed and the overpayments refunded according to the refund period?

 

Thanks





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28 Sep 2016 10:59 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

mariadecastro´s avatar

After European Court deciding, banks will better refund voluntarily or.... will face interests and costs

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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28 Sep 2016 12:05 by warrenattewell Star rating. 4 posts Send private message

I have spoken to a local solicitor who stated there is no way the Banks will volunteer any refunds and that I will need help from a solicitor to obtain this redress. I am waiting until the final ruling to see if the courts will back date redress to the start of the loan.

It will be interesting to see what happens.

If this were a UK Bank - we would be able to simply write a letter of complaint and recieve redress directly or via Financial Ombudsman decision.

 





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28 Sep 2016 13:13 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

mariadecastro´s avatar

Banks attitude may change after European Court decision.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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28 Sep 2016 17:57 by chesterpants Star rating. 14 posts Send private message

Does anybody know when this final ruling will be?





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29 Sep 2016 07:11 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

mariadecastro´s avatar

It seems it will be by the end of the year



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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30 Sep 2016 13:07 by Elsietanner Star rating in Alicante & New York. 164 posts Send private message

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** EDITED - off thread **

 


This message was last edited by eos_moderators on 30/09/2016 14:56:00.

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03 Sep 2017 14:18 by annmc Star rating. 2 posts Send private message

The frustrating thing about all of this is that the floor clause is nowhere to be found in the mortgage papers/deeds and yet Unicaja have just applied the terms of it anyway. 

 

How would you know if you had the floor clause if it;s not in your mortgage papers/deeds, please?





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04 Sep 2017 09:45 by mariadecastro Star rating in Algeciras (Cadiz). 8809 posts Send private message

mariadecastro´s avatar

Ask the bank about your " cuadro de amortización".Contact us if you want a draft letter for this



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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04 Sep 2017 13:12 by annmc Star rating. 2 posts Send private message

Thank you

 I would really appreciate a copy of the draft letter 

Have sent you a pm and a copy of the Cuadrpo de Amortizicion


 


This message was last edited by annmc on 07/09/2017.



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