If you have an Spanish mortgage, you might be affected by an illegal and abusive Floor Clause. You can now recover you money.

Floor Clause

If you have an Spanish mortgage, signed from year 2000 to year 2013, you might be affected by an illegal and abusive Floor Clause. You can now recover you money.

The Spanish Courts have declared these Floor Clause illegal and abusive so they must be cancelled and deleted and the bank must give you back your money, with interest.

966.37.77.93_ENGLISH

Ok, Let us start from the beginning.

  1. Sorry, but what is a Floor Clause?

Floor Clause is a stipulation set on the mortgage variable rate loans which limits the variability of the agreed interest rate. For instance, if you have a variable interest rate loan based on EURIBOR plus 1% and the bank enforces a stipulation which sets the minimum interest rate to pay by you at 3%. Nowadays, the EURIBOR is under 0% so you should pay 1% on your mortgage loan but due to the limit set on the floor clause the minimum rate you will pay will be of 3% which it does look fair at all, does it?

The majority of the mortgage loans in Spain are variable rate mortgage loans. And the majority of these loans are based on the EURIBOR rate. And the majority of these loans were granted on the real estate boom which finally blew up in 2008.

  1. What happens if the Floor Clause is abusive?

If the Floor Clause is abusive this cannot affect in any way the consumer. This means that the loan will work as if the floor clause was not enforced from the very beginning. It means that the floor clause has never existed because is void and null from day one.

  1. And what exactly are the consequences for me if the floor clause is made void and null?

The consequences are that following the example shown in point 1 your next mortgage receipt will show an interest rate of 1% and not 3% and you will pay much less in your mortgages receipts from now on.

  1. Great! And what happens with the monies I overpaid so far?

The bank has to pay them back to you in full plus the corresponding legal interest since the day you overpaid until the day you recover those monies.

  1. But if I need to go to the bank it will be very expensive.

Not at all. When the banks lose the trial they have to pay the legal fees so the final cost for you is of €0.

  1. So how do I start the claim?

We advise you to contact specialized banking lawyers to make the claim from the beginning until the end. If you are interested to know if you are a victim of the floor clauses and how much money have been robbed by your bank, please do not hesitate to contact us, Cañizares Lawyers (www.canizaresabogados.es) and we will advise for free on the claim success chances and the estimate of your case. We also work in a no win no fee basis.

  1. Does the BREXIT affects to my claim possibilities if I am of British nationality?

Once more not at all for two reasons. First, so far the UK is still an UE member. We could say that the divorce procedure has started but the divorce decree has not already been issued. Secondly and more important, the EU regulations on consumers’ rights are addressed to the EU member States which it means that these regulations have to be applied by Spain to all consumers regardless of nationality therefore it does not matter if the UK is in or out the EU for the purposes of claiming on the grounds of abusive floor clauses.

  1. Alright, I am decided to claim. What do I do now?

Please contact us on 966.37.77.93 / 966.08.64.52 / info@canizaresabogados.es to find out if your bank is still robbing you and to claim your money the easiest and cheapest way.

Cañizares Abogados / Lawyers and solicitors.

 

 

 

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