{"id":2305,"date":"2017-01-25T10:15:47","date_gmt":"2017-01-25T10:15:47","guid":{"rendered":"http:\/\/decottalaw.com\/?p=2305"},"modified":"2017-10-25T15:00:14","modified_gmt":"2017-10-25T15:00:14","slug":"compensation-mortgage-payments-floor-clauses","status":"publish","type":"post","link":"https:\/\/decottalaw.com\/es\/compensation-mortgage-payments-floor-clauses\/","title":{"rendered":"Compensation for Mortgage payments – Floor clauses"},"content":{"rendered":"

SPANISH MORTGAGE CLAIMS<\/strong> : Following a judgment of the European Court of Justice on 21st December 2016 you may be able to claim compensation from your bank\u00a0 if you have a mortgage containing a \u201cfloor clause\u201d which has been held to be\u00a0 unlawful by the European Court of Justice.<\/p>\n

Many Spanish mortgages were linked to a variable interest rate such as the European Borrowing Rate (Euribor). A lot of these mortgages had a floor clause which meant even if (as it did) the official interest rate dropped to a very low level, the customers mortgage was stuck at the floor rate. This meant people were paying much more than they should have been.<\/p>\n

Consumers who have one of these mortgages,\u00a0 can now claim for the wrongly charged interest going back to 2008 or earlier in many cases.

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If you think you have been affected, or even if you are just not sure, De\u00a0Cotta\u00a0Law will carry out a Free Review<\/strong> of your case.<\/p> \n

Simply complete the online form and one of our expert staff will be in touch.<\/p>\nFloor clause claim form<\/a>\n

Alternatively, you can email us at bankclaims@decottalaw.net<\/a><\/p>\n<\/div>
\nThe losses could be \u20ac200 or more per month on a mortgage of \u20ac150,000 which means that claims could be as high as \u20ac20,000.<\/p>\n

On Friday 20th January, the Spanish government published draft legislation by way of a Royal Decree (Real Decreto) known as \u201cRoyal Decree 1\/2017 of 20 January on urgent measures for protection of Consumers in floor clause cases\u201d. It sets up a scheme for claiming compensation without the need for litigation.<\/p>\n

This legislation was widely anticipated but was ultimately something of a disappointment from a consumer\u2019s point of view with most of the advantages being in the banks\u2019 favour.<\/p>\n

The important points are as follows ;<\/p>\n