Those affected must act: Holders of variable-interest loans can turn to a non-profit platform if the banks make errors in advice / model lawsuits
Vienna (OTS) – The situation with variable-interest loans appears to be getting worse: According to media reports (e.g. “FAZ”, August 31), the market does not assume that the ECB will lower the key interest rate. An increase is even expected – for example from Gabriel Felbermayr, Director of WIFO. He also believes a recession is possible. “There is also discussion on the financial markets as to whether, for example, in the future. Due to the effects of combating climate change or demographic developments, stubbornly high or rising inflation – as in the 1970s – can be seen. Inflation means higher interest rates, which means long-term high or perhaps even rising loan rates for variable interest loans. If there is also a recession with increasing unemployment, the worst case scenario has been reached for hundreds of thousands of households who will suffer from greatly increased rates,” warn COBIN claims chairman Oliver Jaindl and association advisory board chairman Wolfgang Haslinger, who specializes in credit cases as a lawyer ( “kreditanwalt.at”). Long overdue measures to combat inflation are in the interest of the entire domestic economy, as inflation and thus high loan rates can lead to the financial ruin of many families with variable-interest home loans in the medium term, which leads to a wave of auctions, which in turn leads to a collapse in real estate -Prices, which in turn burdens investments in retirement provisions.
While the government is called upon to prevent this domino effect at the last second, affected borrowers can also take action and take legal action against incorrect advice in banks. COBIN claims has launched a campaign for this purpose. The first borrowers have come forward. The association is currently working on model lawsuits to enable victims of incorrect advice to retroactively benefit from missed, low-interest loans.
“Statements from bank representatives that the borrowers were aware of the risks are incorrect. We can clearly see cases of incorrect or inadequate advice in banks. In one case, for example, a family father was advised to remain with the variable loan despite his wish to convert to a fixed-interest loan in a timely manner. This is certainly not an isolated case. Many other customers may not have been adequately informed in banks about what rising interest rates really mean for their installment payments. You should have gone through scenarios with them at the time of closing in times of still low interest rates if interest rates rose to three, four, five or six percent and presented long-term interest rate charts that show that historically periods of extremely low interest rates never lasted for years or decades . Many would then certainly not have taken out a ‘floater’ loan, but rather one with a fixed interest rate,” say Jaindl and Haslinger: “It is striking that – as with the franc loans – Austria once again has a high proportion of problem loans in an international comparison. loans stands out. One cannot help but get the impression that banks in Austria often tend to advise customers in a biased manner in order to persuade them to take out a loan that is more economically advantageous for the bank.” Those affected can contact via www.cobinclaims.at contact the club.
Questions & Contact:
Mag. Oliver Jaindl, chairman: 01 / 376 00 31 – 100, oliver.jaindl@cobinclaims.at
Dr. Wolfgang Haslinger, LL.M., lawyer/chairman of the advisory board: 01/ 934 62 60, office@kreditanwalt.at
2023-09-11 07:10:04
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