The ADICAE association (Association of Consumers and Users of Banks, Savings Banks, Financial Products and Insurance) has estimated that banks and savings banks will have to return around 17,500 million euros among the citizens affected by the floor clauses. The repayment, which is now in practice a debt from the bank to the citizens, will take place as abusive clauses. It is necessary to study each case in detail to claim in the appropriate way and demonstrate that the floor clauses signed in the mortgage are abusive, thus achieving annulment and opting for a refund.
Floor clauses are abusive conditions in mortgage contracts that set a minimum limit on the interest rate of payments, even when the reference interest rate is lower. That is to say, in the payment of the mortgage the Euribor determines the amount of payment to the bank, but the contract stipulates a minimum that must be paid by the borrower even if the Euribor marks a lower amount: the floor clauses. This unfair and deceptive scenario has made floor clauses the subject of controversy and controversy in recent years, causing alarming cases in which the mortgage loan applicant has found it impossible to continue making payments under the conditions of the contract.
Almost 4 million Spaniards have signed mortgages with floor clauses and more than 1 million of them have already submitted to arbitration processes. However, ADICAE itself indicates that it is not satisfied with the results and has announced that it will require the Government and the Congress of Deputies to initiate a series of “pseudo-arbitrations” that will expedite the procedures and thus resolve the difficult situation of those affected as soon as possible. . In total and according to its recent report, ADICAE places the total owed by financial institutions to consumers as a result of abusive floor clauses at 17,500 million euros.
So far, financial institutions have returned almost 4,000 million euros to citizens affected by the floor clauses. Andalusia, Catalonia, the Community of Valencia and Madrid are the communities that concentrate the highest amounts corresponding to this type of mortgage contract. It is important to remember that floor clauses are considered abusive and void when there has not been sufficient transparency on the part of the bank. In addition to the announcement of demands against the Government, ADICAE has expressed its intention to denounce banks and savings banks before the National Commission for Markets and Competition, the Ministries of Economy and Justice or the General Council of the Judiciary. In this way, the association of consumers and users intends to facilitate and speed up the favorable resolution of claims made by floor clauses.
Any borrower of a mortgage with floor clauses who believes they may be affected by abusive conditions should review their contract and have specialized legal advice to find out whether or not they can claim. After confirming the existence of floor clauses, it is necessary to study the contract in detail to check whether there has been transparency and whether the clauses can be claimed as unfair. In the cases of mortgages with land clauses considered abusive, you can proceed to claim the money paid improperly and finally achieve its return. In the first place, the claim is presented to the bank or savings bank and if it is unfavorable, it is possible to resort to the courts. It is therefore advisable to have specialized professional advice throughout the process to demonstrate abusive conditions and guarantee the most favorable resolution for the borrower.
The total amount that can be included in the claim for a mortgage with floor clauses depends on many factors, such as the type of contract, the years elapsed or the amount paid improperly. For the general case, ADICAE offers figures based on the example of an average mortgage contract with a floor clause in Spain: an average mortgage of 150,000 euros at 25 years that establishes a differential of 0.5 over the 12-month Euribor and a floor clause of 3.25%, you could suffer an increase in the annual payment of more than 3,200 euros. This same mortgage, ADICAE calculates, can receive a refund of about 13,500 euros, which will be paid by the financial institution as abusive clauses.
Mortgages with floor clauses highlight the need for transparency in the financial system and remind us, once again, of the importance of having adequate legal advice. If you have signed a mortgage with a floor clause and believe that this contract entails abusive conditions, it is essential to consult a specialized professional.
