How to claim the floor clause?
The Court of Justice of the European Union (CJEU) upheld on 17 May that consumers affected by unfair floor clauses could claim a full refund of the amounts they paid in excess, even if, at the time, only a part was returned, as pointed out by the Spanish Supreme Court.
How to start the process?
To start the process, you must have the legal status of a consumer.
Secondly, there must have been a lack of transparency in the application of the floor, which makes the clause abusive. One of these cases must be involved:
- That the minimum interest was included without informing the customer of its effect.
- That the clause was not in the binding offer but in the final contract.
- That there was a disproportionate difference between the mortgage floor and the mortgage ceiling.
All those affected by the floor clauses that meet these requirements can demand their elimination, including those who bought their home by subrogating to the mortgage with the developer's floor.
Euriux advises you
Are you one of those affected by the Floor Clause? Euriux Abogados is your solution and we will help you to recover the money you have paid too much.
The Floor Clause is a clause included in many mortgage contracts that establishes a minimum interest to be paid in the monthly mortgage repayments, regardless of the interest rate set by the market. The CJEU (Fourth Chamber) has issued a new and very interesting ruling dated 7 April 2022, in case C-385/20, which opens the way for consumers to claim all the amounts paid in excess due to abusive clauses, including the amounts paid in excess due to floor clauses, without restriction in time, even in the case of mortgages already paid or those that have already been executed, even when the financial institution has sold the property.
With this ruling, the CJEU gives us the option of demanding the restitution of the amounts unduly charged for the floor clauses prior to the date of the Supreme Court's ruling, which limited the retroactive effects of claiming the amounts to 9 May 2013.
The ruling states that national courts may examine of their own motion whether there has been an infringement and order full restitution of the amounts unduly paid for such unfair terms in a loan of this type.
In order to recover the money invested, professional advice is essential, as banks are not obliged to return the money. The calculation of the amount to be repaid is complex as the claim filed includes:
- The nullity of the Floor Clause.
- Calculation and refund of amounts overpaid since signing.
Recalculation of the amortisation table and restatement of amounts outstanding since signature
