The Supreme court has decided to suspend the plenary session of the Civil Chamber on Wednesday, September 30, which was take up resources on mortgages referenced to the IRPH index for the preventive isolation of the president of the Chamber, being in contact with a positive case of covid-19. The ruling of the High Court is highly anticipated by thousands of those affected, since the CJEU will leave it up to the Spanish judges to decide whether or not this interest rate is abusive.
The magistrate Francisco Marín Castán has communicated to his room having had contact with a positive for coronavirus, for which he has decided to maintain the preventive quarantine to avoid possible infections. The Supreme Court has already issued an order in this regard to postpone the plenary session that was going to cast the vote and the ruling of five appeals admitted for processing on the IRPH index.
The Supreme Court’s ruling has become key for those affected by having loans referenced to the IPRH after last March the Court of Justice of the European Union (CJEU) ruled that it is the Spanish courts that must decide whether it is abusive or not.
The European court highlighted that the Reference Index for Mortgage Loans (IRPH) will have to be analyzed case by case by the Spanish courts.
“In the event that the wording has not been clear and understandable and enough information has not been provided to the consumer, adding that the calculation method must be affordable for the consumer, the index may be abusive or it may be declared as abusive”, such and how do you remember Carmen Giménez, attorney at G&G Lawyers.
At stake are about 16,000 million euros in mortgages. According to calculations of reclamador.es, at least there are 300,000 home loans that are currently referenced to the IRPH and those affected may claim an average of 20,000 euros.
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