August 14, 2016 at 2:57 pm #192197
I have a spanish mortgage that follow the Euribor rate, however since the interest rates have been at an historic low, the mortgages have never followed only to a base level not near the low rates.
I understand that the EEC has ruled against the Spanish banks that they need to repay the difference of the lowest rate following the Euribor and the mortgage rates.
Hope this makes sense
Has anyone had a claim from a bank that has been successful.
September 1, 2016 at 11:15 am #192376
Actually it was the Spanish Supreme Court that ruled that banks need to repay the difference, but only going back as far as 2013. The European Court was expected to remove the time limit, but in the end it didn’t. So you can reclaim any interest you have been overcharged going back to 2013. The law is now pretty clear on this, so you would be likely to win your case. The question is, is it worth it? If you’ve only been overcharged say €1,000/year, for 2 years, then it might not be worth the legal costs trying to recover €2,000. But if you have a big mortgage, and have been overcharged say €500/month, then that’s €12,000 to reclaim, and might be worth it. It all depends on how much you have been overcharged. Do you know?
September 3, 2016 at 11:41 am #192400
We had a successful claim against the notorious Cláusula Suelo and recovered money free of legal costs. These people were efficient and courteous but you will need someone to help with the Spanish if you don’t speak it.
One starts with a formal demand to the bank who of course reject this. Then when a court case is threatened, the bank quickly backed down – and had to pay all the legal fees! Good luck!
November 6, 2016 at 9:44 pm #193452
My mortgage is with Banco Sabadell. Its a variable rate and has been at 3.75% for at least 5 years. the bank has offerd me a fixed rate of 3.5% for the remainder which is 9 years. the payments will be reduced by 5eureos.is this worth considering/
February 26, 2017 at 2:03 pm #195780
Banco Sabadell are one of the worst culprits in this area I would advise that you do not take the fixed rate (if it’s not too late).
The Spanish equivalent of the consumers advice bureau (OCU) have a web-site that will help you calculate what you are owed and also assist you in recovering the money. Without deducting 20% of it.
Use Google Chrome as your web browser and it will translate the Spanish for you.
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