CaixaBank braces itself for clausula suelo claims

A firm indicator of the seriousness with which one of Spain’s most widely recognised financial services companies – CaixaBank – takes the floor clause scandal that has been engulfing many of the country’s institutions is its confirmation that it has put aside 625 million Euros for the payment of claims.

Certainly, many observers would agree that the bank has good reason to take such a stern stance. Even CaixaBank itself has estimated the maximum potential impact of the floor clauses to be around 1,250 million Euros.

Whether the latter, rather than former figure proves to be true greatly depends on how forthcoming the bank’s customers are with claims for compensation.

CaixaBank bank claims are now being processed

Many Spanish banks to have put the controversial floor clauses into their borrowers’ mortgage agreements have been stung into action by a royal decree recently issued by the government, which required them to begin addressing claims brought to them by customers.

CaixaBank was among the several institutions in Spain to confirm that it would begin analysing the claims from 21st February, a month after the decree came into force.

Following a key judgement by the EU Court of Justice, the Supreme Court has ruled that full retroactivity should be applied in the return of the amounts by which customers were overcharged as a result of the presence of the land clauses in their mortgage agreements.

Talk to us about your Caixabank floor clause

Such news simply further underlines the importance of CaixaBank and other Spanish financial institutions responding to claims made against them in relation to the notorious floor clauses, by paying out the full amounts to which their affected customers are entitled.

If you own a home in Spain and think that you may have a CaixaBank ‘clausula suelo’ – to use the other term by which these clauses are known – in your mortgage contract, here at Rapido Claims, we would be interested in hearing from you.

We are renowned experts in CaixaBank bank claims and have led to them paying many claims out in as little as 90 days.

Just contact our friendly and professional claims team here at Rapido Claims today to find out more.

What is a Clausula Suelo or Floor Clause?

It is a clause in a Spanish tracker mortgage agreement that requires you to pay a minimum interest rate, even when the interest rate that the mortgage is tracking – such as the Euribor – is lower.

This means that you could be paying thousands of Euros more than you should be, and the Supreme Court has agreed that many such clauses can be considered abusive.

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