El blog de Maria

Well, it seems the culture is actually starting to react,  the new comes to me as a  sign of  how civil society, associations of consumers and users can influence politicians to change Law and culture as this has been a claim of important associations of Consumers and Users in the financial sector for a while. It seems politicians are starting to be aware of Consumers´Law being the solution to many of our past, present and future problems.

The full Senate has unanimously approved yesterday a motion by the PP, agreed with CiU, which urges the government to take action against "unfair practices" of some credit institutions in relation to the revision of the mortgages, while asking the Bank Spain for a report about the terms of loans and the "effective translation" of the Euribor declines to mortgage instalments.

The Senate calls to set the effective translation of Euribor declines to mortgage fees, so that people can benefit quickly when the Euribor fall sas it is happening currently. Many of the contracts signed in recent years contain ceilings of 14% or 15% that financial institutions know that will never be met, while floors are between 3% and 5%

 
In this report, to be forwarded to the Senate within three months for discussion in plenary, the body headed by Miguel Angel Fernandez Ordonez also addresses the existence of clauses in contracts of mortgage loans that limit the rights of users, mean a lack of reciprocity or are disproportionate.

Finally, the motion requires the fulfilment of the Revised General Act for Protection of Consumers and Users, dated 2007, which establishes the exclusion of unfair contracts.

Well…. Certainly good, good news! Let’s keep moving ahead!

Autumn is finally here!

Maria L. de Castro