CaixaBank braces itself for clausula suelo claims

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 [...]

By |2017-05-10T13:59:28+00:00May 10th, 2017|Uncategorized|Comments Off on CaixaBank braces itself for clausula suelo claims

What’s the latest news for Spanish homeowners with a BBVA clausula suelo?

What’s the latest news for Spanish homeowners with a BBVA clausula suelo? The controversy that has surrounded the ground clauses found in many Spanish mortgage contracts since the mid-2000s property boom has led to various financial institutions in the country facing a hefty compensation bill to pay to their affected borrowers. However, for some of those householders with a BBVA floor clause, matters have been a little bit more complicated. That’s because, despite many Spanish banks having already willingly implemented measures to pay to their customers the amounts that they have been overcharged, BBVA is still in court over the affair. BBVA still waiting for legal clarification More specifically, it has been awaiting the full verdict of the Supreme Court that applies for the first time the retroactivity rule for compensation payouts to affected customers, following the Court of Justice of the European Union (CJEU)’s own recent [...]

By |2017-05-09T13:53:14+00:00May 9th, 2017|Uncategorized|Comments Off on What’s the latest news for Spanish homeowners with a BBVA clausula suelo?

Banco Popular vice president denies that its floor clauses were “abusive” or “fraudulent”

Banco Popular vice president denies that its floor clauses were "abusive" or "fraudulent" Roberto Higuera, the vice president of Banco Popular, has denied that the floor clauses included in the institution's mortgage contracts were "abusive" or "fraudulent", despite the scandal surrounding the clauses that has led to many customers contacting specialists in Banco Popular bank claims. Higuera replied to a shareholder's intervention on the subject at the bank's extraordinary shareholders meeting by declaring: "They were not abusive and were not fraudulent". He added that the floor clauses were "fairly transparent" and there was "nothing illegal" in them, although the bank has nonetheless been forced - in common with other affected Spanish banks - to comply with the ruling on the matter by the Supreme Court. A surge of Banco Popular bank claims Although there have been suggestions of an increased awareness among those who potentially have a [...]

By |2017-06-13T16:16:41+00:00May 9th, 2017|Uncategorized|Comments Off on Banco Popular vice president denies that its floor clauses were “abusive” or “fraudulent”

Even amid Brexit uncertainty, you can still claim compensation for your clausula suelo

If you are a British expat in Spain, you can be forgiven for feeling a little jittery at the current political climate and what it all might mean for you. The UK has voted to leave the European Union (EU), with Prime Minister Theresa May recently fulfilling her promise to activate Article 50 to get the process underway for the country’s exit from the bloc. However, there are still so many unanswered questions in terms of the implications of Brexit for Spain and those with links to both countries. The rights of British expats to remain residents of the EU – including Spain – have not been confirmed, and there have even been hints of fresh wrangles between the two countries over Gibraltar. If Brexit turns out to be a success, could the Spanish electorate even start to contemplate the merits of their own country’s exit? However, [...]

By |2017-05-09T13:12:33+00:00May 9th, 2017|Uncategorized|Comments Off on Even amid Brexit uncertainty, you can still claim compensation for your clausula suelo

Shock “Floor Clause” Ruling Promises Higher Returns for Claimants

Bank customers seeking to claim back floor clause compensation are in line to receive considerably higher payouts, following a surprise ruling from the European Court of Justice this morning. At 9.30am CET, the European Court of Justice went against a Spanish court's initial ruling, meaning banks will now have to repay their clients what they were incorrectly charged on their mortgages before May 2013. Early estimates say this puts an extra 3 - 4.5 billion euros on to the total amount that clients will be able to claim back. As a result, share values have dropped significantly for several of Spain's largest banks, those with the highest exposure to compensation claims. We're extremely pleased with this outcome on behalf of our clients, at Rapido Claims, and our legal team will now be analysing the terms of this ruling and exactly what it will means for our clients' [...]

By |2017-02-08T13:24:52+00:00December 21st, 2016|Uncategorized|Comments Off on Shock “Floor Clause” Ruling Promises Higher Returns for Claimants

Spanish bank claims are easier to make than you may think

Spanish bank claims are easier to make than you may think It’s easy to be intimidated by the thought of making a claim for bank compensation in Spain. Sure, you may be a Spanish mortgage payer already and may be concerned about persistently high monthly fees on a mortgage supposedly tracking an interest rate such as the Euribor, which has been quite low recently. However, it’s still quite a big step to actually seek compensation from a Spanish bank such as BBVA, Banco Sabadell or Banca March. You may be concerned about the process being long, risky or expensive – but here at Rapido Claims, we are pleased to declare that it is none of these things. Who are we here at Rapido Claims? Rapido Claims is based in San Pedro, Malaga and provides an English speaking service to those looking to remove the floor clause from [...]

By |2016-11-22T16:50:52+00:00November 16th, 2016|Uncategorized|Comments Off on Spanish bank claims are easier to make than you may think

Does your Banco Sabadell clause include the notorious ‘floor clause’?

Does your Banco Sabadell clause include the notorious ‘floor clause’? If you have a Spanish tracker mortgage agreement with Banco Sabadell (also called Solbank) and are concerned about how high your payments are, it’s well worth checking whether your agreement includes the now-infamous ‘clausula suelo’, or floor clause. Banco Sabadell is one of Spain’s largest banking groups and is widely referred to by various names, including Sabadell Atlantico and Solbank. In recent times, the bank has sadly become known for its disreputable use of the mortgage clausula suelo clause that has led to many homeowners across Spain paying thousands more Euros than they should be paying. What is a ‘clausula suelo’ and why should I care? The ‘clausula suelo’ is a minimum interest rate that many financial institutions applied to their mortgages to protect themselves from any decline in the interest rate that the mortgage was tracking, [...]

By |2016-11-22T16:49:34+00:00November 16th, 2016|Uncategorized|Comments Off on Does your Banco Sabadell clause include the notorious ‘floor clause’?

Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’

Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’ Since 2013, one of Spain’s biggest banks, Banco Bilbao Vizcaya Argentaria – or BBVA – has ceased to apply the now-notorious ‘clausula suelo’, or floor clause, to its mortgage contracts with homeowners in Spain. However, this does not mean that the matter is completely closed for the bank’s customers, many of whom were forced to pay thousands more Euros than they would have otherwise been required to pay over many years of their agreement. What is BBVA’s association with the mortgage floor clause? The tracker mortgage ‘clausula suelo’ is a minimum interest rate that borrowers at certain banks have been required to pay. Banks like BBVA introduced these clauses so that they could shield themselves against a fall in the interest rate being tracked by the mortgage, such as the Euribor. The banks imposed limits [...]

By |2016-11-22T16:47:02+00:00November 16th, 2016|Uncategorized|Comments Off on Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’

What is a floor clause?

What is a floor clause? We receive a lot of questions about the now-notorious ‘clausula suelos’ here at Rapido Claims, but by far the most common is: what is a clausa suelo? With hundreds of thousands of Britons having purchased property in Spain over the last decade, it is a pertinent question. Also known as a mortgage floor clause or collar clause, a clausula suelo specifies a minimum interest rate that must be paid by those with a variable rate tracker mortgage. Such mortgages typically track a certain well-known interest rate like the Euribor, which is based on the Eurozone’s average interest rate. The idea is that those paying such a mortgage are required to make higher payments when the interest rate is high, and lower payments when the rate is low. Your mortgage clausula suelo could be forcing you to pay thousands of Euros more However, [...]

By |2017-05-02T11:58:41+00:00November 16th, 2016|Uncategorized|Comments Off on What is a floor clause?

Should you take your bank to court over your mortgage’s ‘clausula suelo’?

There's no question that the floor clause, or 'clausula suelo' that has long been included in many Spanish mortgages has caused a huge amount of controversy in recent years. Such a clause, for those who are unaware, sets a minimum interest rate on a mortgage, preventing the rate - which is normally linked to the Euribor - falling below a certain level. These clauses were often included in mortgages taken out at the height of the mid-2000s property boom, leaving hundreds of thousands of homeowners today with negative equity in their properties. There have also been various notable court victories against the clauses - including in April this year, when it was ruled that millions of fixed minimum rate mortgages were null and void due to the "lack of transparency" in how they were sold. With all of this in mind, might it be a good idea [...]

By |2017-05-02T11:54:43+00:00September 15th, 2016|Uncategorized|Comments Off on Should you take your bank to court over your mortgage’s ‘clausula suelo’?