A bank loan is often necessary to finance a property. If customers want to redeem their loan early, banks regularly demand a prepayment penalty. The District Court (LG) Bonn posted on December 22, 2022 (file number: 17 O 89/22) clear: the suing consumers can reclaim the prepayment penalty.
Bank demands high compensation for early redemption
The couple took out a loan of 450,000 euros from their bank in 2019. They wanted to use the loan to finance a property. The borrowing rate fixed until 2029 was 0.59 percent annually. The contract also stipulated a prepayment penalty. The borrowers soon decided to sell the property. In June 2021, they canceled the loan. Despite the low interest rate, the bank then charged one Prepayment penalty of EUR 15,121.50. However, the bank customers doubted their obligation to pay and demanded compensation from the bank. They refused, so those affected filed a lawsuit.
LG Bonn: Claim for repayment due to incorrect information
The LG Bonn shared the view of the plaintiffs and ordered the bank to repay 15,117.35 euros plus interest. The court considered the information on the calculation method for the amount of compensation to be imprecise and therefore anti-consumer. It should have informed the plaintiffs clearly and understandably about the term of the contract, the right of termination and the calculation of the early repayment penalty. The plaintiffs are now saving more than 15,000 euros.
JACKWERTH Rechtsanwälte examine early repayment penalties
If you too have paid a prepayment penalty when processing your real estate loan, we would be happy to offer an examination of your legal options. We will then help you to enforce your claims. You can reach us:
• by telephone on 0551/ 29 17 62 20 or
• by e-mail to [email protected] or
• make an appointment for a video conference.
You are also welcome to use our Contact form. The inquiry is non-binding and will be answered by us at short notice.
2023-05-15 21:23:40
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