Our first contact with David was just to find out if he had a case or not. He had read in the news and heard on the radio about cases involving ”interest floors” and he wanted to know if his loan had one. After we looked through all the documentation, it was clear that he had an interest floor for 3%.

Which meant that even though he should be paying interest of 0.93% he was paying 3%, which meant 2% more than he should be paying. After this he wanted to know what his options were and how big a return he could claim from the bank. We explained to David that we consider these cases as being cases involving basic rights, and that we therefore have lowered our fee to a minimum.

We have done this so that clients, even though they have the law on their side, won´t be discouraged from seeking out justice. Since the client must spend a lot of money to pay for lawyers and legal representative he/she is often deterred from seeking justice in court, despite the fact that the judge in all probability would have ruled in their favor.

The judicial process is very slow, and the clients must put up a relatively large amount of money in comparison to what they get in return. This is why the bank can continue acting in conflict to current law, because it knows that the clients will think twice if it´s really worth claiming their money back.

With David, things were different. Since we had lowered our fee, he didn´t have to think long, and shortly after we had filed our suit against the bank, we reached a settlement. In the end, the bank repaid David the amount he had overpaid due to the interest floor. A sum of 10.699 Euros.