Throughout 2012 the Mercantile Court in Málaga has dictated 7 sentences ordering three banks to pay back considerable sums of money which they were illegally charging their clients through what is called “minimum interest rate clause” stipulated in their mortgage contracts.
The truth is that in this mortgage contracts it is established that at no point in time can the variable rate be inferior to a minimum rate fixed by the bank – this tends to be between 3 and 5%, whilst on the other hand the maximum limit is unrealistic – in the majority of cases this is between 7 and 15%.
The clause is detrimental to the consumer when the Euribor descends below the minimum rate stipulated in the mortgage contract – particularly at this moment in time seeming as the Euribor has descended below 1% - and the client has to continue paying as if it were at 3 or 5% because of the “minimum interest rate clause” imposed by the bank. However, the maximum rate will never be reached meaning that the consumer will never benefit from it and the only beneficiary will only be the bank.
This banking practice trespasses on the very fundamental principles of contractual good faith and provokes a substantial and unjustified imbalance of contractual obligations, generating a loss in the economy of Spanish consumers at the same time. In fact this same minimum interest rate clause has been mainly responsible for the progressive decline of the Euribor; (this being the main variable mortgage reference rate) not having led to a widespread drop in monthly payments.
Because of this, a group of professions lawyers experienced in this field, are offering you their service in demanding the annulment of the minimum interest rate clause and legally claiming back the difference between the amount which should have been paid if the clause had not existed in the first place, and the amount which has been paid up until now.
Their fees for handling this judicial procedure amounts to €1,000 plus IVA.
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