Bank claims
It is now eight months since the government introduced
legislation to deal with claims against banks for maintaining
interest rates above Euribor by including floor clauses in
mortgages. The aim of the system was to prevent a high
number of consumer claims coming to the courts and leading
to substantial delays in the court system. These clauses had
been held to be unlawful by the European courts and the
Supreme Court in Madrid.
in good time, and that any offer to settle by the bank does
adequately compensate you for your loss. We always seek a
negotiated settlement to avoid court proceedings if possible,
but there are occasions when it is the only recourse. Even then
you are better to negotiate from a position of strength by
making a claim and agreeing a settlement which can be
sanctioned by the court.
Each case needs to be reviewed individually and at De Cotta
Law we treat each claim, taking into account your particular
circumstances. We look to ensure that you fully understand the
procedure, the costs and the possibilities of success.
Unfortunately, although the aim was to prevent court cases, the
fact that there were no administrative or other sanctions
against banks has resulted in some taking a hard line and
refusing claims. The only resort in these cases is for lawyers to
commence legal proceedings in the courts and to request
nullity of the floor clause.
If you think you may have a claim against your bank and for
more information, or to make a claim, please contact us on
[email protected] or call us on 952 527 014.
Some banks are arguing that the client was fully aware of the
clause that allowed this charging of interest at a fixed
percentage above Euribor. Equally, a number of banks appear
to be waiting to see if a claim is made and then looking to
agree a settlement. To date we have received a small number
of notifications of offers to settle prior to litigation. In our
opinion it is likely that claims which do progress to court will
settle at the first, or pre-trial, hearing.
De Cotta Law (De Cotta McKenna y Santafé)
Mijas-Costa / Calahonda – Coín – Nerja – Tenerife
Nerja Office:
Calle Diputación 11, 29780 Nerja
Tel: +34 952 527 014 - Fax: +34 952 523 428
www.decottalaw.com
E-mail: [email protected]
The most important thing is to ensure that your claim is made
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