Mortgage compensation, who can request it and how to apply

Mortgage compensation for undue interest rates, the green light arrives from the Supreme Court.
Here's who can request it and how to apply.
The ordinance concerns those who, between 2005 and 2008, took out a mortgage, loan or leasing indexed to the Euribor and who may have paid more interest than was due.
The affair, linked to the manipulation of the rate by some European banks, has triggered a series of legal actions since 2013 to obtain reimbursement of the interest unduly paid.
The Court of Cassation, overturning an appeal ruling, establishes that even bank customers who did not participate in the cartel discovered in 2013 can sue to request the repayment of interest.
In this article we see in detail who can request compensation, how to apply and the challenges to be faced according to the legal experts and associations involved.
Mortgage compensation, who can request it The Court of Cassation, with order 34889 of 13 December 2023, established that anyone who took out a mortgage, loan or leasing indexed to the Euribor between 29 September 2005 and 30 May 2008 can in theory obtain compensation, even if the banking institution is not one of those already fined by the European Antitrust.
The Euribor rate is taken as a reference by banks to calculate the interest rate on variable rate mortgages.
In 2013 the Antitrust condemned four large European banks to pay a fine of over 1 billion euros for having organized a cartel to manipulate the Euribor rate to their advantage.
Based on previous sentences and official technical consultancy carried out by the courts, the average reimbursement can be around 7,000 euros out of 100,000 of loans.
Mortgage compensation, how to apply To undertake the path of mortgage compensation, it is crucial to fully understand your situation and this can be achieved by contacting consumer associations or specialized firms.
These bodies are able to conduct an accurate econometric assessment, carefully evaluating the excess interest paid.
Once the recovery margins have been identified, it is possible to make the request for reimbursement independently, via registered letter, without necessarily involving a legal advisor.
However, it is strongly discouraged to proceed without qualified support, given the tendency of Italian banks to show little interest in out-of-court conciliation.
Relying on professionals in the sector is therefore the safest choice.
To apply for compensation you must therefore send a registered letter to the bank granting the product.
In the case of a transfer to another bank, it is essential to submit an application to the first credit institution for the period prior to the acquisition and another to the new bank from the moment the new relationship begins.
If the bank does not respond, the subsequent procedure involves mandatory mediation before the justice of the peace for amounts lower than 5 thousand euros and the court competent for the territory for higher amounts.
In the event of a negative outcome of the mediation, it is possible to initiate judicial proceedings by taking the bank to court.
To accurately evaluate the costs of these procedures, it is advisable to contact consumer associations from the early stages, in order to obtain a detailed estimate and wisely decide whether proceeding is actually convenient compared to the potential expenses to be faced.
The opinion of experts and collective associations The main obstacle to overcome, as underlined by Federcontribuenti's lawyers, is the statute of limitations.
The statute of limitations does not run as long as the mortgage, financing, derivative or leasing relationship is ongoing.
For contracts closed more than 10 years ago and fully paid, the right is barred.
However, all contracts stipulated from 1 January 1999 onwards, provided they were in force less than 10 years ago, can be examined.
Federcontribuenti provides a form to interrupt the prescription, to be sent to your bank via certified e-mail or registered letter with return receipt.
Other associations such as Codici and Aeci offer assistance through their branches (email or telephone) to inform savers and help them with any legal action.
Lawyers recommend adopting collective actions, bringing together homogeneous cases of customers with similar mortgages granted by the same bank.
This approach not only simplifies the filing of cases, but also saves on court costs.
Lawyer Monica Mandico, an expert in banking law, recommends filing a single lawsuit only for contracts worth more than 500 thousand euros.
The objective of these collective actions is to obtain the zeroing or recalculation of the rate at the minimum annual rate.
In conclusion, the order of the Court of Cassation represents a concrete opportunity for those who have suffered financial injustices during the period of Euribor manipulation.
However, it is essential to act promptly, overcoming the obstacles of the statute of limitations, and adopt targeted legal strategies to maximize the effectiveness of compensation claims.