The Euribor closed again negative in April

The monthly average for April 2016, in the absence of close today, is around -0.01%, similar to the levels of March.

The Euribor in April last year stood at 0.18%, so the decline in annual terms is 0.19 points. This will be a slight decline in fees from those who happen with this review index.

Thus, a person who has a loan with an outstanding capital of 120,000 euros, which will remain 20 years will pay its share fell by around 10 euros per month.

While the Euribor continues in negative terms, and has produced the first judgment in favor of not paying interest to a consumer whose loan he found a negative interest applicable. A customer of the former Banesto, now Santander, filed a lawsuit against Santander bank where demanding the return of 626 € of accrued interest from March 2013, the date from which due to data Euribor and the differential had agreed in his contract, calculating loan interest proved negative, which resulted in a positive balance in their favor. The court first stay nº54 of Madrid has determined that it is not for the particular receive such quantity demanded on the grounds that its application is contrary to the nature and essence of the loan.

For OCU however banks should apply the negative interest rates in those periods where the benchmark index plus the differential is less than zero to comply with the contract. It is understood that apply negative interest over a short period of time does not alternate the nature of the loan contract and that contracts must be analyzed as a whole, and not in a given period. If you calculate the APR from the start of the loan and taking into account the duration, it will be positive in all cases so that the consumer will pay interest on the debt, plus the fact that a negative interest applies not imply the borrower copper interests.

In view OCU any different interpretation in this sense would mean in practice the application of a clause soil, which are clearly unfair to the consumer, and non-compliance with the provisions of the loan agreement between the bank and the customer.

The descent of the Euribor, is good news, but only for those who have a mortgage and have no ground clause. Or if they did, they have succeeded declared null and void in the courts, as have already achieved many partners OCU. For those consumers who are interested in knowing more about possible abuses bank go to:

http://www.ocu.org/movilizate/contra-los-abusos-bancarios