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EU ENDORSE MASS ACTIONS FOR OVERPAYMENTS OF MORTGAGE INTEREST

Residents with mortgages in Murcia paid some 733 million euros extra to their lender under the «clausula suelo,» by which banks imposed a limit on reductions of interest when the euribor fell in the 1980´s.
The Consumer and Users Non Profit Association, Adicae, are celebrating the decision of the EU Tribunal of Justice which, after 13 years of litigation,  recognises the right of groups of consumers to recuperate amounts of interest charged to mortagees under the clausula suelo.
Moreover they have announced a week of «open doors» and encourage residents who may be affected to visit their offices in Calle Laurel in the town of El Puntal to get further information.
The EU Court decision recognises the obligation to incorporate the collective demands and has charged the Supreme Tribunal of Spain to establish the procedure.
The Supreme Tribunal had already recognized the obligation of lenders to refunds monies charged under this abusive clause to individual clients but had raised doubts about collective claims. Adicae state that before this new judgement 98.8% of individual cases were resolved sucessfully: not only those who had claimed through the courts but also those made directly to their lender.

Editors Note
The «clausula suelo» was a practice during the property and mortgage boom of the 1980´s by which some banks, without advising their clients, imposed a downward limit on mortgage interest, thus depriving their clients of decreases in mortgage interest in line with the fall of the Euribor. This has been declared by the Courts as abusive and lenders have been instructed to refund the monies over paid.
Clients can approach their lender and claim the monies if they are affected. However, Adicae provide a free service for claims against lenders.
If you think you were affected by the clause you can take advantage of the Open Doors this week to aproach Adicae for assistance free of charge.
If you don´t speak Spanish it may be preferable to take someone who does with you.
Readers are, of course, able to make a claim directly to their lender and, if they are not satisfied by the result, complain to the Banking Ombudsman at the Bank of Spain. However, this must be done in Spanish.

 

NEXOnr Calasparra