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News & Notices: Are millions of loan agreements threatened with reversal?

Topic created on 19th Feb. 2020 | Page: 1 of 1 | Answers: 7 | Views: 2,463
Begbie
Elite

Are millions of loan agreements threatened with reversal?

19th Feb. 2020, at 10:26 pm CET#1
1 Like

Liked this post: Avatar von eierlothar eierlothar
Numerous banks in Germany are threatened with trouble - and in a way that is already likely to "conjure up" significant worry lines on the faces of many a bank board. The reason? Background is the decision of the regional court in Ravensburg of a complaint submitted by the Kanzlei Aslanidis, Kress & Häcker Hollmann from Esslingen in co-operation with the Kanzlei Dr. Lehnen & Sinnig from Trier with positive resolution to admit.
Means in the plain language that now a whole set of legal questions may be submitted to the European Court of Justice (EuGH) to the topic revocation of loan contracts. And the two Kanzleien involved announced already to convert the resolution of the regional court Ravensburg also promptly.
Faulty wording in loan agreements - that's what it's all about
The main issue in the referral to the ECJ is how certain mandatory disclosures in consumer loan agreements must be formulated. The information in question relates to the default interest rate, the early repayment penalty and termination rights.
Corresponding passages can be found in various formulations in almost every consumer loan agreement concluded in Germany between June 11, 2010 and today. With the decision of the Ravensburg Regional Court to submit the formulations used to the European Court of Justice (ECJ) for review, however, the banks now fear a further wave of revocations worth millions.
Kanzleien want to intersperse right of revocation as well as right of dissolution of sales contracts
In the project of the two cooperating Kanzleien lies thus much explosive, because should the Court of Justice of the European un ion the opinion of the law offices follow, then millions, since 11 June 2010 closed loan contracts regarding their legality on the tipping point stand. The consequence of a positive decision by the European Court of Justice would mean reversal. The credit transactions from these contracts would be thus null and void!
However, the matter is also explosive in that not only the loan agreements themselves would be revocable, but also the purchase agreements financed with them. The consumer concerned would have to be refunded his money on the part of the salesman in such a also against return of the purchase article. Just in the still current exhaust gas scandal for example for the car manufacturers concerned a disaster!
In principle, however, would be affected by a positive decision on the part of the ECJ to submit pretty much any purchase financed on credit. Thus practically from the washing machine over the notebook up to the Smartphone and television.
Possible consequences for affected companies and banks hardly foreseeable
Undoubtedly: the decision of the Regional Court (LG) Ravensburg of January 7, 2020 ( Az: 2 O 315/19 ) is tantamount to an economic earthquake for banks and affected companies - above all, however, again the car manufacturers.
Because you threaten now a new revocation wave on the part of the consumers. And that applies then evenly not only with autocredit, but with any financed consumer goods purchases . With several million contracts affected, this is a horror scenario for the banks.
Revocation of loan contracts: Horror for banks, but windfall for consumers?
But which worries the financial as well as the car industry already now, represents for consumers hinsichlich of their rights a genuine chance, how says attorney Christopher Kress of the Kanzlei Aslanidis, Kress & Häcker Hollmann, confirms:
"For consumers, this is an excellent opportunity. If banks make mistakes in their contracts, especially in the mandatory disclosures, the consumer can use the revocation to be able to prematurely unwind the loan agreement and the associated purchase.
What got the ball rolling
The whole process was triggered by the complaint of a consumer who purchased a manipulated diesel vehicle by means of financing. In order to part with his manipulated diesel vehicle and get his money back, the plaintiff pulled the so-called revocation joker. And exactly there the, the buyer representing attorney Dr. Christof Lehnen of the Kanzlei Dr. Lehnen & Sinnig, set with a complaint.
It represents thereby in principle the following opinion:
"The revocation is the elegant way out of the Dieselfalle, and not only for the cheated buyers of Schummeldieseln, but for all Dieselfahrer, which are concerned by massive losses in value and threatening driving bans."
That he is right with this opinion is proven among other things by his success with a lawsuit against Volkswagen Bank.
"The referral decision of the Ravensburg Regional Court shows that the Federal Court of Justice has ruled contrary to European requirements. The ECJ must therefore necessarily deal with the consumer-unfriendly case law of the Federal Court of Justice," says lawyer Georgios Aslanidis of the law firm Aslanidis, Kress & Häcker-Hollmann. And in the point the two acting Kanzleien are themselves more than united.


https://www.cashper.de/blog/rueckabwicklung-von-darlehens-vertraegen

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v****2

Are millions of loan agreements threatened with reversal?

19th Feb. 2020, at 10:39 pm CET#2
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Nobody has liked this post so far
i only skimmed your post but in what way
does this have anything to do with gambling...this is not the
the consumer protection agency.

This post has been translated automatically

eierlothar
Top Member

Are millions of loan agreements threatened with reversal?

19th Feb. 2020, at 10:48 pm CET#3
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Nobody has liked this post so far
vomvom12 wrote on 19.02.2020 at 22:39: I have your post only skimmed but how far
does this have to do with gambling...this is not here
the consumer protection association.

You must not be able to understand, there are just fortunately people,
whose intellect turns not only at roulette.
Stop a social story that you can undoubtedly calmly post here.
Would not have had to read, was to see exactly what it's all about.

This post has been translated automatically

Begbie
Elite

Are millions of loan agreements threatened with reversal?

19th Feb. 2020, at 11:04 pm CET#4
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Nobody has liked this post so far
vomvom12 wrote on 19.02.2020 at 22:39: I have your post only skimmed but how far
does this have to do with gambling...this is not here
the consumer protection association.

because players not infrequently pay off loans I have posted here.
have you understood what it is about?
i myself also pay off more than one loan and if the lawyers get through before the ECJ, the last possible judicial instance, all loan agreements concluded since 2010 are legally attackable and in the end invalid.

Edit: font color adjusted

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s****e

Are millions of loan agreements threatened with reversal?

19th Feb. 2020, at 11:16 pm CET#5
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Begbie wrote on 02/19/2020 at 23:04
because players not infrequently pay off loans i posted this.
do you understand what this is about?
i myself also pay off more than one loan and if the lawyers before the ECJ, the last possible judicial instance, get away with it, all since 2010 concluded loan agreements are legally attackable and ultimately invalid.


A reversal would be similar to the faulty revocation instructions for real estate. Of course, the

Loan was not invalid, but it was possible to terminate the contract free of charge even before the end of the fixed-interest period,
and look for what more favorable interest. Normally, this costs an early repayment penalty, which was thus eliminated.

I do not believe that the loans are invalid, since you have received the money. You get back possible processing fees
and you can get out of the loan free of charge and possibly reschedule more favorably. Nevertheless, you will have to pay back the actual loan amount if you get out of the contract
if you want to get out of the contract. A faulty clause does not cause the complete invalidity of the loan.The only thing that would
really what would bring, if it were an old expensive loan, and you could take the favorable today's interest.

This will also affect cars and things you bought on credit. However, you will have to pay the difference between the new price and the
current price have to pay, because you have used the things. You just get out of the credit, nothing more. Current value will
You will have to pay, that was already the case with other decisions. Everything else would be absurd somehow.

My assessment, we will see!

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eierlothar
Top Member

Are millions of loan agreements threatened with reversal?

20th Feb. 2020, at 12:12 am CET#6
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startpage wrote on 02/19/2020 at 23:16

A reversal would be similar to the faulty revocation instructions in real estate. Of course the

Credit not ineffective, only one could terminate without problems also before the expiration of the fixed interest period free of charge the contract,
and look for what more favorable interest. Normally, this costs an early repayment penalty, which was thus eliminated.

I do not believe that the loans are invalid, since you have received the money. You get back possible processing fees
and you can get out of the loan free of charge and possibly reschedule more favorably. Nevertheless, you will have to pay back the actual loan amount if you get out of the contract
if you want to get out of the contract. A faulty clause does not cause the complete invalidity of the loan.The only thing that would
really what would bring, if it were an old expensive loan, and you could take the favorable today's interest.

This will also affect cars and things you bought on credit. However, you will have to pay the difference between the new price and the
current price have to pay, because you have used the things. You just get out of the credit, nothing more. Current value will
You will have to pay, that was already the case with other decisions. Everything else would be absurd somehow.





I think you will be right, there will also be interest from the beginning of the loan until the day of the court decision percentage refunded. Is also completely in order, and with the Momentanen interest situation indispensably.

Edit: font color adjusted

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v****2

Are millions of loan agreements threatened with reversal?

20th Feb. 2020, at 12:35 am CET#7
0 Likes

Nobody has liked this post so far

Begbie wrote on 02/19/2020 at 23:04
because players not infrequently pay off loans i posted this.
do you understand what this is about?
i myself also pay off more than one loan and if the lawyers before the ECJ, the last possible judicial instance, get away with it, all since 2010 concluded loan agreements are legally attackable and ultimately invalid.


ok then I'll let that pass...(little joke)

of course I understood what it is about...
was also not meant badly I just wondered something
wondered because there was no direct reference to gambling
in itself


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s****e

Are millions of loan agreements threatened with reversal?

20th Feb. 2020, at 01:32 am CET#8
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Nobody has liked this post so far
eierlothar wrote on 20.02.2020 at 00:12
I think you will be right, there will also be interest since the beginning of the loan until the day of the court decision percentage refunded. Is also completely in order, and with the Momentanen interest situation indispensably.

Is the question. With the incorrect Widerrufsbelehrungen when buying a property one did not get retroactively refunded the interest. They were so high at that time. With an acquaintance with get, which had prozessiert.
However, he was able to get out of the contract immediately and take out a real estate loan with almost 3% more favorable conditions, which was really a lot for a sum of almost 200,000€. In return, he did not have to pay any interest on early repayment, which amounted to around 16,000€.

However, as I said, he did not get the interest back in percentage terms because the interest rate was so high almost 8 years ago.
I don't know how one could justify that to get a refund. Even if it was a faulty cancellation policy, it would not have changed the interest rate. If that had been the case, he would certainly have received the difference. But so...

But I could also be mistaken.

Edit: paragraphs removed

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