Floor clause

Banking Law

 

Floor clause

The floor clause has become a concern for many families, who have not been able to benefit from the decrease in the value of the Euribor. IS YOURS ONE OF SO MANY HARMED FAMILIES?

At HINOJAL & NEILA lawyers we work actively to help families and people who have been affected by this type of clauses unilaterally introduced by financial institutions at the time of signing the mortgages. In principle, the application of this type of clause is not contrary to the law, as established by the Bank of Spain and the Mortgage Law. On the other hand, it is when they are abusive and when financial institutions do not report their presence.

The obligations of the banks

Banks and savings banks are obliged to explain the conditions of the mortgage contract in an understandable way to all types of applicants. In fact, an administrative provision included in the Law on Discipline and Intervention of Credit Institutions ensures transparency and the protection of clients.

Along these lines, and whenever a mortgage is signed, credit institutions are obliged to deliver an informative brochure that clearly specifies the conditions of the loan. The purpose of this requirement is to make the financial implications of the contract understandable to customers and users. According to a report from the Bank of Spain regarding the floor clause, its existence must be reported "with a specific and special mention" in the contract that the financial company signs with the client.

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Our strategy

We have worked intensively on a method that has given it high success rates in eliminating said abusive clause and in recovering what was overpaid. It begins with a communication to the branch and the entity, if with this act the sought objective is not achieved, our expert professionals in the matter will initiate the Judicial procedure before the Courts.

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Contact with us

If you have been harmed by the floor clause of your mortgage, from HINOJAL & NEILA lawyers we can help you and eliminate it, recovering the overpayment. We study your documentation for free and from there we will inform you about the feasibility of the case, involving you at all times in your procedure.

Send us an email or call us at (+34) 695 198 727 and request a free appointment. We will help you get back what is yours.

And remember that if you claim, you can win.

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Other Banking Law services

Banking Law is one of the specialties of our law firm. On this page you will find more information about how to help you with the problems and doubts generated by preferences, floor clauses, financial operations, individual loans, mini-credits...

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