Evaristo Nievas Gomez - Abogado / 699654217
Legal consulting

I signed up for a Swap, I lost 41.000 Euros three years ago. What can I do?

Evaristo Nievas Gomez - Abogado / 699654217

Its initial name is Swap, although in Spain it is more widely known as mortgage clip (clip hipotecario or bono clip). It is also known as a “mortgage cover”, “insurance fee” or “financial swap” ("cobertura de tipos", "cobertura hipoteca", "cuota segura" or "permuta financiera"). This product has many names and is sold by banks as an insurance for the rise of the Euribor? It is a contract of financial swap. The rule is the same as for other high risk and complex products: the MIFID norms. The main problem comes from the expiration date of the shares. This is why it is important when the consumer or business detects the problem and the financial loss, to contact law professionals in order to make a civil court case as soon as possible. The signing up of swap contracts must be understood as contracted at a time of weariness. The new jurisprudence cancels those contracts, without prejudice to other shares because of the default of information on the MIFID norms. Recently, we managed to get back 158.000 Euros for a client.

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