Congress has admitted for processing a Sumar bill so that financial entities can offer their clients ways to claim abusive clauses linked to the amortization of mortgage payments and interest known as ‘Redito ad Libitum’ (Redal). Only Vox has voted against.
The debate on the so-called Redal mortgages, that is, those that were signed with “redito ad libitum” clauses, in which There was no clearly agreed formula regarding the payment of interest or capitala representation of the hundreds of affected families, some ruined and at risk of eviction, followed him from the podium.
The Sumar’s legislative proposal has passed the first processthat of taking into consideration, with 314 votes in favor and 31 against, after which the period will open for the political groups to present amendments.
To finally move forward, this The law would require banks to pass a type of “ITV”, in which the entities themselves would review the variable mortgages signed before 2011 due to lack of transparency regarding amortization and would offer their clients a solution, explained Sumar deputy and promoter of the initiative Félix Alonso.
The problem of mortgages before 2011
Sumar explains that these clauses were introduced into many mortgage contracts through deceptive mathematical methods or hidden underamortization systems, so that in contracts with increasing installments the repayment of the capital is postponed for many years and after decades the installment becomes sharply more expensive, something that It is not explained when signing.
Alonso has pointed out that almost all of the variable mortgages signed contained errors until 2011, the year in which the Ministry of Economy published a Ministerial Order to act on mortgages with Redal clauses and for them to pass a check.
“Before 2011 we lived in a period in which a lot of money flowed, entities ignored their own financial conduct, contracts without mathematical formulas were signed before notaries,” Alonso denounced. The absence of formulas to calculate the mortgage payment meant that when the interest rates changed, the consumer was left at the mercy of what the bank charged him “unilaterally.”
What does the Bank of Spain say?
During the debate, Alonso warned that, although European justice will end up ruling in favor of these families, if they do not legislate before, “the courts will collapse and many will lose their homes.” He has also defended that what he proposes is a “financial solution that does not represent a detriment to the banks, but rather a renegotiation.”
Both the PNV and Vox have highlighted that the The Bank of Spain has never indicated a relevant incidence of those affected by the Redal clausesalthough the representative of the Basque group, Idoa Sagastizabal, has been in favor of regulating the clauses of banking contracts so that they are “transparent.”
EH Bildu parliamentarian Oskar Matute has supported the initiative “not for revenge, but for justice”while Pilar Vallugera (ERC) has said that this is a necessary proposal and that it seems “correct” that the bank has to contact its clients to notify them of the irregularities and find a way to fix it.
PP deputy Alía Aguado, who has referred to this issue as “delicate”, has defended that her party’s governments were the first to adopt measures to protect those affected by abusive clauses in the financial system.
He has also pointed out that those who signed mortgages from 2000 to 2010 and now face payments higher than what they can pay is because Pedro Sánchez’s Government is making citizens “poorer every day.”
From the PSOE, Noelia Cobo, has stated that reinforcing the protection of financial clients constitutes a “priority for the Government of Pedro Sánchez, as certified by all the legislative projects that have been brought to this chamber”, although she has recognized that there is still that protection “must improve.”
For his part, Josep María Cruset, from Junts per Catalunya, has stressed that it is the responsibility of the chamber to propose solutions to the affected families and has positioned itself “on the side of the vulnerable” to facilitate the approval of the proposal.
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