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Sunday, February 16, 2025

Loan invalidated by WIBOR. A landmark court judgment. VeloBank responds

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Canceled loan: In 2015, a mortgage loan agreement was concluded with Getin Noble Bank (currently VeloBank). The interest rate was determined, among others, by: based on the indicator WIBOR 3M. However, on January 22, 2025, the District Court in SuwaƂki invalidated the contract and ordered the borrowers to pay approx. 246 thousand zloty together with interest for delay calculated from April 26, 2024 to the date of payment. Bank will also cover the costs of the trial amounting to almost PLN 12,000. PLN with interest. The judgment is invalid – the legal adviser wrote on Facebook Beata StrzyĆŒowska.

What was decided? The court said that variable interest rate clauses based on WIBOR included in the contract have abusive nature. “The court found that no information was provided to the plaintiffs information about WIBOR beyond the bare provisions in the contract. Moreover, the court noted that the declaration on the variable interest rate risk, which is an annex to the contract, is included blank and insufficient to state that consumers have been fully informed about the risk,” StrzyĆŒowska said.

“WIBOR was set without supervision”: According to the court, a bank employee could not properly provide information to customers without appropriate knowledge. He added that the contract was unilaterally shaped by the bankleaving no negotiation possibilities to the plaintiff, and “the WIBOR rate was determined and published without any supervision” Moreover, the court emphasized that the indicator is imprecise and opaque. “The court believes that the bank should indicate that they exist doubts regarding the determination of the WIBOR index, because at the time of concluding the agreement there were already reports of the Supreme Audit Office, including from 2015 and parliamentary interpellations talking about ambiguity of the WIBOR indicator“- wrote the legal advisor.

VeloBank reacts: Monika Banyƛ, spokeswoman for VeloBank, explained in an interview with “Gazeta Wyborcza” that the bank plans to appeal. – The current line of jurisprudence does not provide any grounds to question the WIBOR indicator. Out of 1,111 cases regarding WIBOR, 24 judgments were passed by May 2024, all confirming the legality of the WIBOR indicator, which is an official indicator based on the EU BMR (Benchmarks Regulation) – she emphasized.

Read also:An important decision for thousands of borrowers. Big change. 'It's going to become crucial'“.

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Sources: Legal advisor Beata StrzyĆŒowska on Facebook, Gazeta Wyborcza



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