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Hot Deals At Court: Zero Interest Credit

A bank customer to obtain, first, annulment of interest in a loan, after the court has determined that the calculation of the cost of credit is abusive.

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A Galati won in court removal rate of a credit agreement, after clause on its development was considered abusive. It took in 2008 a loan of 20,000 euros from the Romanian Bank , maturity being 25 years, writes Economica.net.

In the first year, the customer had a fixed interest rate of 6.9%, after which the second year, reached 11.3%. The problem arose when Galati found that one counter and was told nothing was listed in the contract. Specifically, bank officials told him that the interest on the loan agreement will vary depending on Euribor , that the reference market for the euro, but the agreement was an illusory past "reference interest rate of the bank, plus the margin of 4.85 %. "

But with the advent of GEO 50/2010, Bank Galati Romanian sent an addendum, which the new interest consisted of three months Euribor plus a fixed margin of 7.25%, well above the initial level of 4.85 %. For comparison, when Euribor reached levels below 1% due to the successive reduction of key interest rate by the European Central Bank (ECB) to 0.25%. The client refused to sign the new amendment, made a complaint to the National Authority for Consumer Protection (ANPC) , and it reached court. Galati Court ruled in favor of the customer in December 2012 and ordered the elimination of the contract clause considered abusive precisely that about the calculation of interest. Thus, there was no interest loan.

"The clause allows the trader to alter the contract price (interest) without giving the consumer to immediately terminate the contract without the consumer's consent in this regard", says the court's decision. Further, the court stated that the term "development bank reference rate" is "vague, general and likely to create confusion over its meaning."

The bank must bear the risks of the system

Romanian Bank argued that the base rate of the bank consists of the cost plus the country risk reserve requirements, plus the three-month Euribor. The problem is that this formula is not disclosed in the contract.

And things get even more interesting, for instance argues that customers, but banks have to bear the risks of the banking system. Romanian Bank appealed, but it was rejected by the Court of Galati and the decision became final.

Precedents

This is not a singular case where guests prevailed against abusive banks on how to calculate interest.

A customer BCR Oradea won both a process in which interest has been eliminated, and a second process, which we initiated the bank, because he signed an addendum.

A Pitesti he won a lawsuit in the Court of Appeal with BCR on unfair terms of a mortgage contract, the court bringing him to lose interest from 10% to 2% per year.

Also in late January, a group of customers Volksbank irrevocably won a trial court unfair terms on the risk premium and a host of other charges: security management, backup and monitoring mandatory minimum policyholders.

ANPC beating the banking system

Bogdan Nica (pictured), which was released last week as president of the National Authority for Consumer Protection (ANPC), said recently that his real reason for the change is the processes that lead institution unleashed against banks . "We have 12 cases with the big banks, but not within my process. (...) There were some action shots where I felt some ankle, "said Nica at a television station.

On 10 February, he said that people do not know they are deceived and are taking undue amounts under leases. From 1 October came into force may be terminated unfair terms in contracts, including credit. The stake is that when a bank loses a lawsuit, it will be required to eliminate that provision of all contracts.

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