The Reference Index of Mortgage Loans, which is made by the Bank of Spain, in our country is one of the most widely used interest rates together with the Euribor. All mortgages with this index have a fairly high interest rate.
The case was taken to the scope of the European Union after the Supreme Court did not consider it abusive. With the ruling of March 3, 2020, the Court of Justice of the European Union recognizes the protection of consumers affected by Reference Index of Mortgage Loans mortgages that was previously denied by the Spanish Supreme Court.
For this reason, the Banking Entities must return the amounts unduly charged to the client due to the Reference Index of Mortgage Loans. Although not in a general and immediate way, since it must be the Spanish judges who determine, case by case, if there was a lack of transparency, the amount to be compensated and the legal index to be applied in substitution of the Reference Index of Mortgage Loans.
HOW TO CLAIM?
It should be studied on a case-by-case basis since, as mentioned above, it is not something immediate and general and the lack of transparency on the part of the bank should be verified. The change of the Reference Index of Mortgage Loans for another substitute reference index must be requested and the financial institution will have to refund the amounts paid in excess due to having this clause.
The usual thing is to first submit a friendly prior claim to the bank, either by writing to the branch by mail or by burofax with acknowledgment of receipt or through the forms provided on their web pages. If you get a negative response within two months, the next step is to file a claim for invalidity.
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