Stephen King's Story

Stephen King approached Pellicer & Heredia in 2017, after seeing an advert in the EuroWeekly News regarding Mortgage Floor Clauses. Like many clients, Stephen and his wife weren't aware their mortgage was affected, and that they were, in fact, being overcharged by their bank.

After contacting Pellicer & Heredia, Stephen took all of his paperwork to the nearest office, in order to identify, at no cost, whether or not a clause had been inserted, affecting the interest rate payable on the mortgage.

Once the experts at Pellicer & Heredia carried out a thorough study, also checking whether any other unfair terms had been included, it was certain that Stephen and his wife had a case, not only for one, but for two mortgages. The couple had been paying more than what they should have, month by month, which over time summed up to a significant amount.

It's important to note that an estimated 3.5 million people unknowingly have had floor clauses inserted into their mortgage agreements in the years between 2005 and 2017. If you signed a mortgage in those years, it is very likely that you're also a victim.

Stephen couldn't quite believe it when David Ivars, Senior Lawyer, gave him the news. After informing Stephen of all the possible outcomes, there was no doubt that he and his wife wanted to start claiming all the money back, including the expenses incurred at the time of formalising the mortgage. It was thousands the amount they could recover from the very start of the mortgage.

It took a remarkable two months to hear back from the Bank's Customer Service Department, which is where an out-of-court claim was submitted to. Anyone that has been trying to recover their money from the bank knows that this isn't an easy nor a fast process. Not only did Stephen and his wife get an early reply, but it was also a favourable one at that. Receiving a positive reply from the bank with an out-of-court claim is a rarity these days. It's not an impossible case, but Stephen and his wife were very fortunate not to have to take the claim to Court.   

Pellicer & Heredia's experts negotiated a price with the bank and also got the floor clause removed from their mortgages. The specialist department was on top of the claim, from beginning to end, and after just three months from the first contact with Pellicer & Heredia, all the money was returned. Now, the happy couple are paying off their mortgage with total peace of mind.

Since their success, Stephen has recommended Pellicer & Heredia to many of his friends and relatives. Some were just as successful, and others have started the second phase taking the claim to court, for the nullity of the floor clause.