Floor Clause
Apr 28th 2016, 1:00 pm
#1
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Thread Starter
Joined: Apr 2014
Posts: 89
Floor Clause
Hi
Has anyone heard about the Spanish floor clause on mortgages?
Bufete de Abogados en Marbella
Apparently, mortgages were sold with clauses and European courts have said money should be refunded.
Bufete de Abogados en Marbella
This lot offer their services but want 33% which is crackers.
Has anyone heard about the Spanish floor clause on mortgages?
Bufete de Abogados en Marbella
Apparently, mortgages were sold with clauses and European courts have said money should be refunded.
Bufete de Abogados en Marbella
This lot offer their services but want 33% which is crackers.
Apr 28th 2016, 1:14 pm
#2
Forum Regular
Thread Starter
Joined: Apr 2014
Posts: 89
Re: Floor Clause
I have started a facebook page if you want to add yourself. My idea being if we claim we can approach a solicitor as a group to get reduced fees.
https://www.facebook.com/groups/span...lause/?fref=nf
https://www.facebook.com/groups/span...lause/?fref=nf
Last edited by Saycheese; Apr 28th 2016 at 1:34 pm.
Apr 28th 2016, 6:00 pm
#3
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
Re: Floor Clause
There is already a thread running on the Spain forum.
"Spanish mortgage linked to Eurobonds advice"
There have been others in the past so a search and a thorough reading would be advisable.
Since the EJC DECISION in 2013 it is clear the floor clause is illegal. The banks should remove it and repay the overpayments by request. The new hearings to be concluded in July will extend it further back to 2010.
Some people have already claimed and been repaid.
The most important thing at the moment is not to sign away the right to reclaim the money or agree to a high fixed rate. Eurobor is now zero and could go negative very soon which is uncharted territory. However if your floor clause "Clausio Suelo" is Eurobor +1% and the floor is removed then your interest rate would be just 1%.
Do not sign away this possibility or pay unnecessarily for what is yours by right.
"Spanish mortgage linked to Eurobonds advice"
There have been others in the past so a search and a thorough reading would be advisable.
Since the EJC DECISION in 2013 it is clear the floor clause is illegal. The banks should remove it and repay the overpayments by request. The new hearings to be concluded in July will extend it further back to 2010.
Some people have already claimed and been repaid.
The most important thing at the moment is not to sign away the right to reclaim the money or agree to a high fixed rate. Eurobor is now zero and could go negative very soon which is uncharted territory. However if your floor clause "Clausio Suelo" is Eurobor +1% and the floor is removed then your interest rate would be just 1%.
Do not sign away this possibility or pay unnecessarily for what is yours by right.
Apr 28th 2016, 6:40 pm
#4
Forum Regular
Thread Starter
Joined: Apr 2014
Posts: 89
Re: Floor Clause
There is already a thread running on the Spain forum.
"Spanish mortgage linked to Eurobonds advice"
There have been others in the past so a search and a thorough reading would be advisable.
Since the EJC DECISION in 2013 it is clear the floor clause is illegal. The banks should remove it and repay the overpayments by request. The new hearings to be concluded in July will extend it further back to 2010.
Some people have already claimed and been repaid.
The most important thing at the moment is not to sign away the right to reclaim the money or agree to a high fixed rate. Eurobor is now zero and could go negative very soon which is uncharted territory. However if your floor clause "Clausio Suelo" is Eurobor +1% and the floor is removed then your interest rate would be just 1%.
Do not sign away this possibility or pay unnecessarily for what is yours by right.
"Spanish mortgage linked to Eurobonds advice"
There have been others in the past so a search and a thorough reading would be advisable.
Since the EJC DECISION in 2013 it is clear the floor clause is illegal. The banks should remove it and repay the overpayments by request. The new hearings to be concluded in July will extend it further back to 2010.
Some people have already claimed and been repaid.
The most important thing at the moment is not to sign away the right to reclaim the money or agree to a high fixed rate. Eurobor is now zero and could go negative very soon which is uncharted territory. However if your floor clause "Clausio Suelo" is Eurobor +1% and the floor is removed then your interest rate would be just 1%.
Do not sign away this possibility or pay unnecessarily for what is yours by right.
Apr 28th 2016, 7:22 pm
#5
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
Re: Floor Clause
That's your choice, but talking to a respected Spanish lawyer today I was told that the mortgage with the floor clause a year ago successfully had the floor removed and was repaid back to 2013. When the new ECJ ruling is announced they will seek repayment back to the origen of the mortgage.
Apr 29th 2016, 5:03 am
#6
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Thread Starter
Joined: Apr 2014
Posts: 89
Re: Floor Clause
I'm really confused about it so a solicitor can claim back for you and then reclaim further if the judgment is made in July? That's obviously if you have the clause
Apr 29th 2016, 5:04 am
#7
Forum Regular
Thread Starter
Joined: Apr 2014
Posts: 89
Re: Floor Clause
That's your choice, but talking to a respected Spanish lawyer today I was told that the mortgage with the floor clause a year ago successfully had the floor removed and was repaid back to 2013. When the new ECJ ruling is announced they will seek repayment back to the origen of the mortgage.
Apr 29th 2016, 8:23 pm
#8
Lost in BE Cyberspace
Joined: Jun 2005
Location: Puente Esuri
Posts: 6,903
Re: Floor Clause
I have been recommending Gloria Crespo for several years now if you google the name you will find my Britexpats previous posts at the first results.
She has the great advantage of knowing Ayamonte attending here but is not of Ayamonte so is not tainted by all the "incestuous" insider stuff here.
Apr 30th 2016, 7:44 am
#9
Forum Regular
Joined: Jul 2008
Location: Storrington and Isla Canela
Posts: 59
Re: Floor Clause
Totally agree with John's comments re Gloria Crespo Diaz. She can be trusted to represent her clients and has helped me out many times in the 14 years I have had a property. Most notably with the buying process and when my wife died.
Steve
Steve
