Claims against banks for IRPH index suffered a setback when the Spanish Supreme Court ruled about IRPH in favour of the banks on the 22nd November 2017.
However, the cause is not lost yet because we are expecting Judgement about it from the European Court of Justice and we just heard that the lawyer from the EU court gave his decision regarding IRPH and he is in favour of refunding the IRPH to the clients if the bank did not inform them about this mortgage index. This is just the lawyer advice and recommendation but the EU Court will give their decision in some months. The good news is that normally the EU Court follows the EU Court lawyer’s advice in 4 of 5 cases. But the EU court is independent and the lawyer’s advice is not binding to them.
So we need to keep waiting for the EU Court decision regarding IRPH but we have hope and high probabilities that we will be able to claim the IRPH to the banks.
In addition to the EU Court lawyer’s advice, there is a report published on 19th September 2018 about IRPH from the European Commission that was in favour of the clients. In the report, the Commission demanded the banks apply the same criteria as for the minimum interest clause (clausula suelo). This criterion was that they should have informed the client before signing the loan/mortgage about how this index IRPH works, its evolution in time and a comparison between other indexes such as Euribor. Unfortunately, the banks did not hear these demands and hopefully, this mortgage condition will be declared void as happened with minimum interest clause (clausula suelo).
We have many chances to have a Decision from the European Court of Justice in favour of the clients in the next months. Therefore, we should start considering taking action against the banks for IRPH because if there is a Decision from the European Court of Justice in favour of the clients, the Courts will have a flood of claims and they will end up collapsed, so being the first ones to claim will have its benefits.
The clients who have a mortgage who want to get back all the amounts paid due to IRPH index must send a claim to request to the Judge to make the clause about IRPH void. Apart from claiming the amounts paid for this, the clause will be taken off the mortgage and the index will be replaced for another index, Euribor usually.
Our advice is to start looking into it because once we have the Decision from the European Court of Justice we will be able to sue the bank with 100% chances to succeed as for minimum interest clause (clausula suelo) claims.
We have success guaranteed if we have the support of the European Court of Justice we so we will not ask for any advance of fees or retainer to send the claim to Court. In addition to that, the bank will probably be sentenced to pay for legal fees so we will directly get our fees from the bank and the client will receive all the amounts claimed in full.
If you are interested in claiming the bank to cancel the IRPH from the mortgage you just have to call us or send us an email and we will study your case for free. Then, in the event we get the Decision from the European Court of Justice in favour of the client, we will send the claim to court straightaway. If we get a Decision in favour of the bank, you will not have to pay anything to us for studying your case.