Floor Clause (Clausula Suelo) Claim

This topic contains 8 replies, has 4 voices, and was last updated by  inbarcelona 2 months, 1 week ago.

  • Author
    Posts
  • #214564

    Pazza
    Participant

    Has anyone had any success as yet reclaiming money from the Banks?

    I understand the Courts are grinding to a standstill under the weight of claims being filed, 16000 a month I hear.

  • #214649

    Lildec
    Participant

    WE have spent the last few weeks going through the process ourselves with BBVA>

    It has been difficult and they have refused on the mortgage administration costs issue as they say that there is a 15 year time limit. We took the mortgage in 2001 but I cannot find out if this is correct.

    They have also refused on the floor clause but this has gone back to them as an appeal and we’ve asked for a full statement of mortgage payments – which we never received from them over the period of the mortgage.

    My sense is to hand it to a legal expert at this stage.

    I’d also love to know if anyone has succeeded doing this on their own.

  • #214742

    Pazza
    Participant

    I don’t think there is a time limit on Floor Clause claims unless the mortgage has been paid off, at which point I think you have another 5 years to take legal action.

    I think you are right about needing a lawyer. The problem is they are so greedy, asking 20 to 30% +IVA of any money recovered and when you read their small print, if they recover court costs they want to keep those as well. On top of this, they want to add set-up costs, POA costs, notary costs etc.

    Having failed all appeals with the European Court of Justice you would think the Bank would actually obey the law now but that would require the government to have the interests of customers ahead of Banks, when it is clear that the Banks are their primary concern.

  • #217589

    Pazza
    Participant

    Is there no one out there that has had any success on this?

  • #217611

    Mark Stücklin
    Keymaster

    I think so. I’ve certainly read about successful claims in the press. The team I recommend have about fifty claims underway, but the problem is the courts have collapsed under the avalanche of claims, so things are moving very slowly.

  • #217716

    Pazza
    Participant

    Thanks Mark,

    Most of the success stories I have read about were prior to the European Court of Justice giving their final judgement at the end of 2016. If I were being cynical I might think it suits the government and banks for the courts to collapse under the weight of claims. Perhaps the ECJ should add an additional interest penalty magnification factor of 3% per month to compensate for the additional delay in payment settlement.

  • #217879

    inbarcelona
    Participant

    My partner has a mortgage with BBVA. He is Spanish…I am English and I do not speak much Spanish unfortunately.

    He knew nothing about the “Floor Clause”.

    I told him to ring his bank and ask for a copy of his mortgage agreement because he wanted to make a claim ….he didn´t even know whether this would apply to him or not.

    They didn´t send him a copy of the agreement….but told him to wait 3 months while they looked into it.
    Three months later he got a refund of 2000 Euros (he only had a small mortgage).

    This is all he had to do. I think the banks know that they have to refund money and it seems all you have to do is give them a call and tell them.

    He did not use a lawyer/solicitor.

    I can´t believe how easy it was.!!!!

  • #217880

    Pazza
    Participant

    Thanks for your response. The reason it was so easy for your partner, is that the supreme court in Madrid has already dismissed BBVA’s appeal in 2013, so they have no choice but to pay up, the sad part is you still have to ask them. Your partner is very trusting allowing the Bank to decide what they owe without you checking the amount.

    You shouldn’t have to use a lawyer to get the Bank to comply with the European Courts ruling but unfortunately, the rule of law in Spain is not as in the UK. That why most international contracts try to get UK courts to adjudicate when there is a dispute.

    Some banks such as Santander rarely if ever slipped the clauses into their mortgages and some have decided that the ECJ ruling has to be followed and are refunding without court action. I think Bankia is one of them.

    Unfortunately, my mortgage is with Sabadell who is one of, if not the most reluctant to follow the law.

  • #217882

    inbarcelona
    Participant

    I don´t think I could have checked that the refund was for the correct amount as my Spanish is very limited
    But he only had a small mortgage with them….and if I hadn´t pushed him to give them a call he wouldn´t have got anything. Unfortunately he is too trusting….not good in Spain where everyone is out to fleece you.!
    I have heard so many horror stories….a friend let out his apartment and after the first months rent he received nothing more….took him 2 years to get them evicted…and he also had to pay their water and electric bills as it is illegal to have them cut off if someone is living there….even if they are not paying the rent.
    Another friend had his apartment renovated. Needless to say, it has all ended up in the courts with everyone suing everyone.!

    Good luck with your claim from Banco Sabadell. I hope it works out for you.

    Paul

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