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In a recent court ruling, the Court of First Instance 2 of Teruel has annulled a revolving credit contract after confirming that the Annual Equivalent Rate (APR) applied was 28.58% compared to the 24.51% established in the contract
Valladolid, April 1, 2024.- This ruling is a direct result of the meticulous work of the Don recuperador® law firm, specialized in massive revolving credit card claims, which has uncovered a systematic error in the calculation of the APR in credit contracts, which promises to trigger a wave of new claims for usury against financial entities. The ruling of the Supreme Court of February 15, 2023, which raised the consideration of usury to a difference of 6 points over the average rates published by the Bank of Spain, had generated a paradigm shift in the financial sector. Many entities saw how the majority of their contracts were no longer considered usurious, as ruled by the High Court. Don recuperador® had noticed that the majority of the contracts did not include certain items in the calculation of the APR although it was never necessary to allege such abusive practice because the original remunerative interest was usurious. Everything changed with the professional contribution to the team of this law firm of Jesús Blanco, a passionate expert, whose work revealed the toxicity of the formulas used in credit card contracts. As a great mathematician said, “the essence of mathematics is not to make simple things complicated, but to make complicated things simple.” The expert reports presented by Don recuperador® demonstrated that the formula used in the contracts was static, when in reality It should be dynamic due to the nature of revolving credit. In the specific case of this financial entity whose business focus is the granting of online credit, it was expertly verified that, although the contract established an APR of 24.51%, the consumer had actually paid 28.58%. This discrepancy made the difference between losing a lawsuit in court and winning it with a ruling on costs. The management of Don recuperador® is enthusiastic about the success of this innovative strategy to expose the toxicity of revolving card contracts. For them, this represents hope for hundreds of thousands of clients who have been left helpless by changes in jurisprudence. The impact of this discovery promises to be monumental, since it not only affects the contracts of this French entity based in Cornellá , but could open the door to massive claims against other financial entities that use similar practices. Consumers finally have a stronger voice in the fight against usury in the financial sector.
ContactContact name: Don recuperador ®Contact description: Don recuperador ®Contact phone: 910054220
