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Author Topic: Clausula Suelo. The Spanish banks equivalent of PPI?

Offline Pelinor

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Clausula Suelo. The Spanish banks equivalent of PPI?
« Reply #40 on: Wed 19 Feb 2014, 17:05 »
Thanks Janet, that sounds promising. Even if the local Government can't lawfully do anything its showing the banks that they are under the magnifying glass. Interesting to read about the interest payments, €900 of our denuncia is about being over charged on interest payments.

Offline Pelinor

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Clausula Suelo. The Spanish banks equivalent of PPI?
« Reply #41 on: Thu 4 Sep 2014, 16:59 »
Well we have taken it as far as we can. Conformation of this came in a letter from the Bank of Spain this morning. They are the final collating point for all claims against all the Spanish Banks caught up in the 'Clausula Suelo' rip off. We have a ref. number from the bank and it joins the thousands of other claims. The bank says when they have enough claims they will do something. How many claims they need and what they will do is unknown!

I wonder if I can pass on the claim to my Grand Child, as I think I will be long gone before there's a result............ if ever!

Online Nova

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Clausula Suelo. The Spanish banks equivalent of PPI?
« Reply #42 on: Tue 30 Jun 2015, 00:23 »
I've had one of those "share" things show up on my Facebook this evening about the clausula suelo.  I normally take these things with a pinch of salt and don't lend them any air of credibility by passing them on without proof.  However, I thought this might be worth mentioning because, put bluntly, it wouldn't surprise me.

The "share" refers specifically to La Caixa but it could be any bank.  It claims the bank is phoning customers who are affected by the clausula suelo to tell them they are removing the clause from their contract and they ask you to sign a document to confirm you have been advised of this.  According to the FB post, some banks are hiding additional clauses in this document, so that by signing believing you are just accepting that the abusive clause is being lifted, you may also be agreeing to insurances or any number of other things.  This may of course be completely untrue, but reminders to check properly before signing anything are always worthwhile.  Never take somebody else's word for it because what you are told verbally is not proveable and does not form part of the contract.  The binding stuff is what's written down and you should always know exactly what it says, especially if you're uneasy with the language.
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Offline Janet

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Re: Clausula Suelo. The Spanish banks equivalent of PPI?
« Reply #43 on: Wed 21 Dec 2016, 11:30 »
From my website:

This morning’s long awaited verdict from the European Court of Justice will see Spanish banks repay up to €7.5 billion in costs now ruled to have been charged illegally due to the “floor clauses”, the clausulas suelo which imposed a lower limit for interest rates on mortgages regardless of the actual Euribor rate to which those mortgages were tied.

The ECJ has ruled that around three million Spanish mortgagees have had their EU rights violated by the banks, and also by the Spanish Supreme Court decision to limit any retroactive repayments. Essentially, all overpayments must be repaid, with the banks having no further appeal against today’s ECJ judgment.

The banks’ concern at this forthcoming judgment has been clear over several recent months, with many mortgagees reporting calls offering them a range of advantages and benefits if they would just sign away any rights to a repayment should the ECJ rule as it now has, something that the banks were stressing was “unlikely”. Well the “unlikely” has happened, and I would suggest that any who’ve signed such an agreement with their bank should now seek legal advice on whether their renunciations of their rights can actually be legally enforced.

The ECJ judgment means that all mortgagees should now check with their banks – and if necessary take legal action – to recover interest payments that the banks have overcharged – and which have now been deemed to be illegal. The banks most involved in this shameless business have been BBVA, Banco Popular, Sabadell and Caixabank, all of whose shares fell some 11% immediately on the ruling being made this morning.
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