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Borrowers deceived by their bank – Loans

At the outbreak of the subprime crisis in 2007, it was the dubious practices of financiers and bankers with the money of savers that were revealed. In fact, investments by financial institutions in toxic products on behalf of their clients have led to many losing money.

But what about borrowers?

bank

Today, it is a matter of another order that agitates the courts: it is the borrowers who have been deceived by their bank. Between 2008 and 2009, several hundred people subscribed for real estate loans in Swiss francs from E-Money.

These loans, repayable in euros, were therefore directly exposed to foreign exchange risks (decline in the value of the euro against the Swiss franc, which increases the cost of borrowing). However, the bank has sold its customers this loan as a “hyper secure product” and the Swiss francs as “a safe haven, a guarantee of security” according to the victims’ lawyer.

Where are the borrowers today?

bank

For some investors, the amount outstanding 3 to 5 years after the start of repayments is equal to or greater than the one at the time of purchase. There is enough to be angry.

Borrowers who believe they have been deceived by their bank have filed a complaint against E-Money in November 2011, accusing the bank of not having informed them and warned of the risky and volatile nature of their loan.

They will be alone with their loan to repay

They will be alone with their loan to repay

However, since that date, no investigation has actually been conducted and the criminal limitation period is 3 years … the risk that the borrowers’ complaints will be prescribed in 2014 and that they will be alone with their loan to repay without no remedy is real.
Time is running out for investigators to shed light on these deceptive practices and protect borrowers. However, the bank has sold its customers this loan as a “hyper secure product” and the Swiss francs as “a safe haven, a guarantee of security” according to the victims’ lawyer.





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