Hi - I have had a mortgage with BBVA since 2003 and its one that tracks 1.25% above Libor. I am just about to redeem this mortgage and realise that they have been charging me way above what it should be - I am going to get my brief to look into this - has anyone else had the same problem ( we are talking about thousands of euros here !! )
I ve just seen the other thread on this - any advice/update would be much appreciated 8)
I have a Mortgage with Solbank and they also charge this floor clause I am awaiting an update as well on the other thread. I think all of those affected should get together as a group and take a legal action.
The best publication to read for updates is the ADICAE website. http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fadicae.net%2F&act=url (http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fadicae.net%2F&act=url)
See also....
http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fasuapedefin.com%2Fcategory%2Fresoluciones-judiciales%2Fotras-sentencias%2Fclausula-suelo-otras-sentencias%2F&act=url (http://translate.google.com/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fasuapedefin.com%2Fcategory%2Fresoluciones-judiciales%2Fotras-sentencias%2Fclausula-suelo-otras-sentencias%2F&act=url)
BBVA have been ordered to reimburse some clients...........see article in second link UKBossman. :)
If you look in the "Sentences" section on the last link you will be able to get up to date information on individual cases also.
Thanks again fifi Up to speed as usual
Quote from: ocart on March 04, 2013, 13:07:13 PM
Thanks again fifi Up to speed as usual
You are more than welcome Ocart. Good luck with it. :)
I was just reading Roundtown news. A legal company have offered to check anyones mortgage deeds FREE on the mainland so perhaps some Forum members might be interested in scanning off a copy to them. See article in this link. http://www.roundtownnews.com/rtn-features/rtn-legal/item/41005-do-you-have-a-mortgage?-is-there-a-mortgage-floor-rate-clause-on-it?-if-so-is-it-abusive?.html (http://www.roundtownnews.com/rtn-features/rtn-legal/item/41005-do-you-have-a-mortgage?-is-there-a-mortgage-floor-rate-clause-on-it?-if-so-is-it-abusive?.html)
Once again in your debt fifi. I have e mailed those people and will post the response I get.
Michael
Great....looking forward to hearing about how you get on Michael. When I first started researching this situation last year I read that in some cases individuals had been overcharged by as much as €5000 per property so it is definitely worth a shot. :)
For anyone who is new to the Forum................it is estimated that 9000 mortgages in Fuerteventura have illegal bank clauses.....a very high number considering that the population of the Island is usually around 100,000.
Thanks Fifi - I have had BBVA in court recently over another item that I thought was bulletproof and I lost and went back to appeal twice and lost those also - costing me 22000e !!! I am determined to get justice as they seem to do what they like - I am coming out to the island tomorrow for a week and am meeting with my solicitor to sort it - thanks again for your assistance
If i get the chance to purchase on the island i will be speaking to you Fi,you are a wealth of knowledge and someone i feel i could really trust,hope all well and you have a great Paddy's Day,be sure,i will............. ;D ;D :-*
Good luck UkBossman. Thanks Paddster. The St. Patricks Festival starts in a couple of days and lasts about a week. It is always great. Have a good one yourself. :)
http://www.roundtownnews.com/rtn-features/rtn-legal/item/39868-mortgage-floor-rates.html (http://www.roundtownnews.com/rtn-features/rtn-legal/item/39868-mortgage-floor-rates.html) ....another article on the subject.
http://www.fuerteventura-forum.com/index.php?topic=15219.0 (http://www.fuerteventura-forum.com/index.php?topic=15219.0)
Breaking news at the moment....The Supreme Court have declared that ground clauses are null and void....
http://translate.google.ie/translate?sl=es&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.eleconomista.es%2Fvivienda%2Fnoticias%2F4688326%2F03%2F13%2FEl-Supremo-declara-la-nulidad-de-las-clausulas-en-los-casos-de-falta-de-transparencia.html (http://translate.google.ie/translate?sl=es&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.eleconomista.es%2Fvivienda%2Fnoticias%2F4688326%2F03%2F13%2FEl-Supremo-declara-la-nulidad-de-las-clausulas-en-los-casos-de-falta-de-transparencia.html)
It all seems to come down to transparency .
It seems Solbank are standing firm in their belief that its in your mortgage title you signed it so therefore the clause stays.
This ruling will change nothing. What is needed is a ruling stating definitively wether this practice is illegal in a Spanish mortgage.
It looks like there will be more news tomorrow so I will keep an eye on the papers. http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Feconomia.elpais.com%2Feconomia%2F2013%2F03%2F20%2Fagencias%2F1363789307_006274.html%3Frel%3DrosEP&act=url (http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Feconomia.elpais.com%2Feconomia%2F2013%2F03%2F20%2Fagencias%2F1363789307_006274.html%3Frel%3DrosEP&act=url)
There are Transparency Banking Laws but I havent managed to find a copy of them yet to find out the exact procedure which should be followed when offering mortgages. If I find a copy on my travels on the net I will post it here.
Another practice that cheesed me off was my wife and I having to add the total sum of our life insurance to the amount of the mortgage (upfront payment),& if we didn't take out the banks life ins the interest rate increased by .5 %.
Oh and just one more moan, an extra. .5% interest if you don't take out the banks own buildings and contents ins.
All transparent but very restrictive.
That happened to me too. I objected but was told that I could cancel the Life insurance and also the banks house insurance after the first year. The banks insurance policy was useless because it had no public liability which I needed at the time and so I had to take out an additional policy to cover me. If you want to switch make sure that you contact your bank about three months before the policy is due for renewal letting them know and also you will need to send them a copy of your new policy in Spanish.
Thanks fifi
My understanding is that it is now necessary to file a complaint deeming the floor clauses abusive.
If so what is the easiest way of this being done any comments welcome.
Hi Conair, I am reading a few translated articles here at the moment and to be honest there still seems to be a lot of confusion over the "lack of transparency" issue. As far as I can make out only three banks had their ground clauses declared null and void because of lack of transparency but the Supreme Court are not reimbursing anyone....which seems a bit odd considering that there have already been cases won in the courts for unfair clauses. If you look in the comments section (number 22) is saying that they managed to get BBVA to remove the ground clause for them. This was done with the help of ADICAE. Apparently there would be an average saving of €1200 per annum if the clauses were removed.
http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.publico.es%2F452450%2Fel-fallo-de-las-clausulas-suelo-nos-siembra-mas-dudas-que-otra-cosa&act=url (http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.publico.es%2F452450%2Fel-fallo-de-las-clausulas-suelo-nos-siembra-mas-dudas-que-otra-cosa&act=url)
Personally I think at this stage that I would get free advice if possible to see if your mortgage clauses are deemed to be lacking in transparency. http://www.roundtownnews.com/rtn-features/rtn-legal/item/39868-mortgage-floor-rates.html (http://www.roundtownnews.com/rtn-features/rtn-legal/item/39868-mortgage-floor-rates.html)
ADICAE as far as I know will only represent groups of five or more (at least that was the way it was last year when a friend of mine contacted them).
Hi Conair.... (im back again :D) there is an article (on the right, if you look at this link) about how to go about getting ground clauses removed from your mortgage. I havent had the time to read them all yet. :) http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.clausulasuelo.info%2F&act=url (http://translate.google.ie/translate?sl=auto&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&eotf=1&u=http%3A%2F%2Fwww.clausulasuelo.info%2F&act=url)
There is also a sample complaint letter for BBVA customers in that link.
Skimming through articles on the net here. El Mundo.es have an update http://translate.googleusercontent.com/translate_c?act=url&depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.ie&sl=auto&tl=en&u=http://www.elmundo.es/elmundo/2013/03/20/suvivienda/1363799897.html&usg=ALkJrhiuM-lIK1WNN3YxtElKGryG4bKErw (http://translate.googleusercontent.com/translate_c?act=url&depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.ie&sl=auto&tl=en&u=http://www.elmundo.es/elmundo/2013/03/20/suvivienda/1363799897.html&usg=ALkJrhiuM-lIK1WNN3YxtElKGryG4bKErw)
The consumer association FACUA want people to send off copies of their mortgage documents to them according to the above article.... http://www.facua.org/es/english.php (http://www.facua.org/es/english.php)
Plenty of reading material there Conair ;)
As per previous threads on this subject I have a floor on my mortgage with Sol Bank emailed a company FiFi said had advertised but no reply
Have just sent info@white-baos.com a copy of my Mortgage offer so will awiting their reply and post the response on here.
Regards
Sarah
PS once again FiFi thanks for the info
Good news white-baos.com have replied to my email asking to see a copy of my Mortgage agreement so have to collect one when I am over 17/4 and then we will see what they say
I will keep you all posted
Regards
Sarah
Hi Sarah.
Same situation as myself.
White baos have just asked for 185 euros in order to proceed with a claim.
Sure this is normal but wondered if any body else has dealt direct with this company and who has reccomended them.
Hi Conair
Did you have a copy of your mortgage? I have to wait until 17/4 to collect one it clearly says on the quote (which I do have) that there is a floor limit and the amount. 185 Euros is cheap in the scheme of things I am sure UK Bossman has posted on another of these (Mortgage Rip off)I think he said he has spent 2K up to now but that's not with Sol Bank its with BBVA. I think the best way forward is to make a group claim so if you are with Solbank thats 2 of us
I will go through both threads later and email everyone with Sol Bank (Oscat one I know of) and see if they want to join us, can you contact White Bos and ask what their total fees might be (I bet that's just to look at you documents) and if they will accept a Group claim
Regards
Sarah
Hi Conair, I subscribe to Roundtown News and that is where I found the offer to have the deeds checked for free. Other than that I have never used the company. I just thought it might be a handy way to have them checked and possibly a bit of free Legal advice.
Hi Sarah.
Yes 185 is cheap in the scheme of things and i agree a joint claim may be better.I am also with solbank.
They will not quote a total cost only that fees are 100 euros per hour.
Not so bad for lawyers really but wanted to check they are a bonafide company.
New about BBVA here:
http://www.rdtabogados.co.uk/news/news.aspx (http://www.rdtabogados.co.uk/news/news.aspx)
Thanks Antique - I ve just mailed my brief as I definitely have a case and it is substantial - I ve asked him if he will do no win no fee and then 25% of settlement as I m fed up shelling out Euros !!! It ll be interesting to see if he takes me up on it ?
Went to bank today and they have offered to reduce our floor ceiling to 2.5 the monthly repayments don't seem to have reduced much so not sure if that's eurobor plus .8 plus the 2.5 which is not so good anyone else had an offer?
Sarah, it's a start, and I think you may be the first to get any kind of offer - it is worth checking what it actually means, as 2.5% + 0.8% + Euribor (currently very low, around 0.5% I think) isn't much of an offer. What you really want is the floor limit removed completely so you just have Euribor + 0.8%, but that would be expecting a lot from our friends at Solbank.
Have they said that they will refund payments made since your floor limit kicked in?
No it is just 2.5 lower limit so that is ok as I am paying 4.5 at the moment so not a bad offer what I cant understand is that it is still a floor limit my mortgage rate remains at Eurobor plus.8
Has anyone with an of the other banks any info IE when the bank went to court and lost did they still have to apply to get their mortgage reduced or was it automatic
Also has anyone else been offer a deal with other banks?
Hi Sarah.
Not been offered anything yet.
Is your mortgage with bbva or solbank.
Thanks
Just to say I have been to bank could not get them under 2.5% as none of the cases won in court to date that I have read to date have been awarded back payments I decided to get in now rather than wait until a precedent is set when someone final takes them to court so I have signed up for that deal its still a floor clause and we did not havr to go to notary as I had expected so really it is just deal between myself and bank BUT it has stopped my leagal claim so I presume thats what they will do with anyone who starts proceedings against them very clever really as this way it could take years before anyone takes them on
Regards
Just to say I have been to bank could not get them under 2.5% as none of the cases won in court to date that I have read to date have been awarded back payments I decided to get in now rather than wait until a precedent is set when someone final takes them to court so I have signed up for that deal its still a floor clause and we did not havr to go to notary as I had expected so really it is just deal between myself and bank BUT it has stopped my leagal claim so I presume thats what they will do with anyone who starts proceedings against them very clever really as this way it could take years before anyone takes them on
Regards
Hi Sarah,
In your opinion do you think Sabadell will only reduce the collar if you start legal precedings?
Hi Sarah.
Which branch of solbank have you been dealing with and which staff member has been the most helpful.
Well done and were they aware at branch level that white baos had been making a claim on your behalf.
Thanks
Hi
Solbank in the Atlantico Centre Caleta.
White B forwarded a letter from the bank saying they wished to speak to me (why the bank did not contact me direct I have no idea) it was from Head Office and in Spanish I emailed Martina who I have always dealt with the branch and she arranged for me to go into the bank and meet someone from Head Office and Martina translated I could not get them over 2.5% so said I would think about it but after 10 days and no lower offer I emailed Martina to say OK and it took about 10 days to prepare the paperwork which was 1 page all in Spanish signed by myself and hubby and Martina for the bank
Regards
Regards
Thanks for the info Sarah.
Well done.