How to claim floor clause
The floor clause is undoubtedly one of the best known banking terms today, and it is not for less, but do we really know what it is about? Is it easy to know if our mortgage contains this type of clause? How can we claim the return of what we have overpaid during this time? Next, we will try to solve all these doubts.
Let’s start by defining what is the floor clause, which is what stipulates a minimum interest on our mortgage, that is, we must pay that minimum, even if the index to which it is linked is much lower. However it does not happens the opposite since there is no maximum limit if the index itself increases exponentially.
But what makes the majority considered null, is that they were included in the contract in a non-transparent manner.
Posed the problem, we proceed to propose the solution. How do I recover the money I have overpaid?
There are two options, a cheaper and faster, but less effective (extrajudicial) and another that is more expensive and prolonged in time but that has better results (judicial way).
The extrajudicial way is basically to claim the amount of money that the bank owes us, reaching an agreement and ending the conflict. However, although this solution seems the most logical and sensible, it is almost never done successfully since banks do not usually return the money unless there is a sentence that dictates it.
And on the other side the judicial route, which is more arduous and more complicated for the individual, but that reports much higher percentage of success since after several judgments of the Mercantile Court and especially a judgment of the supreme court of May 9, 2013 (which declared null the floor clauses), the judgments are mostly favorable.
If I get a judgment in favor, do I recover all the money I overpaid? Until recently, banks were only obliged to return the money received from more since May 9, 2013 (the date on which the ruling of the supreme court is issued) due to the “financial collapse” that would occur, however, the court of justice of the European Union in its judgment of December 21, 2016, established that all the money that had been charged more from the beginning of the contract should be returned, which means that on average it is an amount that oscillates over 10,000€
We hope that all this information about joint custody has been useful, and if you have any questions do not hesitate to tell us about it.