What is the intention of the system in the sale of this product?
As usual, the consumer acquires a mortgage loan and a SWAP at once. The mortgage loan is tied to a variable interest rate, and the SWAP protects that variable interest and its future upward and downward movements.
It is vital to bear in mind that interest rate forecasts are absolutely forecasted in this country, and hence the system configures any strategic financial product so that, as in this case, the consumer has to pay for the result of the evolution, his ordinary mortgage payment and his swap payment.
It’s clear: the bank ALWAYS wins.
All swaps were marketed in SPAIN around the years 2007, 2008 and early 2009 when the EURIBOR interest rate was rising incessantly, reaching record highs of 5.90%, with the argument of sale as justification for their convincing acquisition, knowing what was coming, or being absolutely responsible for what was approaching, totally predictable and hoping that when crossing the year 2009 the same rate collapsed, as happened, and along with it, practically the Spanish financial system.
It was then when the consumer began to pay the fees, and on many occasions, this amount was recorded as swap, even higher than the mortgage quota.
How can I recover my lost investment?
The only way for the consumer to recover the money lost or paid in swap settlements is by filing a civil lawsuit, requesting the nullity of the subscription due to an error in the information given by the banks to their clients, taking into account the high risk involved in their subscription, and the lack of financial knowledge that the average consumer has in this country, incompatible at first sight, with his level of education.
It is as if the system wanted to protect the consumer, cataloguing the products and the investment risk incurred in their subscription, but omitting by virtue of it, a detail that is in my opinion the most important: the person who acquires it, and his/her intention at the time of hiring, which have apparently been completely forgotten.