As we noted in our last article, the European Court of Justice, has published today its resolution that establishes a court precedent applicable to mortgages signed with variable interest rates referenced to IRPH.
The Court has ruled in favor to the consumers, stating that IRPH could be an abusive interest rate under the Consumer Protection Laws, and therefore null and void.
This court decision has opened the door to the possibility that those who signed a mortgage referenced to the IRPH, which is a higher interest rate than the EURIBOR, could claim for the refund of the amounts and interest overpaid.
In practice, it will mean to delete from the mortgage contract the IRPH rate, and to apply as substitute interest rate, the EURIBOR.
As we have already said, the IRPH rate has been normally higher than the EURIBOR, which will mean the refund of significant amounts of money.
How can I find out if my mortgage is subject to IRPH and how can I claim?
In White & Baos our lawyers are really experienced in consumer claims against bank abuses, which have led to numerous wins at no cost for our clients.
If you believe that your mortgage loan may be referenced to the IRPH, contact us and our lawyers, at no cost, will check your mortgage loan deed without any commitment, and will inform you of the next steps to follow to claim for what belongs to you.
Carlos Baos (Lawyer)
White & Baos
Tel: +34 966 426 185
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