Key information you require about your past and future borrowing from Spanish banks (+Start your claim)

by Editorial team
Hits: 991

If you are an English speaking person, most likely from the British Isles (the UK & Eire) or equally Canada, New Zealand, America etc. who has actively pursued the dream of owning property in Spain, with the help of loan(s)/mortage(s) from Spanish banks – THEN – you need to have you eyes opened wide.

And THEN you must take carefully measured, analysed and timed action, when it will inevitably emerge that your foreign-ness has been taken advantage of, and you have been taken for a number of expensive rides.

You are probably already aware of the feeling of having been ‘stung’ at your bank – so this is not likely to come as too much of a shock.

The better news is that the Spanish and EU Supreme Courts have opened a doorway for you to use to recover, generally very large sums of overpaid money. Set against that there is some not so good news.

The first of the 'not so good' news is that there are several levels of time restriction, which it is very easy to slip through (the first one started in December 2016 and ended in March 2017 - as a result of Spain's statutes of limitation. DO NOT LET yoursself become time barred

The next 'not so good' news is that Spains banks supported by its politicians is doing all it can to avoid paying you anything. Including prevaracation dressed up as helpfulness.

The final 'not so good' news is that the system that has been put in place, 'the rules of the refunds' have been written so as to avoid us being able to just tell a Spanish solicitor to 'get on with it' - becuase legal fees do not apply to the main level of reclaim activity. Forcing those who have been cheated to pay lawyers fees upfront - in a situation where they may not turn out to qualify for any refund.

But you do, right now, need good advice - attached to serious levels of knowledge – that you can be helped to understand in plain, and not pigeon, English.

Something we have been developing since 2004 – and we offer that to you right now - lets do it today?

We hasten to add that whatever 'mistreatment' you turn out to have suffered at the hands of Spanish banks will be nothing compared to that which the British or American banks routinely serve up. Spanish bankers are 'kind and gentle' by comparison with our own. But they still have a sting, which it is right now TIMELY TO REDRESS.

You are likely to have been stung a variety of times, just like a multiple Spanish jellyfish (Pelagia Noctiluca) attack. Those jellyfish also prey quite deliberately upon white skinned holiday makers who flock to Spain’s beaches, including David Cameron!

The greatest damage from the financial jellyfish that have circled you - and stung - is likely to be related to your largest loan(s). Property purchase and refinancing mortgages, taken at a time of our acute desire to own 'the dream' in Spain have been systematically targeted by Spanish banks as a source of gross overcharging.

Your mortgage might include one or more of the following four grounds for making a claim against your bank on:

1. A floor clause: Your bank did not inform you about with and reasonable, and the required, level of transparency, about a limit in their application of the variable rate.

These limitations, known as floor clause, have been ruled as abusive, and void, by the Supreme Court of Spain. Therefore you have been overcharged by your bank.

However, banks are not redressing the situation voluntarily, and a lawsuit will probably, or almost certainly be necessary to obtain the refund you are entitled to if you are affected.


2. EURIBOR manipulation:

You may also be in one of the following situations: You may be entitled to a redress because the Euribor, which is the base interest used to determine your applicable total interest rate, has (now quite famously, and breathtakingly) been manipulated from 2004 to 2012 by those banks that create the index. There is now jurisprudence acknowledging refunds due to bank mortgage Clients based on these grounds.

3. IRPH abuses

You may be entitled to a redress, and refund, becuase the IRPH, the base interest used to determine your applicable total interest rate, was dependant of the Spanish saving banks. The use of this index has been declared as abusive in recent Court resolutions of first instance.

4. General Overcharging

You may be entitled to a redress of ALL the expenses, taxes, and commissions that were result of the formalisation of the mortgage, which you assumed, being those responsibility of the bank.

We can work on whichever of a choice of fee basis options that suits you best.

Including on a No Win No Fee basis. Meaning that our fees, following an assesment, analysis and understanding of your situation would (only be) paid when and if we are successful with the claim.

The average compensation of this kind are above 15.000 €, plus interests generated during the length of the proceedings.

These actions all, however, under Spain’s strict statute of limitations.

Spain’s statute of limitations means that after a certain period of time Clients lose the ability to claim.

From that date – which it is crucial to establish right now in respect of your situation - claiming compensation is then no longer be possible.

5. Going forwards

Additionally, we will immediately remove the floor clause and/or improve your mortgage conditions for the future.

You are entitled to negotiate better terms with another bank and your current bank is forced to facilitate the transition.

Your entire claim may take a substantial amount of time to pass through Court, though some parts can be resolved within weeks – others might take a year or two - and we propose to ensure that you are not overcharged by your bank in the meantime.

As part of our services therefore we will immediately act to restructure or refinance your mortgage with another bank that DOES NOT impose abusive practices to their Clients, and with, gnerally better conditions all round.

This will allow you to start saving money on a monthly basis immediately while we proceed to claim the full redress to your previous bank.

Again, following our initial analysis, you will not be asked to provision any funds in advance at any time and we will act on a success fee basis only.

If you have any questions, please contact us.

Donec eu elit in nisi placerat tincidunt in eu sapien. Proin odio nunc, interdum vel malesuada pretium, fringilla sit amet metus. Cras nunc velit, porta eget scelerisque a, malesuada at ligula. Etiam sed ipsum sed justo tincidunt pretium. Nunc accumsan sollicitudin mauris, a luctus risus varius in. Proin eget quam urna, vitae viverra diam. Phasellus eget ante et quam commodo sodales. Vivamus placerat hendrerit dolor, eu imperdiet mi volutpat pulvinar. In ut massa ac risus elementum pretium mattis et elit. Maecenas vel nibh et ligula vehicula consectetur ut dignissim libero. Ut felis ipsum, tristique in faucibus in, aliquam eu est.

Vivamus congue turpis in augue pellentesque scelerisque. Pellentesque aliquam laoreet sem nec ultrices. Fusce blandit nunc vehicula massa vehicula tincidunt. Nam venenatis cursus urna sed gravida. Ut tincidunt elit ut quam malesuada consequat. Sed semper purus sit amet lorem elementum faucibus. Aenean nec semper sem. Ut quis ligula eget purus mollis dictum eu vel odio. Curabitur eu dignissim velit. Duis aliquet bibendum libero, eu tristique arcu dapibus vitae. Pellentesque pellentesque enim eget leo viverra sed egestas dolor pulvinar. Quisque in sollicitudin lacus. Mauris congue mi eu nunc tempor volutpat. Nulla facilisi.

Ut sit amet dui erat, et iaculis justo. Vestibulum commodo mollis ullamcorper. Aliquam arcu leo, mattis sed laoreet ac, ultrices eu orci. Curabitur congue eros ac turpis ultrices mattis. Etiam iaculis aliquam ornare. Donec tincidunt, tellus a ultricies consequat, purus est fringilla turpis, ac vestibulum enim tellus a eros. Fusce ipsum magna, placerat sed molestie ac, semper eget mauris.

Leave your comments

Post comment as a guest

terms and conditions.

Comments (2)