The Real Decreto – ley 1/2017, de 20 de enero, implemented measures to help consumers to reclaim money overpaid due to a ‘clausula suelo‘, (floor clause) in their mortgages (hipotecas) was approved on 20/01/2017. This law dictates that banks must:
a) Allow their customers to reclaim their money without going to court, and inform their customers how to do so.
b) On receipt of a claim from a customer, make an offer to pay back money over paid plus interest.
c) If the customer accepts the offer, pay the amount offered back to the customer.
The maximum period for the consumer and the entity to reach an agreement is three months from the submission of the claim, and it will be understood that the out of court procedure has been concluded without agreement, allowing the customer to try and claim the money back via the courts, if either the:
- bank rejects the clients request.
- term of three months passes without any communication from the bank.
- customer does not agree with the calculation of the amount to be returned by the bank and rejects the offer.
- bank hasn’t made an offer within 3 months of the reclamation.
Most banks have already removed the ‘clausula suelo’ from their mortgages, so in most cases claims submitted will simply be for a refund of over-payments. For other banks that have not yet removed the clause, the process will be the same, however the claim will include a request to have the clause removed, as well as claim for a refund of over-payments.
Whichever bank you are with, the starting point of any possible ‘clausula suelo’ claim, is knowing whether or not your mortgage contract has this clause hidden in it. Santander, BBVA, ING, Cajamar, Caja Sur, Bank Inter, EVO, ABANCA, and Banco Popular, have all done away with the clause in their mortgages, so if you are with any of these banks, you should already have been notified about it, and following this new legislation, in time, everyone whose mortgage is affected, should also hear from their bank.
You don’t need to wait to hear from your bank. There are plenty of lawyers offering to take up ‘clausula suelo’ claims, many on a no win no fee basis, because they know that they’ll win. This might seem attractive to begin with, however their success fee will typically be a hefty percentage, often half or more of any refund that they obtain from the bank.
We can help you save on unnecessary legal costs and expenses, first by providing a free assessment of your case, and then if we determine that you have a valid ‘clausula suelo’ claim, we offer a low cost assistance service to prepare, present and manage your ‘clausula suelo’ claim.
If you would like us to look into your ‘clausula suelo’ claim, click below to begin you enquiry.
Spanish Mortgage Clausula Suelo Claim