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The Belgrade Commercial Court of Appeal recently confirmed the first instance verdict terminating the loan agreement in Swiss francs. According to the Association for Consumer Protection “Efektiva”, it is a loan from a legal entity, which was raised in 2008 to the amount of 550,000 Swiss, and after the termination of the contract, the bank will have to pay the customer 25 million dinars in cash. She missed him so much!
In other words, according to the calculation made by the legal expert, this company (client) has so far paid about 51 million dinars to the bank, on a loan of 28 million dinars.
Since the court accepted the change in circumstances argument and terminated the contract, the result of the contract termination was dinar restitution, that is, the return of all dinar payments with accrued late payment interest.
“Thus, the client will receive another 50 million dinars as default interest on the 51 million dinars paid, while the bank will receive another 48 million dinars on the 28 million dinars paid,” says Efektiva.
The sum of the amount in dinars that the bank must return to the debtor is 101 million dinars, while the customer returns a total of 76 million dinars, which means that the borrower is overpaid by about 25 million dinars, that the bank must pay in cash, since the loan was closed earlier. two years.
“This and other similar verdicts were the main reason for passing the Conversion Law, because it significantly reduced the damage that banks would have in contract termination disputes. “Unfortunately, the citizens who accepted the conversion lost the right to solve their problem in this way,” they point out in Cash.
Conversion or litigation
It should be recalled that on April 25, 2019, the Assembly of Serbia adopted the Law on the Conversion of Home Loans Indexed into Swiss Francs, which is the result of a compromise solution between the state, citizens’ associations and banks. This is how citizens had the choice: convert the loans into euros according to the new law or continue with the court disputes.
Lex Specialis anticipates that the remaining part of the debt will be converted into euros and that the amount obtained from the conversion will be reduced by 38 percent, as well as that the interest rate will be limited to 3.4 percent. The solution offered will cost the state 11.7 billion dinars.
With this law, practically, after more than a decade, the problem of the 15,785 citizens indebted to the Swiss has been solved.
Who can file a lawsuit to terminate a contract?
The first verdict of nullity of the exchange clause in CHF was approved in May last year, following the appointment of the Supreme Court of Cassation (SCC). It was a loan from 2007, which was raised for 85,000 Swiss francs. The expert’s finding determined that the user repaid the total amount of 10.8 million dinars on behalf of the loan repayment, and that by indexing that loan in euros, he would return around 8.35 million dinars for the same repayment period. .
Lawsuit for termination of contracts indexed in Swiss francs can be filed by clients of banks that did not accept the conversion to euros, continue to pay the loan in CHF, as well as those whose contract was terminated before the Conversion Law, and the rest are in Swiss.
Read the state’s position on the new and third loan default, which should be expected soon.
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