Citizens with variable rate mortgages can request repayment of the interest paid if it is higher than due.
Although the Euribor – the market rate – is negative, the installments of variable mortgages have risen between 2015 and 2022. Now is the time to ask for repayment. Since the outbreak of the war in Ukraine, the economic situation on the mortgage front has drastically deteriorated for citizens. The European Central Bank has raised the price of money raising interest rates on loans and, although inflation is now decreasing, the ECB seems willing to proceed with a further increase by denying any protection to holders of variable rate mortgages.
It is now possible to request the repayment of excess interest: how? – Ilovetrading.it
The banks are taking advantage of the situation to get rich off the backs of customers but now they could pay for their behavior. If they didn’t waste time applying rate hikes, they could have overlooked the lowering of the installment at a time of negative rates.
Repayment for overpaid mortgage rates, what’s happening
Refund or not, it all depends by a clause of the contract called floor. This condition prevents the installment from being lowered below a minimum threshold. Altroconsumo’s investigation revealed this detail to such an extent that it prompted the association to take legal action against the best-known banks to request reimbursement of the interest rates that customers have paid in excess.
How to ask for a refund of the rates – Ilovetrading.it
Citizens, therefore, have the possibility to receive an indemnity for the period between 2015 and 2022. During this period, the Euribor has always been negative (and the ECB rate at zero since 2016). As a result, the loan payment should have decreased but this did not happen. The floor clause prevented that from happening.
This is a real injustice and, therefore, it is a customer’s right to ask for a refund. Altroconsumo has currently brought Banco Bpm and Deutsche Bank before the Supreme Court. A victory would be the signal to continue with the claim for compensation before ABF and, if needed, before the judges.
To obtain reimbursement, the persons concerned will have to register for the action in order to block the prescription and send a complaint to the bank. The compensation should be equal to a minimum of one thousand euros. Customers can request:
Mediolanum, Banca Popolare di Bari, Banca Popolare di Puglia e Basilicata – Pugliese – di Sondrio Unicredit, Intesa Sanpaolo, Widiba, Extrabanca, Credit Agricole, Cassa Padana, Monte dei Paschi di Siena, Sparkasse, Volksbank, Bancoposta, Credem Banco di Sardegna, Banca Sella ,Webank.
2023-07-05 17:00:30
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