May 13, 2021

How to prepare for the impending IRPH ruling

If the affected ones are annulled, they would recover everything paid in interest so far and a 0% rate would be applied to them.

Claim or not claim? That is the question for 1.3 million affected for the mortgages associated with the Mortgage Loan Reference Index (IRPH), which await the arrival of the next March 3. The “key” day on which the High Court of Justice of the European Union (CJEU) will issue the ruling around IRPH. The general counsel of the CJEU, Maciej Szpunar has ruled the annulment of mortgage contracts referenced to the index, if the minimum transparency is not met, and has stressed that the clauses of these mortgages can be considered “abusive”.

This index, prepared by the Bank of Spain and the second most used after the Euribor in variable mortgages, has been, so far, more beneficial for banks and more expensive for users, to the point that a citizen can pay up to 2,000 euros more per year with this interest rate, according to the iAhorro platform. In this context, users should consider the possible scenarios and thus load bullets for the ruling issued by the CJEU.

Study writing

Before making the decision on the claim of the IRPH it is advisable to have the assistance of a lawyer, since “any individual may claim the index, but it is more complicated when the affected party is a self-employed person or an entrepreneur”, according to the iAhorro platform. This is due to the fact that transparency control is a measure of protection for consumers and users, so that these types of users are outside their scope.

Sue or not?

In the event that the affected party resorts to the demand option. It will be essential to have all the documentation about the loan and the installments paid, as well as the repayment table and the promotional documentation that the bank will deliver, at the time, as an offer.

If the entire interest clause is canceled

In this case, those affected would recover everything paid in interest so far and they would be applied a rate of 0%.

If only the index is deleted and the differential is applied

Cheaper fees would be paid and the amount paid so far would be recalculated to determine how much would be returned.

If you change the reference for the Euribor

Maintaining the differential, the monthly payments would also be cheaper (although less than in the previous cases) and the corresponding calculations would be made to determine how much the bank would have to reimburse those affected.


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