Constant high interest rate by a bank

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04 Oct 2012 2:53 PM by Knowledge Star rating in Malaga. 1 posts Send private message

 Hi, I still have problems with Unicaja. Though the interest rate around the world is about 1% , Unicaja is charging me 3.5% + normal rates which makes total up to 5-6 %  Is that legal? 



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04 Oct 2012 11:25 PM by mac75 Star rating in Valencia. 415 posts Send private message

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 it's legal until the the Bank of Spain says it's abusive or a judge does so. But it depends for what reason you are being charged the rates. I believe they can charge up to 2,5 times the legal interest rate on money. If it's on a loan or oustanding payment, I've seen up to 20% as a maximum. Not so long ago a customer won a court case against Sa Nostra who was charging him 24% interest.  If it's a mortgage the banks are charging euribor +2.5 at the moment and in some cases even more. It depends on a lot of factors. But there is a lot of abusive practise throughout the banks in Spain and the Bank of Spain doesn't seem to be putting it's foot down. Many are getting away with blue murder!



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