More than a thousand people from all over Spain have joined the collective legal challenge, brought by the Association of Service Users of Banks and Credit Banks (Adicae), against lending institutions which impose a “floor” (clausula de suelo) on mortgage interest rates.
The Judge hearing the case has already ruled that imposing a fixed bottom rate on a mortgage interest which is unrelated to the Euribor is “abusive.”
The Secretary General believes there are four million people in Spain affected by this “abusive clause” and expects more people to join the action before the end of March deadline.
Adicae claims the floor on mortgage rates, generally imposed on mortgages between 2003 and 2009, has cost borrowers some 3,000 euros annually.
The list of banks and credit banks which have employed this clause features in the previous article on this webpage. Any reader affected should contact Adicae immediately in order to join the action. In case of doubt seek advice from the Municipal Consumer Office in Calle Mayor.
