About SPANISH BANK REFUNDS
A floor clause (or “cláusula suelo” in Spanish), usually entered in a financial agreement in relation to a cap floor, refers to a specific condition generally included in financial contracts, principally loans.
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Spanish lender Bankia on Monday announced it plans to refund charges to all of its mortgage holders affected by so-called “floor clauses” (cláusulas suelo), which saw a lower limit imposed on monthly mortgage repayments no matter how much the interest rate on the loan fell, and which have been found to be abusive according to a ruling by the European Court of Justice (ECJ). Some 1.4 million bank customers in Spain are thought to be affected.
Below is a translation from elpais news yesterday!
What does this really mean?
European Court of Justice Ruling Against Spanish Bank Floor Clause The European Courts have now ruled the Clasula Suelo of Floor Clause illegal and anyone who has this clause in their deeds “Escritura de Hipoteca” can now claim back since the date the mortgage or loan/s were taken out with them. Are you looking Read more about European Court of Justice Ruling Against Spanish Bank Floor Clause[…]
The European Union Court of Justice (ECJ) orders today the full and total refund of the mortgage floor clauses in Spain
Today the European Court of Justice declared that the decision of the Spanish Supreme Court Ruling held on the 9th of May 2013 was limited, and the terms and conditions and indeed the use of the ruling were unfair. Not only did the ruling provide incomplete and insufficient protection for consumers, it limited the amount Read more about The European Union Court of Justice (ECJ) orders today the full and total refund of the mortgage floor clauses in Spain[…]
Due to such a high response with our claims we now offer a ‘Fast-Track Claim Service’ to help speed up the process. To use the Fast Track Text Service you must be able to send us the documents (copies) we require via email or fax to our solicitors. This will enable us to tell you within Read more about Fast-Track Clausula Suelo Claim[…]
IRPH & Euribor The interest reference rates that charge the mortgages in Spain have been the IRPH & Euribor. The former is a reference linked to the interest rate set by the European financial authority; the latter is a rate created by the Spanish financial institutions (initially the local Cajas or saving banks) and is Read more about IRPH & Euribor[…]
DO NOT AGREE TO SABADELL LETTER The Bank of Sabadell have today been sending clients emails offering to reduce their monthly mortgage payments… Good news you may think!!! well read down to page 6 of your email and it clearly states the following “-Should you sign the private agreement to modify the interest rate you Read more about Sabadell Bank Breaking News[…]
“The mortgage ‘floor clauses’ are a fraud.” Floor Clause News for Spanish Mortgage Holders A floor clause (or “cláusula suelo” in Spanish), usually entered in a financial agreement in relation to a cap floor, refers to a specific condition generally included in financial contracts, principally loans. Thursday, April 7, 2016, could go down in history Read more about Floor Clause News for Spanish Mortgage Holders[…]
New case won by solicitors in Alicante eliminating the floor clause with full retroactivity
Once again a victory against the floor clauses via solicitors. In this case the sentence has been achieved in Alicante where Ibercaja has been sentenced to refund all the interests that was unduly charged to a client for a mortgage on the grounds of a floor clause, according to a sentence which can still be appealed. The judgement contradicts the Supreme Court’s orders that limit the retroactivity of the refund from May 13th in order to avoid undermining the socioeconomic order.
Court of Justice of the European Union PRESS RELEASE No 30/13 Luxembourg, 14 March 2013 Judgment in Case C-415/11 Mohamed Aziz v Catalunyacaixa Spanish legislation infringes EU law to the extent that it precludes the court which has jurisdiction to declare unfair a term of a loan agreement relating to immovable property from staying Read more about UNFAIR CONTRACTS ACT – SPAIN[…]
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BBVA and Cajamar will remove mortgage floor rates Banco Popular and Sabadell resist in bid to avoid losses 425,000 customers could benefit These clauses must be removed if there is a lack of transparency The BBVA, Spain’s second most important bank after Santander, is to stop applying the ‘floor clause’ from its variable interest rate Read more about Clausula Suelo News[…]
Due to the rapid growth in the Clausula Suelo Refunds inquiries We are seeking customer advisors who are regulated by the FSO or who are affiliated to a company that is. You will be required to visit and advise our clients of their rights to reclaim the over payments. You will have to be willing Read more about Client Advisors Required[…]
“TO CALL A SPADE A SPADE” “is to describe something clearly and directly” Rather than using oblique and obfuscating language, just “TELL IT LIKE IT IS”. well thats what we all would like eh!!!! Go to your bank get a good deal… walk away smiling over the moon that you have secured a good rate Read more about Other Terminology Banks Use To Hide The Clausula Suelo “Floor Clause”[…]