In the event of illegal clauses or demonstrably incorrect advice, consumers can not only demand termination of the contract, but banks must even repay the interest according to the latest ruling of the Supreme Court of the EU. Consumers association Cobin Claims now advises you to have your contract checked.
New hope for the approximately 45,000 Austrians who have loans in Swiss francs: under certain circumstances the bank must pay them back the interest, so the loan would essentially be free! The background: Because the exchange rate of the franc has risen against the euro and the investments that were actually intended to repay the loan (life insurance, funds) hardly generated any income because the policy interest rate had been low for years, many now have outstanding loans . debts of an average of 50,000 euros, says Oliver Jaindl of consumer association Cobin Claims.
Not only cancellation, but also interest repayment
With larger loans, the gap can often amount to 150,000 euros, it is said. But according to a new finding by the Court of Justice, those affected may not only be able to demand the termination of the contract, but also expressly recover the interest they have paid so far as a penalty to the bank.
This applies to loans in Swiss francs with variable interest rates where there are illegal clauses or demonstrably incorrect advice. Therefore, have your contract checked immediately. B. of lawyers. Cobin Claims has put together a help package on the Internet (for members at www.cobinclaims.at) and is also preparing model lawsuits. However, “deceived” borrowers must at least take their bank to national court.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
