{"id":10253,"date":"2021-01-14T18:32:04","date_gmt":"2021-01-14T17:32:04","guid":{"rendered":"https:\/\/www.white-baos.com\/?p=10253"},"modified":"2021-01-14T18:36:52","modified_gmt":"2021-01-14T17:36:52","slug":"new-court-success-as-multi-currency-mortgage-overturned-declared-null-and-void-bank-forced-return-the-overpaid-money","status":"publish","type":"post","link":"https:\/\/www.white-baos.com\/en\/new-court-success-as-multi-currency-mortgage-overturned-declared-null-and-void-bank-forced-return-the-overpaid-money\/","title":{"rendered":"New Court success as multi-currency mortgage overturned. Declared null and void. Bank forced return the overpaid money."},"content":{"rendered":"\n
IN today’s article we want to discuss a new judicial success for our law firm whereby nullification of a multi-currency mortgage in Japanese Yen has been obtained from the competent court.<\/p>\n\n\n\n
This was in to relation to a mortgage loan, sold by Banco Popular, (now Banco Santander) to our clients.<\/p>\n\n\n\n
<\/p>\n\n\n\n
The clients of our law firm worked for an airline.<\/p>\n\n\n\n
It is known that Banco Popular offered these multi-currency loans, mainly in Swiss francs and Japanese yen and recommended this as a suitable product in order to reduce interest for their clients.<\/p>\n\n\n\n
We established that the bank carried out customer campaigns among pilots, air traffic controllers, SEPLA affiliates, and, in general, employees of airlines.<\/p>\n\n\n\n
The bank did not however inform them about the great risks of this type of product as the fluctuation of foreign currency can mean:<\/p>\n\n\n\n
.- That customers owe more than the original loan despite years of paying towards the mortgage if we take into account the equivalent in euros of the outstanding amount.<\/p>\n\n\n\n
.- That the monthly instalments of the loans, in euros can constantly increase.<\/p>\n\n\n\n
<\/p>\n\n\n\n
The special court of Valencia, has agreed with our claim and this court decision could be checked in this link.<\/a><\/p>\n\n\n\n Consequently, the clause for expenses, delayed interest, etc. has been declared void and also, the multi-currency clause (foreign currency) has been cancelled.<\/p>\n\n\n\n The reasons are, as detailed by our law firm in our legal claim:<\/p>\n\n\n\n .-Multi-currency mortgage loans, denominated in foreign currency, are complex and they are not subject to the MIFID regulations.<\/p>\n\n\n\n .-The bank did NOT offer sufficient information on the product mechanism.<\/p>\n\n\n\n .- The bank did NOT offer enough information about the risks regarding the fluctuation of the equivalent in euros of the outstanding capital and the monthly instalments.<\/p>\n\n\n\n <\/p>\n\n\n\n The ruling declared null and void the multi-currency clauses that refer to foreign currencies. It forces the bank to recalculate the mortgage loan into euros, recalculating the monthly instalments.<\/p>\n\n\n\n Thus, the bank must return to our client, the money overpaid, plus interest.<\/p>\n\n\n\n In addition, the court told the bank to pay the court costs. Therefore, the bank must compensate our client, for the lawyer and the procurator fees.<\/p>\n\n\n\n <\/p>\n\n\n\n If you are affected by a mortgage (loan) or bank product with abusive clauses including expense, floor or multi-currency clauses and if you want to request the cancellation or nullification of a multi-currency mortgage in Japanese Yen, in Swiss Francs, etc. do contact us <\/a>for advice on banking law.<\/p>\n\n\n\n You can view the services we offer related to legal claims<\/a> or you can stay informed through our Facebook page<\/a>.<\/p>\n\n\n\n The information provided in this article is not intended to be legal advice, it merely conveys information related to legal issues.<\/em><\/p>\n\n\n\n Carlos Baos (Lawyer)<\/p>\n\n\n\n White & Baos<\/p>\n\n\n\n Tel: +34 966 426 185<\/p>\n\n\n\n E-mail: info@white-baos.com<\/p>\n\n\n\n White & Baos 2021- All Rights Reserved.<\/p>\n","protected":false},"excerpt":{"rendered":" New Court Success. Nullity of a multi-currency mortgage in Japanese Yen […]<\/p>\nConsequences for our client.<\/u><\/strong><\/h2>\n\n\n\n
Conclusion.<\/u><\/strong><\/h2>\n\n\n\n