Especially since the start of the financial crisis, spanish Banks have been introducing abusive clauses in loan contracts, specifically in mortatge loans, that have violated consumer rights as the Courts have repeatedly stated in this Country.
There are more, but basically, the following clauses are the most frequently classified as abusive:
1.- Early termination clause ("vencimiento anticipado"): allows, in a long-term loan, and after a slight breach of the consumer, that the Bank demand the totality of the money borrowed with loss of the postponement.
2.- Delay interest clause ("interés de demora"): establishes a higher interest rate than the ordinary rate for the case in which the consumer fails to pay the installments at the time. Interest rates of 25% and even higher have been established.
3.- Ground clause ("cláusula suelo"): this clause guarantees a minimum interest rate limit on variable interest loans so that, even if the ordinary interest rate is below, this limit will always be applied.
4.- Clause of taxation of expenses ("imposición de gastos"): the bank imposes to the consumer the payment of all expenses generated by the mortgage loan, such as Notary, Property Registry, Taxes, and Management.
Claims to Banks by clients are becoming widespread in Spain, and in many cases the return of significant amounts of money, especially in the case where Judges annul clauses 3 and 4. It is important to know that the claims have a certain period after which the consumer loses the right to formulate it, so it is important to go as quickly as possible to a Lawyer with expertise in these matters in order to file the corresponding claim.
1.- Early termination clause ("vencimiento anticipado"): allows, in a long-term loan, and after a slight breach of the consumer, that the Bank demand the totality of the money borrowed with loss of the postponement.
2.- Delay interest clause ("interés de demora"): establishes a higher interest rate than the ordinary rate for the case in which the consumer fails to pay the installments at the time. Interest rates of 25% and even higher have been established.
3.- Ground clause ("cláusula suelo"): this clause guarantees a minimum interest rate limit on variable interest loans so that, even if the ordinary interest rate is below, this limit will always be applied.
4.- Clause of taxation of expenses ("imposición de gastos"): the bank imposes to the consumer the payment of all expenses generated by the mortgage loan, such as Notary, Property Registry, Taxes, and Management.
Claims to Banks by clients are becoming widespread in Spain, and in many cases the return of significant amounts of money, especially in the case where Judges annul clauses 3 and 4. It is important to know that the claims have a certain period after which the consumer loses the right to formulate it, so it is important to go as quickly as possible to a Lawyer with expertise in these matters in order to file the corresponding claim.
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