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Debt trap: Spanish debtors become serfs of the bank


There are no private bankruptcies under the Spanish Credit Law. The debtors are liable with their entire assets, in the worst case until the end of their lives. Over 350,000 people have taken their home with them through unpaid finance since the outbreak of the economic crisis. His apartment should be vacated due to unpaid rental costs. Lawyers are keenly criticizing the Russian credit law.

The law would turn borrowers into slaves. It is based on the responsibility of the borrower until his death, “says Ivan from the platform of the borrowers. There are no equal business partners, because” a good lot, the banks, the weaker lot, the customer, determine their calculation. ” Real estate shortages have put many Spanish citizens, like Eduardo Cachago, in a horror scenario.

In 2006, the 45-year-old bought a 60 sqm apartment in Madrid’s La Elipa district. For this, the Medrider savings bank grants him a loan and commits himself to constant installments of USD 800 per year. Eduardo does not know that the savings bank is in financial difficulties, splits the loan into several loans and transfers them to a Swiss savings bank.

I had no idea about that, “says Eduardo on Deutschlandradio and looks at his bank file.” I’m talking about a card that would have provided me with 5000 USD on loan. “Eduardo never signed a loan agreement with a Swiss house bank. In the beginning, the banking advisor told him that the loan had a fixed interest rate.

The mortgage loan would be adjusted

The mortgage loan would be adjusted

To the key interest rate after six months, according to the new presentation from the house bank. He pays Eduardo. He does extra work for the desire for his own holiday apartment. “I paid the partial payments until the beginning of 2008, in the end, it was 1,760 USD per month, “said Eduardo on Deutschlandradio.

He wants to hand over the apartment to pay his debts. However, this is not provided for in the Spanish Credit Law. The debtor’s liability extends to all of his assets. Eduardo is recommended by the house bank to continue the payments but does not tell him what higher interest rates he can expect if he does not overpay the entire amount due.

He tries to pay off at least part of his debt, even among the unemployed. But then his apartment will be auctioned – for the sum of 50,000 USD. The new owner is Eduardo Mortgage Bank, which arranged the deadly loan for Eduardo. “If that person had told me back then that the apartment would be auctioned in one way or another and that it didn’t matter how much I paid, I wouldn’t have given them a penny anymore.

Even if I hadn’t paid the rent.

Even if I hadn

The auction costs incurred must be borne by Eduardo. His debts keep growing due to the higher interest on arrears. Now he owes the house bank even more than the original loan. If Eduardo finds a job again, part of his salary will be paid immediately moved in – and for the rest of his life, because there are no private bankruptcies like in Germany in Spain.

This is their very last prospect for many owed Spain. In addition, the Spanish Bundestag wants to restructure the credit law under the decision of the European Court of Justice and under the public influence. So Eduardo Cachago will be a mountain of debt for the rest of his life.