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Mortgage "Floor Clause" ruling

Posted: Sun Nov 29, 2020 7:27pm
4 replies168 views3 members subscribed
Joe987

Posts: 37

2 helpful points

Joined: 9 Jun 2020

Has anyone managed to have Mortage interest overpayments refunded from there Bank,due to the Spanish Court stating that these excessive interest payments where unlawful.

Anthomo

Posted: Sun Dec 6, 2020 11:30am

Anthomo

Helpful member

Posts: 62

59 helpful points

Location: Fortuna

Joined: 1 Jun 2019

Posted: Sun Dec 6, 2020 11:30am

Yes we have. When our solicitor sent a letter to our bank the bank immediately knocked off 20.000 from our mortgage! added to this it now appears that they owe us another 9000 euro of which 1/3 will go to the lawyer who instigated this for us. I don,t mind this as we would never have got anything without that lawyer.

Joe987

Posted: Sun Dec 6, 2020 12:25pm

Joe987

Original Poster

Posts: 37

2 helpful points

Joined: 9 Jun 2020

Posted: Sun Dec 6, 2020 12:25pm

Anthomo wrote on Sun Dec 6, 2020 11:30am:

Yes we have. When our solicitor sent a letter to our bank the bank immediately knocked off 20.000 from our mortgage! added to this it now appears that they owe us another 9000 euro of which 1/3 will go to the lawyer who instigated this for us. I don,t mind this as we would never have got anything...

... without that lawyer.

Thank's for the info,my bank (Sabadell) is playing hardball.If you don't mind my asking,how long,from start to finish,did your application take?

Anthomo

Posted: Sun Dec 6, 2020 2:42pm

Anthomo

Helpful member

Posts: 62

59 helpful points

Location: Fortuna

Joined: 1 Jun 2019

Posted: Sun Dec 6, 2020 2:42pm

My bank too is Sabadell but I went to a lawyer specialising in floor clauses. We had a place on the Costa del Sol.We saw them in the September, they sent a letter off and told us that it would be at least 18 months before going to court. However as we were selling our apartment we needed confirmation of our mortgage outgoings and the next thing was that we saw a drop in the percentage and a reduction of 20.000 euro that was within a few months. As I say we left it to our lawyer to deal with and true to their word on November 3rd we were told that the court had awarded for us against Sabadell to the tune of 9000 euro. The lawyer did say that Sabadell could try to prevent that and we would know before Christmas . I was more than happy that our mortgage had been reduced by so much so if we get the 9000 it will be a bonus. Best to go thro a lawyer who specializes in Floor Clauses they will tell you if you have a claim or not.

Joe987

Posted: Sun Dec 6, 2020 3:33pm

Joe987

Original Poster

Posts: 37

2 helpful points

Joined: 9 Jun 2020

Posted: Sun Dec 6, 2020 3:33pm

Anthomo wrote on Sun Dec 6, 2020 2:42pm:

My bank too is Sabadell but I went to a lawyer specialising in floor clauses. We had a place on the Costa del Sol.We saw them in the September, they sent a letter off and told us that it would be at least 18 months before going to court. However as we were selling our apartment we needed confirma...

...tion of our mortgage outgoings and the next thing was that we saw a drop in the percentage and a reduction of 20.000 euro that was within a few months. As I say we left it to our lawyer to deal with and true to their word on November 3rd we were told that the court had awarded for us against Sabadell to the tune of 9000 euro. The lawyer did say that Sabadell could try to prevent that and we would know before Christmas . I was more than happy that our mortgage had been reduced by so much so if we get the 9000 it will be a bonus. Best to go thro a lawyer who specializes in Floor Clauses they will tell you if you have a claim or not.

Thank's for the quick reply,your information,has been very helpful. 👍

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