The ECJ have made their decision...........
All monies affected by the "floor" (suelo) clause must be reimbursed by the banks. Spain had already agreed going back to 2013. Now they must go to the beginning of the mortgage.
The cost to banks is about 6 billion euros. The public will pay for it in increased charges.
Bad decision in my view. As it implies that no brain nor intelligence is required when signing a contract. We're becoming more like Cuba everyday.
I disagree. If you need a mortgage and all lenders include the same clause then you just have to bite the bullet and sign on the dotted line.
https://www.ft.com/content/8e5fb9f2-c760-11e6-8f29-9445cac8966f
In 2013 it was estimated that approximately 9000 mortgages in Fuerteventura were affected by this overcharge. Great news. :D
http://mobile.reuters.com/article/idUSE8N1CN00E?feedType=RSS&feedName=governmentFilingsNews
If you keep an eye on the ADICAE website you will find out how to reclaim your money . I had a quick peek and they have organised meetings in Las Palmas so there should be an update soon. http://afectadosclausulasuelo.org/
Quote from: calculator on December 22, 2016, 15:26:12 PM
The ECJ have made their decision...........
All monies affected by the "floor" (suelo) clause must be reimbursed by the banks. Spain had already agreed going back to 2013. Now they must go to the beginning of the mortgage.
The cost to banks is about 6 billion euros. The public will pay for it in increased charges.
Bad decision in my view. As it implies that no brain nor intelligence is required when signing a contract. We're becoming more like Cuba everyday.
I certainly understood the clause when i took out my mortgage.what i did not realise was that it was illegal, and shouldn't be included.Am i now wrong to expect to be re-imbursed for the banks wrong doing? No doubt you believe that all those that have claimed back PPI were foolish as well?
Quote from: TheCooler on December 23, 2016, 14:32:36 PM
Quote from: calculator on December 22, 2016, 15:26:12 PM
The ECJ have made their decision...........
Bad decision in my view. As it implies that no brain nor intelligence is required when signing a contract. We're becoming more like Cuba everyday.
How does it imply that, if you believe any where near 90% of people scrutinise all the small print in contracts what ever they are,you are living in a fantasy.
Further why is it a bad decision? The Banks operated illegally, and have been found out and it is going to cost them
Does anyone have any idea what claims could be worth?
I realise there are a lot of factors and each would be different.
In the Uk if you are owed monies you can charge 8% interest per year owed
does the same apply to Spain? Ive looked on-line and can't find anything
definitive. Thanks fifi I will keep an eye on the ADICAE website.
I hope the Spanish Givernment have enough money to rescue these banks!
With regard to the original post I find it amazing how the new culture of blame the victim rather than the perpetrator is now so prevalent. Truly astonishing.
Quote from: decho on December 28, 2016, 12:32:40 PM
I hope the Spanish Givernment have enough money to rescue these banks!
Im not sure they do have enough money. I can see them offering deals to reduce your mortgage rather than paying you a lump sum. That way they don't need to find the cash
Quote from: jill tie on December 28, 2016, 11:47:48 AM
Does anyone have any idea what claims could be worth?
I realise there are a lot of factors and each would be different.
In the Uk if you are owed monies you can charge 8% interest per year owed
does the same apply to Spain? Ive looked on-line and can't find anything
definitive. Thanks fifi I will keep an eye on the ADICAE website.
.........................
I think it was up to 3000 per year Jill but would need to check my posts on the old Forum if they are still available.
Hi,
not heard of or used ADICAE before , is it a case of registering and following info on the sight.
we have had a mortgage with solbank for 7 years approx so wondering what this will mean to us
thanks
ADICAE are the Consumer organisation for financial institutions. When all of this came out around 2012/2013 they were representing groups of five or more.
If you look on the banking section on the Forum you can read the old threads. I have not kept up to date with all of it but have read on the ADICAE site that you are not to accept any offer from the Banks before getting it checked out first because it can make your claim invalid. There was a meeting organised in Las Palmas on 28th December as far as I can remember so hopefully they will post details, or you could make contact yourself and see what is happening.
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fafectadosclausulasuelo.org%2Fmobile%2Fsimulador-datos-pruebas.php%3Faction%3Dform%26result%3Doff%26opcion%3D1&edit-text=&act=url
The link above shows how to estimate the amount due to be repaid to you.
Quote from: fifi on December 29, 2016, 19:51:28 PM
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fafectadosclausulasuelo.org%2Fmobile%2Fsimulador-datos-pruebas.php%3Faction%3Dform%26result%3Doff%26opcion%3D1&edit-text=&act=url
The link above shows how to estimate the amount due to be repaid to you.
Hi Fifi,
Thanks for the form, but it doesn't seem to work for me. Does it give you and instant result?
keep saying form sent? (tried 3 times)
I can't get it to work >:( :'(
I didnt try it myself. Does this Spanish one work? http://afectadosclausulasuelo.org/simulador-datos.php?action=form&result=off
News articles .... https://translate.googleusercontent.com/translate_c?act=url&depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&sp=nmt3&tl=en&u=http://www.elperiodico.com/es/temas/clausula-suelo-11690&usg=ALkJrhhpuOs7ixqvonVMfVrDDOBO4Q3qkA
Another good article here. http://www.spanishpropertyinsight.com/2016/12/24/boomtime-mortgage-borrowers-get-thousands-back-european-court-justice-opens-floodgates-claims-banks-abusive-mortgage-clauses/?utm_source=Spanish+Property+Insight+News+Bulletin&utm_campaign=631a105127-SPI_NB311216&utm_medium=email&utm_term=0_5c1bbc37e8-631a105127-137967545
It looks like people will have to engage a lawyer to make any claims. The courts should have directed the banks to refund all affected customers directly!!
Even more money to be reimbursed now it seems. :)
http://www.spanishpropertyinsight.com/2017/01/15/banks-now-also-hook-mortgage-set-costs/?utm_source=Spanish+Property+Insight+News+Bulletin&utm_campaign=3de6079a39-SPI_NB150117&utm_medium=email&utm_term=0_5c1bbc37e8-3de6079a39-137967545
Hi ,
has anyone made any progress on reclaiming any money owed by the bank ?
Its strange but last year i got a letter out of the blue from solbank saying they would
fix my mortgage at the current rate for the remaining term of the mortgage.
i wonder if my claim for the floor clause would of been void if i had of accepted it .?
scorpio
It's been in the news this week. Looks like they may make banks deal with it automatically. Hold fire and see what comes of the debate.
I know someone who successfully claimed Scorpio. According to ADICAE your claim would have been rejected if you accepted . They recommended that the Banks offers should not be accepted for that reason.
.......................
About 1.5 million Spanish bank customers who were sold mortgages are entitled to seek their money back in the courts
The Spanish government is to give banks three months to reach agreements with customers who were sold mortgages with an interest rate floor or face a wave of legal claims as well as a potential multi-billion euro hit.
Economy Minister Luis de Guindos said the settlement proceedings would be free of charge for customers.
These home loans had an interest rate that could not fall below a certain level, which meant customers missed out when rates dropped below that floor.
In December, the European Court of Justice said the banks must repay customers over â,¬4 billion in relation to these mortgages, overturning a Spanish court ruling that had put a cap on what banks should pay.
About 1.5 million customers who were sold those mortgages are now entitled to seek their money back in the courts.
This could potentially create a new legal headache for Spanish banks which are recovering from a crisis that has cut their numbers from around 50 four years ago to a dozen now.
The banks are expected to compensate customers for what they lost.
But most banks want to avoid making a cash payment upfront and instead may offer an interest cut on the mortgages to spread the cost over a longer period, banking industry sources said.
Under the scheme being discussed by the centre-right government and the opposition socialists, it would be up to the bank to get in touch with customers and offer them a settlement.
If after three months no deal has been reached, customers would then still be able to file a complaint.
The new regulation is due to be approved tomorrow.
https://www.rte.ie/news/business/2017/0119/846075-spain-to-give-banks-3-months-to-fix-mortgage-crisi/
Did anyone understand what was on the news this evening about this issueâ"
Quote from: Snowdrop on January 23, 2017, 22:50:48 PM
Did anyone understand what was on the news this evening about this issueâ"
What was on the news?
Ha ha Jill Tie - I don't know Cos I didn't understand the spanish 😂
Latest update: Bankia announced that they will make refunds to all their customers, swiftly. Just visit your branch from Feb 03. They will not await the final court ruling. :)
I guess the others will follow their lead.
I still haven't got a clue what this may be worth. Has anyone had any sort of figure and know how it was worked out?
Out of curiosity...what interest rate are people currently being charged from their banks?
We are with Solbank and are currently paying 3% interest. Has anyone heard anything from Solbank yet ?
Also with Solbank....Paying 3.75% for 10 out of the last 12 years. 2008 - 2009 I was paying 4.25% (variable). That's why I was asking what other people have paying as a comparable.
We are with solbank and haven't heard a thing
Quote from: paul and sue on February 02, 2017, 14:54:47 PM
We are with Solbank and are currently paying 3% interest. Has anyone heard anything from Solbank yet ?
Quote from: F1REFLY999 on February 02, 2017, 16:35:41 PM
Also with Solbank....Paying 3.75% for 10 out of the last 12 years. 2008 - 2009 I was paying 4.25% (variable). That's why I was asking what other people have paying as a comparable.
You both sound like you have floor clause mortgages. I was paying 4% I am now paying 0.988%. Firefly the reason you paid more pre 2009
was because the rate was higher than your fixed rate of 3.75%. I think the minimum you should do is ask for the clause to be removed. They may ask you to sign away your rights to claim compensation. I refused and they removed the clause any way.
Just found an email from Solbank from 2013 when I first enquired about the rate I was paying:
Your interest wasn't change due the minimum interest rate you have on your mortgage. In this case the minimum is always 3,75% and maximum 12%. This is the clausula floor signed on your mortgage.
I have arranged for a meeting on the 20th >:(
In 'El Pais' today:
Spain`s banks must give clients full refund for “abusive†mortgage clauses
Spanish Supreme Court ruling will see lenders having to also repay clients for pre-2013 payments
Spain`s Supreme Court has ordered the country`s banks to refund their customers all the money they earned from applying so-called floor clauses (cláusulas suelo) that set a minimum interest rate borrowers would have to repay on mortgages, even if the benchmark rate â€" normally the Euribor â€" dropped below it, as happened sharply from 2009 on, but that customers with these loans were unable to benefit from.
Spanish courts have ruled that references to floor clauses were often hidden deep within contracts and addressed only in small print.
Until now, Spain`s banks were only required to annul these clauses from May 2013, following a Supreme Court ruling that year. They will now have to pay back earnings dating back to 2009, when they first introduced the clauses, an amount estimated at between â,¬3 billion and â,¬5 billion, and affecting some 2.5 million mortgage holders.
The banks will have to pay back up to â,¬5 billion
The Supreme Court has followed the sentence reached in December by the European Court of Justice, which said the Spanish court`s 2013 decision to limit refunds â€" a ruling made to protect a debt-ridden Spanish banking sector still reeling from the bank bailout â€" “failed to provide complete protection†to consumers†and “did not constitute an adequate and efficient means of an end to abusive clauses.â€
BBVA, La Caixa and Banco Popular are thought to be most exposed in the wake of the ECJ‘s decision, with the main focus on Banco Popular after the departure of long-term chairman Angel Ron in the wake of the institution`s poor performance. Bankia has announced it intends to refund charges to all of its mortgage holders affected by floor clauses.
In mid-January, in the wake of the ECJ ruling, the Spanish government and the main opposition Socialist Party (PSOE) agreed on a mechanism for the refunding of charges owned to bank customers. Among the measures included in the legislation is the requirement for banks to inform all clients who have floor clauses in their mortgage terms that a claims process has been opened, one that will be considered voluntary.
As well as returning the overcharged money due to the floor clause, the banks will also have to pay out interest on the capital. The mechanism will have to be in place a month after it is approved by the government. Once the bank has received the claim from the client, it will have three months to present an offer. If an agreement is not reached in this time, the mediation process will be understood to have concluded, and the client can seek legal recourse.
not sure if any of this is 'new' info but thought I would post it just in case.
Tamara I have documented proof that my contract from 2004 had a hidden floor clause included...I am visiting my local Solbank on Monday so will update asap
Eye on Spain have some great articles about reclaiming. The Lawyer Maria in her blog said that people with a 130K mortgage should get around 15K back on a 30 year mortgage.
"We would need to review your mortgage documents to give you exact figures.
However as an example:
If you took out a 130,000 Euro mortgage in 2006 over 30 years at an interest rate of Euribor + 1% and had a Floor Clause of 4.25%, your monthly mortgage payments with the Floor Clause would be around 675 Euro. If the Floor Clause was removed then currently you would pay around 475 Euro per month, a saving of around 200 Euro per month. The overpaid interest on the above example would amount currently to around 15,000 Euro.
See website for complete article and further articles on her blog .https://www.eyeonspain.com/blogs/costaluz/16982/legal-tip-1426-remove-the-floor-clause-from-your-mortgage-and-claim-a-refund-of-overpaid-interest.aspx
Also it looks like bank set up charges might be refunded . Mine were around 680 at the time on a 108K mortgage. When I switched Lawyers (previously with Glex &Co. Rosario) my new Lawyer said that they should not have agreed to those charges and that he could have had them abolished had he been representing me at the time. So dont forget to look into those too when claiming a refund.
Good luck everyone. :)
Also from the Legal blog on Eye on Spain.
Legal tip 1427. Questions and answers on extrajudicial (out of court) procedure for the return of overpaid interest due to floor clauses in Spanish Mortgages
27 January 2017 @ 11:45
How to claim a refund of overpaid interest due to floor clauses in Spanish Mortgages
These steps need to be followed:
1.- Claim to your bank office/branch
2.- The bank must send to the consumer the calculation of the amount to be returned, including interest or, where appropriate, the reasons why it considers the claim is not appropriate.
3.- Upon receipt of the communication, the consumer must state whether he agrees with the calculation and, if he does, the bank will return the agreed amount either by crediting the customers bank account or by reducing the amount of the outstanding mortgage.
The whole process must be completed in a maximum period of three months
Can I claim if my mortgage has already been paid off?
Yes, you can. Deadline for the claim is 15 years.
Can I claim if I have already received a refund of overpaid interest from the date of the Spanish Supreme Court Sentence in May 2013?
This matter will depend on a new Court ruling by the Supreme Court which is expected to be issued in the next couple of months.
My bank has informed me that my mortgage has a floor clause. Does that mean the Bank is also refunding voluntarily?
No. The Royal Decree makes it obligatory for Banks to “ensure that this system is known by all consumers with floor clauses in their contractsâ€. However, it also clarifies that Banks will only do the calculation of the amount to be returned to those customers who they consider need to be repaid. Banks will inform other customers why they consider they should not be refunded. Banks may refuse to refund the amounts if the bank believes that the customer was a financial professional who was fully aware of the clause and/or that the bank fully and transparently informed the customer at the time of taking out the mortgage about the inclusion of the clause in the mortgage and its effects.
When is a Floor Clause transparent?
a) The consumer must have been expressly informed that when the variable interest rate linked to the Euribor goes lower than a determined point, the interest rate effectively becomes fixed at a higher rate.
b) The consumer must have been informed that with a Floor Clause he will not benefit from the drop in the EURIBOR below a certain point.
c) The consumer must have been informed in a clear and transparent way regarding the inclusion of the clause.
d) The consumer must have received information on other products without a floor clause as a comparison before accepting the mortgage.
If the bank is not going to give me back the money, should it still provide me with the calculation of how much extra I have been charged due to the clause?
No. They will only provide the calculation if they consider that the inclusion of the clause in the mortgage was not transparent.
Will all customers receive their refunds in cash/credited to their bank account?
The first offer must be in cash/credited to the customers bank account, however the customer and the bank may agree on different compensatory measures, such as a reduction in the amount outstanding on the mortgage. In this case, the acceptance by the client will be in writing, having been duly informed of the economic value of the alternative measure.
What are the consequences of initiating the claim with the bank?
According to the decree, “the consumer may decide to go to court directly but once the extrajudicial proceeding has been initiated and until it has been resolved, the parties may not exercise any alternative judicial or extrajudicial action in relation to the same claimâ€.
Is the procedure with the bank free?
The extrajudicial claim procedure is free. There is also a substantial reduction of notary and registry fees resulting from amending the mortgage contract that may result from the acceptance by the client of alternative measures other than cash repayment.
What if I have sued the bank and now I want to negotiate with them?
Those judicial proceedings that are already in progress can be, by mutual agreement, suspended to submit the claim to the extrajudicial procedure.
Can I go to court after negotiating with the bank?
Yes, although you must wait until the out of court/negotiation process is completed. In regards to court costs, mechanisms are established in the Royal Decree that encourage the entity to resolve properly and in good faith.
If the consumer claims against the bank in court after failing to reach an agreement in the out of court/negotiation stage and the judgment that he obtains is economically more favourable to him, the bank will be ordered to pay legal costs.
On the other hand if the consumer goes to court directly without using the out of court/negotiation procedure and the bank fully settles prior to the process of answering the claim, the entity will not be ordered to pay costs
Can I pay costs if I go to trial?
Yes, if a customer claims in court and the judge grants an amount lower than what was offered by the bank, the judge may see bad faith in the need for going to court and the Judge may not impose costs on the bank. Therefore, you will pay your own legal costs.
Will taxes be paid after receiving the money claimed?
It is not clear at all. For the time being, the Government has said that in order to adapt the tax treatment of the amounts received, “The IRPF Law will be reformed so that, in case of refund of amounts wrongly collected by floor clauses, either by agreement or by judicial or arbitration decision, fiscal neutrality is ensured to the buyerâ€
This one is about how the Banks may have to reimburse for mortgage set up costs etc
El blog de Maria
Your daily Spanish Law reporter.
Legal tip 1428. Santander, BBVA, Caixa & Bankia are coordinating on a new mortgage deed standard template
01 February 2017 @ 13:29
Four of Spain`s biggest banks, Santander, BBVA, CaixaBank and Bankia, have taken account of the legal challenge regarding the floor clauses and have launched an image cleansing operation that will, among other aspects, implement a new generalized model of mortgage deeds in Spain.
The objective is for the Bank to assume some of the administrative costs related to opening a mortgage, which until now have been automatically imposed on the borrower.
A recent Court decision by the Supreme Court has called into question the situation where all mortgage opening costs are imposed on the borrower, including taxes, commissions and other costs incurred in preparing, rectifying and processing mortgages. The Supreme Court has been particularly incisive in dismissing two appeals filed by BBVA and Banco Popular against a complaint filed by the Consumer and Users Organization (OCU).
The big Banks have set up a working group with the collaboration of the AEB (Spanish Banking Association) to find a solution that can be adopted by common agreement among the main financial groups in the country.
The Supreme Court finds that the guarantees incorporated in the deeds are adopted for the benefit of the lender, which does not allow reciprocity when distributing these types of expenses, which usually always fall on the client. This criticism has been instrumental in the proactive attitude of banks to change contract models and to avoid future court cases.
To that end, the expenses of the Property Registry, which ensure the rights of the creditor against third parties, are directly assumed by financial institutions.
The other two large items that decisively increase the cost of mortgages are notary expenses and Stamp Duty; this last one being the most important of all charges that a holder of a housing loan has to assume. At the moment, banks do not seem so committed to the cause of admitting responsibility for such expenses, but it is very likely that social pressure results at least by establishing agreements to distribute the amounts in the future, so that the client only has to assume half the bill that involves the contracting of a mortgage loan.
Financial institutions expect the forthcoming Supreme Court rulings to recognize these efforts with borrowers and help determine Supreme Court case law in a less negative sense for their interests. Not surprisingly, this new attack on the Banks could cost around 18 million euros, a figure resulting from multiplying the six million mortgages registered for the 3,000 euros that, in round numbers, formalization costs imply. In short, a hole that, taken to its final consequences, is four times more than the famous floor clauses.
Does anyone know if there is a standard letter to send to the bank?
There probably are some to be found on the net. If I come accross one I will post it here for you.
Hi fifi
am I reading this right does the Bank have to get in touch with me within three months.
Many Thanks
Sean J.
Further update
Went in to see the manager at Solbank Caleta today, had to fill in a claims form (no official forms) so had to borrow a piece of paper and a pen. Wanted my mortgage details and an official signature, stamped and sent off to their customers service department. I asked for the floor clause to be removed instantly but was told I would have to wait to see what the customer service department said :o
She did state that's the claim only went back to 2013.....we will see what develops!
Quote from: Séan J. on February 22, 2017, 11:22:19 AM
Hi fifi
am I reading this right does the Bank have to get in touch with me within three months.
Many Thanks
Sean J.
Hi Sean I think you have to get in touch with the Bank yourself first . They then get back in touch with you and if you qualify they have a period of three months to sort it out to your satisfaction. At least that is my interpretation of it.
Got to comment on how helpful Tamara and FIFi are - a huge well done and thanks for your posts 😃
Another update from Eye On Spains resident lawyer, Maria
Legal tip 1431. Floor Clauses â€" Supreme Court confirms refund of ALL overpaid interest
21 February 2017 @ 12:26
Following the Sentence issued by the European Court of Justice in December 2016 regarding the retroactive effect of nullity of abusive Floor clauses (Cláusula Suelo), Spain`s Supreme Court has now ordered Spanish banks to refund their clients all the money they over-paid due to the Floor Clauses. The Supreme Court Sentence was issued on 15 February 2017. The full text of the Supreme Court Sentence has not yet been published, just an abstract of the decision is known at present.
What is a floor clause?
These clauses set a minimum interest rate that borrowers would have to repay, even if the reference index (Euribor) dropped below the minimum interest rate, as happened from 2009 onwards. Therefore mortgage holders with this clause in their loan were unable to benefit from the fall in the Euribor.
It is not specifically the Floor Clause that is illegal but the way it was included in mortgage contracts without its effect being fully explained to the customer. This lack of transparency and lack of information is the reason this clause is deemed abusive.
What does this New Court Supreme Court ruling add?
With this February 2017 Court sentence, Supreme Court Case Law is now clear on the refunds that are due if a Floor clause is considered abusive due to a lack of transparency. Refunds must be paid from day one of the client being overcharged, instead of only from May 2013 as was decided by our Supreme Court back in 2015. Legal interest will also be applied to all refunded amounts.
How should I Claim?
A refund procedure is being prepared by the Government. Once the bank has received the claim from the client, it will have three months to present an offer of settlement. If an agreement is not reached in this time, a judicial action (Lawsuit) will be necessary. Special Courts are also being created for these cases.
As an additional note: if you are currently negotiating giving the property back to the bank (Dation) or are in the process of a repossession procedure, the existence of a floor clause can help the efforts to succeed.
hi we paid our morgage for 10 years then we paid it off will this affect the bank debt
Quote from: wavell ave on February 25, 2017, 17:05:52 PM
hi we paid our morgage for 10 years then we paid it off will this affect the bank debt
Cant see why it would effect what you are owed. Whatever you have over paid should be refunded with interest. In the Uk that is 8% per annum not sure what it would be in Spain
Hi ,
just wondered if anyone had heard anymore regarding the floor clause ?
Did the same as firefly and went into solbank.
word for word the same except they would not accept our our claim on lined paper (strange )
they said they would be in touch in the next week or two.
we will see.
scorpio
Was also told I would hear within a week.....but still nothing from Solbank >:(
I figured that might be the case firefly.
Has anyone heard of any of the banks paying out what is owed yet ?
I guess the next step is a few gentle reminders ,then legal action.
Did you get any offers to freeze your mortgage rate before all this came out firefly ?
regards scorpio
I was offered nothing from the bank...even when I asked for the clause to be removed immediately I was told that this could not be done until it went through customer services. My suspicion is that the reduction in your interest rate will be a bargaining tool regarding off setting any money owed to you by the bank.
we did not accept the banks offer of a fixed rate as we were told this would invalidate any floor clause claim as you are effectively changing your mortgage conditions.
i tried contacting solbank at the time to explain this but they would not reply to any emails i sent.
I know it will be a long slog but may be worth it in the end
We refused Solbanks fixed rate offer.
They really are a bunch of idiots... They're fixed rate offer was the same rate that i am paying now with the floor collar.
So a saving of â,¬0, you couldn't make it up.
I am with Banco Popular and 2 years ago they agreed to remove the clause temporarily for 3 years. I have spoken with their Head Office in Madrid and i can go in to any Branch to sign a document which puts the wheels in motion. It is best to go to the Branch where the mortgage was taken out, so i have contacted Caleta Branch and will go in early April to sign the document. They then have 3 months in which to make a decision.
I will also be pursuing initial set up costs and the fact that i had to take out a small pension and life insurance in order to secure the mortgage 10 years ago.
We are also with Banco Popular, we got the same letter I think, we have a meeting with our Solicitor next week,to let them sort it out as they were the ones who signed for our mortgage.
Has anyone had any money back or even a response from their bank yet? I believe they have 3 months to respond and as the ruling was made in December isn't their time up?
Hi jill
we went to Solicitor filled out form she said its 3 months from time of lodgement.
Latest comments are on this thread - http://www.fuerteventura-forum.com/index.php?topic=13237.120
Hi all,
can anyone recommend a lawyer to deal with the mortgage clause reclaim please.
we have been to solbank in person .
wrote the letter ,got the stamp,got the understanding smile and nods but got no response.
thanks scorpio
BUFETE GONZALEZ SEGURA
C/ Secundino Alonso, 75 oficina 6
35600 PUERTO DEL ROSARIO
FUERTEVENTURA
Teléfono: (+34) 928 858712
Fax: (+34) 928 530287
E-mail:abogados@bufetegonzalezsegura.com
www.bufetegonzalezsegura.com
Hi SJ
did you use this lawyer in connection with a floor clause claim ?
regards scorpio
Hi scorpio
yes we are using them.
Thanks SJ
we are back next week and may get in touch with them after i have been back to solbank.
thanks scorpio
Sent an email to Sabadell customer services last week requesting an update on my claim.
Received an email this morning stating that claim process had changed and I had to return to the local office.
I then sent an email to Martina...who sent this reply:
"I have checked your claim and it is correctly in process. We are waiting to get the offer details from the department. As soon I have any news I will let you know"
???
In other words. They are doing anything & everything to delay any payouts, either in the hopes the law change may be contested or you will get bored & stop trying to get money they are obviously entitled to back from them (sarcasm) 😏😏
Heard today from a local lawyer in corralejo that claims are being dealt with now at branch level and solbank are settling.Watch this space masssive queue in corralejo branch this morning.
That all sounds promising.
we will be going into solbank next week
to try and gee things up.
if no response then a lawyer is the next step.
Hi
went to see solbank this week regarding our claim.
was told we should hear something in the next month.
24 hours later we got a phone call saying could we go in
as the offer had been sorted.
went in to the branch and they kindly offered to fix my mortgage at a rate
above the floor clause rate for the duration of the mortgage.
or just remove the floor clause and thats it ( this is to help customers out as the mortgage clause is not ilegal we were told )
they were very keen to get us to sign up for the splendid offers.
so helpfull
regards craig
Thought they had moved on from that lame tactic.
i have now refused there offer and now have a voicemail asking me to contact them as there is another option available.
this is getting silly.
anyone else heard anything from there banks ?
My lawyer is still in a battle with Solbank. A gestor has worked out how much I am owed, and it is being presented to the bank. I don't think I'll have money in my pocket very soon.
Quote from: Captain Sensible on May 18, 2017, 10:54:41 AM
I don't think I'll have money in my pocket very soon.
That wins the 'realistic post of the year award' :)
I wonder if Spanish mortgage holders are having the same problems?
I'd be interested to know. ::)
Now been given official claim paperwork from the branch.However they are still stressing 3 months before an official response.
hi con
did you get any offers to remove the clause before the official claim form ?
a few months back the usual long term fixed rates above the correct rate and sighning away any rights to reclaim.It would be interesting to know how this situation is playing out with our bank in mainland Spain and the other canary islands.
We are with Solbank.Is there a way to sign a claim form without physically going into the branch,as we do not get out to Fuerteventura as often as we would like to.
I was advised by the branch they would only accept claims delivered in person.
Probably an arbitary requirement to make claiming as challenging as possible in the hope that people will not bother.
Quote from: blackandwhites on May 23, 2017, 16:28:56 PM
We are with Solbank.Is there a way to sign a claim form without physically going into the branch,as we do not get out to Fuerteventura as often as we would like to.
I'm with Banca March and they now have an on-line form you can fill in. Its in Spanish and doesn't translate.
Not sure if other banks have something similar. I only found after I spoke with the branch and I was directed to it
maybe Solbank (Sabadell) have something?