A couple recovers 80,000 euros from a mortgage in Japanese yen

A couple from Gijón, represented by the lawyer Fernando Álvarez, managed to recover some 80.000 euros judicially after in 2008 it formalized a Japanese yen mortgage, instead of in euros, as is normal, to finance the purchase of your new habitual home. The bank offered them a loan that had the peculiarity that it would be repaid in yen and the interest rate was referenced to Libor, instead of Euribor. The reason for this offer was that the first benchmark was lower than the second and those responsible for the Bank They indicated that it was not foreseeable that it would vary. The lawyer explains that the bank omitted a fundamental fact, as it was that if the euro depreciated against the yen “it was possible that even if they were paying the monthly installments, the outstanding capital not only did not decrease but also increased.”

And so it happened. At that time, the euro was at its historical maximum against the yen and began to depreciate until the event that the affected couple, after having paid four installments of about a thousand euros each, found that the loan of 175,000 euros they had requested became a debt of 216,000 euros. The situation leveled off a bit some time later, with the evolution of bank indices and the exchange of currencies, but those affected finally suffered a loss of about 80,000 euros.

Abusive clause

Fernando Álvarez filed a first lawsuit on behalf of his clients before the Court of First Instance number 6 of those of Oviedo, which ordered the bank to cancel the multi-currency clause, considering it abusive, and to recalculate the amortizations based on the euro and referenced to Euribor. The ruling also indicated that the bank had to return to the couple about 55,000 euros in terms of overpaid installments with their interests and to recalculate the repayment schedule, with which the debt fell by another 25,000 euros. By fixing the successive installments on a lower pending capital, the monthly contributions are also between 250 and 300 euros lower.

The bank appealed against this ruling before the Asturias Provincial Court, which has just published a ruling that “fully confirms” all the content of the ruling issued by the Court of First Instance, even imposing payment of the costs to the bank, and that it has already been firm. The court judge assures that “in the present case there was no pre-contractual information necessary for the borrowing party to adequately know the nature and risks associated with the clauses relating to the currency in which the loan was denominated, because the one that was provided to them it did not explain what the risk of the exchange of the mortgage loan in foreign currency consisted of ”. Furthermore, it elaborates that, “by signing a loan contract denominated in a foreign currency, consumers exposed themselves to an exchange rate risk that would be difficult for them to assume from an economic point of view in the event of a devaluation of the currency in who receive their income “, indicates the judge.


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