A bank sentenced to return more than 30,000 euros to a Tarragona
Revolving or revolving credit entails a certain complexity and may be inappropriate due to the inexperience or the distressing situation of some of its recipients.
This was the experience of a resident of Tarragona, who in 1999 contracted a credit card called Citi, with the financial entity Citibank (now Wizink). After almost 22 years paying interest without repaying the debt, he decided to put himself in the hands of experts and claim through the Recupera Revolving platform.
The defense, specializing in claims against banks and finance companies, requested that the credit card be declared null and void due to its usurious nature: the interest applied in the contract was 26.82% APR, they indicate. The Bank of Spain did not begin to publish data on the interest rates applied until 2003, the date on which the normal interest rate for loan operations with consumers was 8.69% APR, almost 18 points less than in the aforementioned case.
In addition, in addition, Law 7/1995, of March 23, on consumer loans, established a limit on the cost of overdraft, which was set at an annual rate equivalent to more than 2.5 times the legal interest on money that, in In this case, it would imply an interest of 10.62%, far from the 26.82% set by the credit institution, they point out from Recupera Revolving.
Consequently, the Court of First Instance Number 1 of Tarragona has sentenced Wizink to return more than 30,000 euros to the cardholder, of which 27,600 euros correspond only to remunerative interest collected for more than 20 years.