Mortgage Compensation
Mortgage Mis-Selling Scandal
- Over 4 million mis-sold mortgages
- Smaller payments and compensation
- Onus on individual to seek compensation
Mortgages Ruled ‘Immoral’
Click to add your own text here
“Cláusula Suelo” Explained
The “Cláusula Suelo” was a means by which Spanish financial institutions continued to charge a higher rate of interest than would otherwise apply if they were to follow the Euribor Rate.
On the 9th of May 2013, the Spanish Supreme Court issued a ruling which in effect said that ‘such contracts lack clarity and transparency’ and that the clauses were hidden deep in an ‘overwhelming amount of data’ saying that although not ‘illegal’, the practice is ‘immoral’.
They ruled that recompense should be made to those who have been overcharged, many Mortgage holders should receive compensation, but need professional advice to get it.
If you have a mortgage in Spanish you should check if you come under the terms of this legislation
THE FACTS
What you need know about “Cláusula Suelo”.
Clear Case for Compensation
Click to add your own text here
Onus Placed on Claimant
Click to add your own text here
“The report by the European Commission, recommends that customers whose rate floors were declared invalid should be repaid the cost of the floors for the length of their loans.” – Financial Times
