Not only Polish nationals were tricked by Polish banks into unfair CHF mortgages – understood as mortgage loans unfairly denominated or indexed in Swiss franc. As of 2004 Poland is a member of European Union, hence more and more expats decided do live in Poland. Some of them decided to buy a home, an apartment or something else which required larger funds than those at their disposal. Polish banks were happy to help. They offered “cheaper” mortgages – paid and repaid in PLN, however related to foreign currency (CHF in particular). Polish banks did a lot to present CHF mortgage loans as cheap and safe, and they succeeded in persuading thousands of clients to choose them. Many customers were even denied of a mortgage lacking denomination or indexation in foreign currency – they were said their credit rating allows only a mortgage associated with CHF, USD, EUR or JPY (jointly “CHF mortgages” or “CHF loans”). Little did they know, that:
- It was only possible to repay CHF mortgage in PLN – so it was not possible to dodge the increasing exchange rate by paying in foreign currency.
- The bank itself controlled and set the currency exchange rate and there was no way of challenging the exchange rate determined by the bank.
- The bank used different types of exchange rates for initial conversion made when the credit was given and for collecting monthly installments collected from the client – creating the spread, which served as and additional source of income for the bank – not specified in the mortgage agreement.
After years of battling before Polish courts and before the Court of Justice of the European Union, the borrowers started winning. Unfair CHF mortgages are now broadly invalidated and wronged customers recover substantial amounts unfairly and unduly collected from them by Polish banks. Such frequently amount to hundreds of thousands zlotys.
A court battle with a bank is neither an easy, nor a pleasant one. The bank do what they can to retain unfairly collected payments and a court dispute typically lasts a couple of years and involves analyzing extensive pleadings prepared by bank lawyers. For the patient and the brave there is a substantial reward though. Vast majority of disputes related to CHF loans ends now with invalidation of the unfair mortgage and recovery of substantial amounts from the bank.
To those wronged by Polish banks we offer assistance, including free analysis of CHF mortgage agreement, flexible fees and transparent guidance both in Polish and English.
We are not a factory producing Swiss franc lawsuits by hundreds, but rather a small manufacture. We approach each single case individually, and assist our Clients only by experienced attorneys – not apprentices or students.
Our flexible fees and moderate court fees mean that our Client does not have to spend a small fortune starting a CHF mortgage court dispute. If you still hesitate whether to challenge the bank and make a first step for recovering what is due to you, please contact us.
CHF mortgages – all posts (in Polish)
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