I'm gonna warn you all again: crypto is NOT the future you want.
An international fiat under the direct control of international banking cabals and consortiums is the worst case scenario.
Whatever delusions of wealth and grandeur you hold, you MUST understand that everything you have can simply be taken away when it's nothing but a transient note in a digital ledger.
In other words: If the clauses in a contract are not formulated in a clear and understandable way, the consumer can revoke the contract. In this case, consumers no longer have to pay off their remaining debts and are even entitled to repayment of their down payment and all monthly payments already made.
According to Christoph Herrmann from Stiftung Warentest, the judgment will help many debtors. "Most of them can now revoke their old loan agreements, even if it has been many years since the contract was signed," he said. The law firm Gansel Rechtsanwälte, which was involved in the proceedings, announced that almost all private consumer loans were affected by the ruling. "The only exceptions are consumer loans with a mortgage, especially real estate."
Did the EU just effectively cancel most consumer debt?
Sounds to me like the decision declares most consumer loans in the EU illegal due to purposeful obsfucation of the terms by banks. In that case it may well be the banks who have to eat the costs as punishment. Looking at what's going on with Evergrande and the US debt ceiling, some new financial winds are in the air.
Is the bank still considered the owner in this case? I don't know who technically owns a house still under mortgage, but assuming it's the bank I doubt the EU is looking to allow foreclosures when a debtor cancels a loan. If that's not made clear in the decision they're looking at a massive legal mess that the EU Court will have to rule on at some point, and everyone knows how they will rule. It looks like they throat cut the mortgage industry.
I don't know, sounds like a win to me.
the Euro has already lost 20% of its value since its birth as a currency. What's a few more percentage points?
I'm gonna warn you all again: crypto is NOT the future you want.
An international fiat under the direct control of international banking cabals and consortiums is the worst case scenario.
Whatever delusions of wealth and grandeur you hold, you MUST understand that everything you have can simply be taken away when it's nothing but a transient note in a digital ledger.
Did the EU just effectively cancel most consumer debt?
Sounds to me like the decision declares most consumer loans in the EU illegal due to purposeful obsfucation of the terms by banks. In that case it may well be the banks who have to eat the costs as punishment. Looking at what's going on with Evergrande and the US debt ceiling, some new financial winds are in the air.
Is the bank still considered the owner in this case? I don't know who technically owns a house still under mortgage, but assuming it's the bank I doubt the EU is looking to allow foreclosures when a debtor cancels a loan. If that's not made clear in the decision they're looking at a massive legal mess that the EU Court will have to rule on at some point, and everyone knows how they will rule. It looks like they throat cut the mortgage industry.
Mortgages are excluded from the ruling.
These kinds of ruling should be very narrow. Unfortunately, the commies have one Germany's third world war.