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...]

Cláusula Suelo – ECJ Press Release – 21 December 2016

COURT OF JUSTICE OF THE EUROPEAN UNION - PRESS RELEASE No. 144/16 - Luxembourg, 21 Dec 2016 CLAUSULA SUELO - MORTGAGE FLOOR CLAUSES Spanish case-law placing a temporal limitation on the effects of the invalidity of ‘floor clauses’ included in mortgage loan contracts in Spain is incompatible … [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...]

Spain’s Supreme Court is playing with Floor Clauses

Spain's Supreme Court is playing with Floor Clauses As colleague Pablo Miguel Piñeiro is saying today in a Legal Today post http://www.legaltoday.com/practica-juridica/civil/civil/reflexiones-al-hilo-de-la-irretroactividad-de-las-clausulas-suelo?voto=2 Supreme Court solution on Floor Clauses … [Read more...]

Court Fees – Tasas Judiciales

The Cabinet approved on Friday, 27th of February a Royal Decree – Law on amending of court fees, by proposal of the Minister of Justice, Rafael Catalá, whereby individuals are exempted from paying these fees at all levels and instances. This suppression of Court fees is included in the “Decree on … [Read more...]

Repossession and abusive clauses

Spain executive approved a decree last Friday, 2014 September 5th, by which mortgagors being repossessed have rights to appeal the Court's denial of  his opposition to enforcement if abusive clauses were denounced in that opposition ( floor clause, high delay interests...) Civil Procedure Act has … [Read more...]

An eloquent Spanish cartoon about mortgages. We have the solution for you!

A cartoon by Forges:   1. Saw a house I liked. 2. Bank sent HIS valuator who valuated the house. 3. Bank granted me a mortgage for buying it, knowing my economic situation. 4. I paid till I was made redundant. 5. As I could not keep the mortgage payments up, I asked the … [Read more...]

The European Court of Justice again protects those affected by floor clauses

Recently the European Court of Justice declared that those who have started a judicial procedure  againts abusive floor clauses will not have their properties repossesed by the banks. According to Directive 93/13 and its protective spirit towards consumers, Spanish foreclosures would contradict that … [Read more...]

New victories against banks about floor clause

Suppressing floor clauses from mortgage deeds, refunding unjustly collected customers’ money and paying for procedure costs: this is the content of recent sentences issued between April, 22nd and May, 28th in Spain against 4 different banks and their floor clauses. The sentences are based on Article … [Read more...]

How to get your floor clause removed

Having your floor clause removed is a hard way and you'd better go through it in a good lawyer's company. First thing you should try is Negotiating with the Bank. The possibility to get your floor clause removed is very improbable. Second step is Complaining to the bank's Customer Service. … [Read more...]

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