BANCO SABADELL must return almost 300,000 Euros including interest & costs to a British couple for a failed off-plan property development in La Campaneta, Orihuela.

This was ordered on 9th January 2018 by the First Instance Court Number 2 in Orihuela, Alicante, Spain. The responsibility derives from the legal obligations of the Bank according to Spanish Law, LEY 57/1968.  Banco CAM (now Banco SABADELL) accepted the buyers off-plan deposits into accounts … [Read more...]

Costaluz won 42 times against banks so far in 2017

CITY COURT BANK / INSURER PROMOTOR DEVELOPMENT ORIHUELA P1 SGR, BBVA, BANCO SABADELL HERRADA DEL TOLLO S.L. SANTA ANA DEL MONTE GRANADA P2 BANCO SABADELL RUDINA MIRADOR DE IZNALLOZ ELCHE P1 BBVA (CATALUNYA BANC SA) BRONCHO PROMOCIONES LA TERCIA … [Read more...]

Spain Supreme Court Decission on the importance of pre-contractual information for mortgage contracts in Spain

SENTENCE No. 643/2017 OF TS, ROOM 1, OF THE CIVIL, NOVEMBER 24, 2017 A recent Sentence which gives protection against abusive clauses to all mortgage debtors who subrogated developer’s mortgage contracts during the real estate boom. This is another sign of the magnificent work the Supreme … [Read more...]

Castellon Provincial Appeal Court in Spain reduces Banks rights due to use of small print

The 3rd Section of Castellon Provincial Appeal Court has recently limited the claim of a Bank by allowing it to claim only the principal of the debt (4,600 euros) but not the interest (766 euros) since it annuls the clause that sets the interest. This annulment is because the typeface in which it is … [Read more...]

Spain’s Supreme Court hits Banks harder than any other Court in Europe

Read the Spanish Supreme Court decision dated December 23, 2015 and you will reach the section where the largest number of abusive provisions in the banking sector across Europe was declared. This Judgment as having been issued in a proceeding in defense of the general interests of consumers has … [Read more...]

Corvera Golf & Country Club – Bankruptcy procedure

LEY 57/1968 – RESPONSIBILITY OF THE FINANCIAL INSTITUTION – BANK OR INSURER On 16 December, the Mercantile Court Number One of Murcia declared, at the request of creditors represented by the Costaluz Lawyers & DeCastro legal teams, the insolvency and administration of Corvera Golf & … [Read more...]

Questions and answers on extrajudicial (out of court) procedure for the return of overpaid interest due to floor clauses in Spanish Mortgages

How to claim a refund of overpaid interest due to floor clauses in Spanish Mortgages These steps need to be followed:1.- Claim to your bank office/branch 2.- The bank must send to the consumer the calculation of the amount to be returned, including interest or, where appropriate, the … [Read more...]

Remove the Floor Clause from your mortgage and claim a refund of overpaid interest

1. What is a Floor Clause? (Cláusula Suelo) Many property buyers in Spain were sold mortgages by Spanish Banks at a variable rate linked to the Euribor (the Eurozone base rate). However, a large number of those mortgages also included a 'floor' (Cláusula Suelo) which was normally set anywhere … [Read more...]

Claim a refund for fees imposed on you by the Bank when opening your Spanish Mortgage

IF YOU HAVE A MORTGAGE IN SPAIN YOU COULD CLAIM A REFUND FOR SOME OF THE FEES YOU PAID WHEN TAKING OUT THE MORTGAGE In December 2015, the Spanish Supreme Court ruled that mortgage clauses introduced by Banco Popular and BBVA that forced borrowers to pay all fees related to taking out the … [Read more...]

Spanish Banks Ordered to Repay Billions to Mortgage Borrowers

      CLAUSULA SUELO Spain's banking sector was hammered on Wednesday after the European Court of Justice ruled that lenders will need to reimburse mortgage customers who were overcharged on interest payments. The Spanish Supreme Court had previously ruled that the refunds should only apply … [Read more...]

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