Spanish Floor Clauses. There is no excuse for not claiming

Today, October 1st, 2015, the reform of the Organic Law of the Judiciary enters into force, which, among other measures and to unclog commercial justice, allows the civil courts to demand the elimination of the mortgage floor clauses and the return of the interest charged in excess by financial institutions since May 9th, 2013, in accordance with the recent jurisprudence of the Supreme Court clarifying this point.

Date 01/10/2015

The reason for this unusual measure is the collapse of commercial courts, which take an average of 3 years and 3 months to resolve these types of issues, according to statistics from the General Council of the Judiciary.

However, civil justice takes an average of between 9 and 12 months, so we are confident that this measure of the legislator will encourage many individuals to rebel against this bank abuse, especially when judicial fees have also been eliminated and therefore the costs of claiming have been reduced.

It is estimated that there are about two million affected by the ground clauses. Despite the abundant information in this regard, only 5% resort to the courts. That is the reason why many banks do not voluntarily withdraw them from their mortgages (Sabadell, La Caixa, Unicaja, Mare Nostrum Bank, Banco Popular, ...). Being claims with a very high success rate (around 90%), provided that there are adequate profiles to claim (consumer, habitual residence, lack of transparency on the part of the entity), it is not very smart to consent that banks Keep doing business at the expense of consumers.

Juan Enrique Montenegro

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