HELPING FRANKONS - HOW TO RECOVER MONEY FROM THE BANK?

Do you have a mortgage in Swiss currency? Is the situation related to the unstable exchange rate of the franc, on which the loan installments depend, overwhelming you? Check who offers Help to Franks and on what terms.

Charged in francs, or the history of the Frankowicz family
A loan in francs is a banking product that enjoyed considerable interest in Poland over a decade ago. Due to the large increase in the CHF exchange rate, borrowers are still struggling with growing installments of the Swiss franc loan, and thus with increasing debt to the bank, despite the regular repayment of the liability. Around 745,000 still have a mortgage in Swiss currency. Poles - mostly married couples.

Let's go back to the beginning, or in fact to 2005-2008, when the Swiss franc mortgage boom took place. Banks did not inform people interested in a Swiss franc loan that the Swiss franc is a strong currency that has been growing in value for a century non-stop, and the increase in the exchange rate is often rapid.

Such a course was especially noted in developing countries, i.e. in such countries as Poland. Previously, such a relationship was observed in Australia, Italy and Spain. No one informed people taking out a mortgage in Swiss francs that such loans introduced in other markets have always caused problems for borrowers as soon as the currency exchange rate soared.

As early as 2002, the Polish banking supervision had reservations about the introduction of such a banking product. Let us recall that after the liberalization of the currency law in Poland, banking institutions gained free access to financing in a foreign currency.

Unfortunately, no one informed Polish borrowers about the reservations of the banking supervision and about the plans to ban this type of loans, which appeared in 2005. Interestingly, some banks opted for its introduction.

Ultimately, the ban was not introduced, and the Swiss franc loan was touted as "the most advantageous and safe". Of course, the banks used hedges that protected them against the risk of exchange rate fluctuations. Borrowers, on the other hand, were not offered similar solutions.

The bank advisers presented the CHF loan offer as favorable, with a lower interest rate than the loan in the domestic currency. Meanwhile, the loan agreement in francs was burdened with a considerable exchange rate risk. It is worth emphasizing here that the change in the interest rate applies only to the current installment, and the exchange rate risk and the amount of the installment and the entire amount of the liability.

Swiss franc loans - denominated or indexed to the Swiss franc were often offered to people with low creditworthiness, and thus had little chance of getting a loan in PLN or for a smaller amount than expected.

The result of all this is that people with a CHF loan have already paid more than they had taken a PLN mortgage, and they still owe them a lot of money, according to the banks.

It is true that in 2011 the so-called the anti-spread act, but this did not eliminate the unclear principles of valorization. The Frankivskis were only given the option to repay their liabilities directly in francs. Moreover, it should be emphasized that despite the enactment of this act, banks continued to use their own exchange rate tables. Therefore, the borrower could not estimate the amount of the installment or the cost of the loan.

Help for the Franks - what to do with a CHF loan?
For a long time the Frankish family counted on some systemic solution to their problem. However, no concrete help for the Franks came from the rulers. Unfortunately, in addition to the so-called the anti-spread and Swiss francs act, they did not get anything more concrete. That is why many of them decided to engage in a court battle with the bank. Some chose a class action, others an individual one.



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