# Abusive Spanish Banking Floor Clauses - About To End?



## el romeral (May 8, 2012)

Abusive Spanish mortgages: EU wants banks to refund all money earned from mortgage ‘floor clauses’ | In English | EL PAÍS

I will believe it when I see it, but it is hopefully a good sign. Spain seems to pick and choose which EU rules it follows.
Anyone else affected by this or have any thoughts on it?


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## Overandout (Nov 10, 2012)

I read recently that Rajoy was arguing with the EU about the limit on the retroactivity of the refund, so that indicates that in principle the refund is accepted, even by the PP, its just the quantification that is unresolved.

I personally have not been very affected as although my mortgage has a "suelo", it is quite low and I read my contract before signing it so I don't feel as if I was ripped off.

I only paid "extra" for a very short period and the amount was not really significant, but hey, if they're going to give me a refund, bring it on !! It would pay for a few beers I'm sure!!


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## el romeral (May 8, 2012)

I have made more progress with this and have a specialist mortgage lawyer in Marbella lined up to fight the case on my behalf on a no fee, no win basis. They have a very good record by all accounts and were recommended by /SNIP/ another forum

Before I get them on the case, I thought I should speak to the bank to see if they have changed their tune, so I went in this morning. I did not even mention the lawyers and the manager was already planning to make me a special offer with reduced rates etc. I said I looked forward to receiving it and will send an e mail tomorrow outlining what kind of offer I am looking for or I will send the layers in. 
The lawyers fees are about 25% of any settlement, so it will be interesting to see what the bank can come up with.

I have been paying about 500€ a month in excess interest for possibly 7 years, so a successful outcome is of great interest to me from these years and also for the future.


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## Chopera (Apr 22, 2013)

el romeral said:


> ....
> 
> I have been paying about 500€ a month in excess interest for possibly 7 years, so a successful outcome is of great interest to me from these years and also for the future.


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## chickentikka (Feb 3, 2009)

*Floor Clauses*



el romeral said:


> Before I get them on the case, I thought I should speak to the bank to see if they have changed their tune, so I went in this morning. I did not even mention the lawyers and the manager was already planning to make me a special offer with reduced rates etc. I said I looked forward to receiving it and will send an e mail tomorrow outlining what kind of offer I am looking for or I will send the layers in.


How did you get on with this? My bank contacted me and offered me a rate of 1.9% for the rest of the mortgage term (15 years), as long as I sign off any rights to suing them over the Floor Clause. So far I have declined but they are now saying the offer will be withdrawn if I don't accept.


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## el romeral (May 8, 2012)

chickentikka said:


> How did you get on with this? My bank contacted me and offered me a rate of 1.9% for the rest of the mortgage term (15 years), as long as I sign off any rights to suing them over the Floor Clause. So far I have declined but they are now saying the offer will be withdrawn if I don't accept.


Sorry, just saw this. Not been on for a while, some login changes.

Yes, you have to be careful what you sign. After years of ripping off their customers, these ing banks try to get you to sign away your rights to what you overpaid. They will stop at nothing.
I waited ages for my bank to make me an "offer" and in the end they refused! Once 
I return to Spain, I will sign over my power of attorny at a notory and then leave it to the lawyers. 
Hopefully it will lead to payback time and get even with these robbing ing s lol.


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## Rabbitcat (Aug 31, 2014)

I believe Sabadell are the only major bank who still have floor clauses in their mortgages


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## snikpoh (Nov 19, 2007)

Rabbitcat said:


> I believe Sabadell are the only major bank who still have floor clauses in some of their mortgages


Not all mortgages


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