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 undertake to refrain from any claim and, if necessary, to ratify same and not submit any claim against the Bank or its Group of companies by virtue of the clauses relating to the financial conditions of the loan and in particular with regard to the applicable interest rate and, the clause limiting the variability of the interest rate if initially agreed upon, waiving as from that time and in the future to make any further claim in this respect, especially with regard to any sums the Bank may have received as a result of applying the clause limiting the variability of the interest rate, both individually and in the form of collective actions brought in defence of consumer and user rights in the field of clauses limiting the interest rates promoted by Consumer Associations and of which you are aware or any which may be brought in future. -Should you sign the private agreement to modify the interest rate you are agreeing to the settlements of the mortgage loan/credit facility made by the Bank until the date of the agreement, with the application of the limit on the variation of the interest rate, waiving as from such time and in future to make any claim in this respect.”
So basically if you agree to this they will keep every penny they have stolen from you in the past.
We would like to thank Richard Houston for this information and wish him well with his claim against Sabadell bank