What does challenging WIBOR involve?
There is no doubt that calculating loan instalments on the basis of the WIBOR benchmark is very unfavourable for many borrowers. This is one of the main reasons why more and more people decide to fight to have this benchmark set aside. It is a chance to obtain repayment terms that are not only more favourable but also stable.
Challenging WIBOR means obtaining a court ruling that the benchmark is set in a defective way and that the loan agreement itself contains so-called abusive (unfair) clauses. Usually, the consequence of such a ruling is the invalidation of the loan agreement — which is exactly what you should aim for as a borrower.
Once the agreement is invalidated, both parties must return to each other what is due. Experience shows that for many borrowers this is a chance to recover a large part of the instalments paid to the bank. No wonder challenging WIBOR attracts so much interest!
Do you need legal assistance to challenge WIBOR?
Professional legal support is strongly recommended, and not only in WIBOR cases. Fighting a bank on your own may prove ineffective — most banks know exactly what to do to win such cases. That is why you should use lawyers with many years of experience in loan cases. This significantly increases your chances of success.
With legal assistance you can be sure that your case is in good hands. We will start by reviewing your loan agreement and determine whether bringing a claim is justified. If we conclude that it is, we will get to work straight away. Your agreement may then be invalidated before long.
Challenging WIBOR
Although millions of Poles have a loan in Polish zloty, the question of challenging WIBOR began to attract attention relatively recently. Today, however, doubts as to whether WIBOR in an agreement can be challenged are raised more and more often. Find out whether you have a chance to challenge WIBOR!
What could challenging WIBOR involve?
Challenging WIBOR is an option that is attracting growing interest among borrowers. The benchmark has been debated for some time, and many experts have no doubt that the way WIBOR is calculated is not appropriate. What is more, the benchmark may be very unfavourable for many borrowers.
Challenging WIBOR in a loan agreement means obtaining a ruling from the competent court that the benchmark is set in a defective way and that the loan agreement contains so-called abusive, i.e. prohibited, clauses. The consequences of such a ruling may vary, although the best outcome for the borrower is often a declaration that no legal relationship exists between the bank and the borrower.
As a result, both parties may be obliged to return to each other what is due. In other words, the borrower must return the amount borrowed to the bank, and the bank must return everything it received in monthly instalments. In many cases, challenging WIBOR in this way could be very beneficial.
Removing WIBOR from a loan agreement — is it possible?
Many people wonder whether WIBOR in a loan agreement can be challenged. You should be aware that the issue is currently at a very early stage, so it is impossible to say with certainty what lies ahead for zloty borrowers. It is worth remembering, however, the difficult situation of Swiss franc borrowers. Today the courts rule in their favour in more than 98 per cent of cases!
One of the arguments that challenging WIBOR is possible is the way the benchmark is calculated. WIBOR is calculated on the basis of interbank arrangements, and the process itself is extremely complex. Unfortunately, in many cases the arrangements concerning WIBOR may be very unfavourable for borrowers.
Above all, many doubts are raised by the double margin that borrowers have to pay. This happens because WIBOR itself contains a certain margin, and the bank’s margin is added at a later stage. As a result, every month the borrower pays the bank principal and interest instalments based on an interest rate calculated in such a way that it may conceal a double margin. This is precisely what may provide grounds for challenging WIBOR.
Is legal assistance worth it? Definitely!
Not sure whether you need legal assistance to challenge WIBOR against a bank? We have no doubt about it! Representing yourself in court, reviewing the agreement, finding the relevant clauses or preparing the statement of claim — all of this can be very complicated.
What is more, failure to meet formal requirements can considerably prolong the entire proceedings. That is why the help of lawyers experienced in challenging WIBOR can make such a difference. It will increase your chances of success!
See what you can expect when you choose to work with our firm
When you choose to work with our firm, you can be sure that we will do our utmost to find the legal solution that is most favourable for you. The key step is a review of your agreement by our specialists. On that basis we will be able to determine whether challenging WIBOR is possible in your case and whether pursuing it is in your interest.
What else can you expect when you choose our firm?
- we will review your loan agreement and assess your chances of winning against the bank,
- we will gladly answer all your questions — we know you may have many,
- we will represent you in court at every stage of the proceedings,
- we will take care of all formal requirements, which will also help the court proceedings run smoothly,
- your case will be handled by our best specialists, who know the issues surrounding WIBOR challenges inside out,
- we will stay in regular contact by phone or e-mail,
- we will offer you favourable and transparent terms of cooperation.
Interested in challenging WIBOR? Get in touch
Don’t wait any longer. Contact us now and find out whether WIBOR can be challenged in your loan agreement. This option can be very beneficial — both financially and for your sense of financial security. There is no doubt that constantly changing instalments make it difficult to plan a household budget. That is why you can trust us — we will do everything we can to have WIBOR in your loan agreement set aside.