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In what cases can you claim?
If you have a credit card or personal loan and pay for your purchases or the money you use in installments, then you have a revolving credit. It is common to pay a fixed fee, but with little capital amortization and a lot of interest, between 20% and 30% per year, or sometimes much more.
Why can you claim?
Because the Supreme Court has issued two rulings (25.11.2015 and 4.3.2020) stating that if there is usurious interest, the contract is void.
Usury occurs when the interest is significantly higher than the normal rate of money and disproportionate.
What can you obtain if you claim?
If you obtain a favorable judgment, there are two possibilities:
*If you have paid more than the money you were loaned: then the debt is annulled, meaning you no longer have to pay anything more, and in addition, they must return everything you have overpaid.
Example: if the loan was for 1,000 euros, and you have paid 2,000 euros (for all concepts: interest, late fees, etc.), then the 1,000-euro debt is canceled, and they will return the other 1,000 euros you overpaid.
*If you have not yet paid what you were loaned: then everything you have paid for capital, interest, and fees will be applied to the original debt, and in addition, the credit will be without interest. You only have to pay what you were loaned.
Example: you were loaned 3,000 euros, and you have paid up to the judgment 2,300 euros, of which only 1,000 euros were deducted from the debt and the other 1,300 euros were used to pay usurious interest and other expenses, therefore, you would have 2,000 euros of capital pending payment. If you win the claim and the contract is annulled for usury, everything you have paid for any concept, that is, the 2,300 euros, will be applied to pay the debt, and you will only have to pay 700 euros, instead of the 2,000 euros.
Which revolving loans or credit cards may have usurious interest?
Many companies or entities have different products, whether personal loans or deferred payment credit cards, that have interest rates that could be considered usurious, as well as abusive clauses, notwithstanding that each case should be studied specifically, such as:
COFIDIS, CETELEM, CREDITEA, SYGMA, HOIST, ESTRELLA RECEIVABLES, BANCO POPULAR-E, cards issued by BANCO SABADELL/ACTIVOBANK, SANTANDER CONSUMER FINANCE, BANKIA, BANKINTER, TARJETA EROSKI, CRÉDITO VIVUS, TARJETA EL CORTE INGLÉS, TARJETA WIZINK, TARJETA IKEA, TARJETA CARREFOUR PASS, BARCLAYCARD, BBVA CONSUMER FINANCE, CAIXABANK CONSUMER FINANCE, EVOFINANCE, ONEY, LIBERBANK, OPEN BANK, UNICAJA, ABANCA, TARGOBANK, BANCO MARE NOSTRUM, and UNOE.