IRPH Europe Response

IRPH, Awaiting Europe’s Response

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On the 24th of May, the European Court's response on mortgages linked to the IRPH index will be announced

Many mortgages in Spain are affected by IRPH. This index, unlike EURIBOR, has remained constant and kept rising, making loans more expensive without the possibility of benefiting from EURIBOR’s significant decreases.

The IRPH, even today, is two percentage points above, while EURIBOR’s figures remain negative.

The judgement of the European Court of Justice, as it is expected to happen and turn out, will facilitate claims made by the consumers who are affected, meaning legal actions will increase significantly, posing a threat to the banks, who will once again have to face big pay-outs when they’re still trying to recover from the floor clause claims.

The disbursements are estimated to be substantial, given that the loss consumers have suffered by the IRPH has in many cases resulted to be greater than the floor clause itself. The average claim, in most cases, would reach around 20.000 euros. Based on this, it will cost the banking sector up to 40.000 and 60.000 million euros.

Affected consumers who have patiently waited for this imminent resolution are each time closer to a chance of claiming their money back through court, although the process won’t be easy nor quick, as a resolution for claims against unfair terms already exceeds 2-4 years on average, depending on the size of the province. In many cases, this huge collapse means that those affected seriously consider whether or not to initiate a claim.

We encourage you to take a look at the possibility of claiming your money back with the help of expert lawyers in IRPH bank claims, who will advise you right from the start, study the viability of your claim, and negotiate with your bank the amounts to be repaid throughout the whole process.

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