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This Monday, January 1, 2024, the consumer defense association Consumption, Housing and Living Environment (CLCV) indicated in a press release sent to AFP that “an amicable solution for customers (around 4,400) who had subscribed the Helvet Immo real estate loan contract” was finally found with BNP Paribas.

Information initially revealed by Le Parisien, which indicates that an agreement was signed between BNP Paribas and the consumer association.

BNP Paribas condemned for “deceptive commercial practice”

At the end of November 2023, BNP Paribas Personal Finance (BNPPF), known via its Cetelem brand, was found guilty on appeal of deceptive commercial practices and concealment, for having concealed the risks of its Helvet Immo Swiss franc loan, and sentenced to considerable damages, which amount to tens of millions of euros.

Marketed during 2008 and 2009, this loan intended for tax-free rental investment had the particularity of being denominated in Swiss francs but repayable in euros.

In the wake of the financial crisis, the euro fell sharply against the Swiss currency: the amounts to be repaid soared and contracts became financial pits.

The case was the subject of criminal proceedings to which CLCV was a civil party since 2015.

In parallel with this criminal aspect, the CLCV had also initiated an action to cease unfair clauses during the year 2017 relating in particular to indexation to the Swiss franc, as well as a group action from 2016.

A solution offered “to all borrowers”

“Under the terms of the agreement concluded, BNP Paribas Personal Finance undertakes to offer a solution in the coming months to all borrowers,” indicates the press release from the consumer association.

According to a source close to the matter, the agreement provides for the cancellation of the loan contract (for a unit amount generally ranging from 120,000 to 150,000 euros). Which could lead BNP Paribas to pay between 400 and 600 million euros, according to this source’s estimate.

The CLCV association “expresses its satisfaction at reaching an amicable outcome, in the interest of the consumers concerned and without having to wait for final decisions to be rendered in the actions it had initiated, in particular the group action”.

2024-01-02 00:24:58
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