It’s time to reach a consensus. Following his conviction on appeal at the end of November in the Helvet Immo case, BNP Paribas found an amicable solution with the CLCV consumer association, which could cost between 400 and 600 million euros. The consumer protection association Consumption, Housing and Environment (CLCV) “found, at the proposal of BNP Paribas Personal Finance, a friendly solution for clients (around 4,400) who had signed the Helvet Immo real estate loan contract,” it declared. in A press release sent to AFP on Monday confirming the information from Le Parisien.
Marketed during 2008 and 2009, this loan for tax-free rental investments had the particularity of being denominated in Swiss francs but repayable in euros. As a result of the financial crisis, the euro fell sharply against the Swiss currency: the amounts to be returned skyrocketed and the contracts became financial pits. The case was the subject of a criminal process in which CLCV was a civil party since 2015.
At the end of November, BNP Paribas Personal Finance (BNPPF), known by its brand Cetelem, was found guilty on appeal of deceptive commercial practices and concealment for having concealed the risks of its Swiss franc loan to Helvet Immo, and was sentenced to pay large sums of damages and interest, amounting to tens of millions of euros. In parallel with this criminal aspect, the CLCV had also initiated an action in 2017 to put an end to the abusive clauses related, in particular, to the indexation to the Swiss franc, as well as a collective action from 2016. “According to the terms of the agreement celebrated, BNP Paribas Personal Finance is committed to offering a solution in the coming months to all borrowers,” according to the consumer association’s statement.
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According to a source close to the matter, the agreement provides for the termination of the loan contract (for a unit amount that generally ranges between 120,000 and 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 having reached an amicable result, in the interest of the affected consumers and without having to wait for definitive decisions to be adopted in the actions it had initiated, in particular the collective action.”
2024-01-02 07:45:56
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