Credit Processing Fees: “Banks are clearly on time”

Credit Processing Fees: “Banks are clearly on time”

Friday, 14.11.14, written by Cornelia Teich

Until the end of the year, many bank customers can reclaim inadmissibly raised loan processing fees from their financial institution. In an interview with finanzen.de, Berlin lawyer Philipp Caba explains how much money borrowers can get back and why they should reclaim the fees as quickly as possible.
 

Lawyer Philipp Caba gives tips on loan processing fees

Lawyer Philipp Caba gives tips on loan processing fees

Mr Caba, the Federal Supreme Court, has recently ruled that banks, even for older contracts, have to pay back undue credit processing fees to their customers. How can I find out if I can get money back from my bank?

Philipp Caba: First of all, you should take a look at your credit documents. On the first pages you will find the details of the loan amount, the interest rate and the amount of the installments. Under these terms, the contracts also include a field for any processing fees. If a processing fee in euros or percentages should be listed in this field, these fees plus interest may in principle be reclaimed by the Bank. All borrowers who agreed their contracts on the day just less than a decade ago have the best chance of recovering these processing fees at an interest rate. It does not matter whether the credit agreement is still running or not.

Service: Corporate credit agreements and loan agreements concluded more than ten years ago and repaid within the last ten years are also affected. Here, however, the legal situation is not yet clear. However, a case law under which contractors have been reimbursed for loan processing fees already exists. Therefore, it is also worthwhile to initiate statute-barred steps.

How much money can borrowers get back now?

Philipp Caba: The amount of the processing fee depends on the one hand on the amount of the loan and on the other hand varies within the respective banks between two and four percent of the net loan amount. I know many cases where the processing fee is about three percent of the loan amount. With a loan amount of 20,000 euros, that’s 600 euros. For example, if the loan was repaid in June 2007, additional interest will be payable at the latest from that date, which already amounts to more than EUR 250. It is well worth recovering this money from the bank now.

If I’m actually entitled to a refund, what do I have to do to get the fees back plus interest?

Philipp Caba: It’s so easy. Actually, there are two options that ultimately depend on what type of person you are. If you do not want to spend a lot of effort and do not care about anything, you should look for a lawyer. He initiates all necessary steps and, if necessary, even assumes the cost risk. If successful, the lawyer will receive a performance fee, typically 25 to 40 percent of the recovery amount. If you want to have it cheaper, you should set the bank itself with the help of a model letter in debtor default and only then hire a lawyer. In this case, you do not have to give anything of your reimbursement amount because the lawyer receives his reimbursement from the bank as default damages.

Sample letters on credit processing fees

On his homepage, lawyer Philipp Caba provides a sample letter free of charge with which borrowers can reclaim the unduly levied loan processing fees from their financial institution.

It is important that a letter to the bank, whether it be you or a lawyer, does not prevent the impending limitation period of 31 December this year. For this purpose, in contrast to a costly lawsuit, a judicial reminder application makes sense. The advance court costs are here less than 50 euros, if it comes to a processing fee of a maximum of 2,000 euros. This should not be important, as the lawyer can assess the chances of success quite certainly and these costs ultimately have to be reimbursed by the bank.

By the way: If you have a legal expenses insurance covering the assertion of contractual claims, so this comes up for all costs associated with the recovery legal fees.

The onslaught on the banks is certainly great at the moment, as many customers are reclaiming their money by the end of the year. What should people do if their bank does not respond to the recovery?

Philipp Caba: Banks are currently facing a lot of such recovery claims, so the process could indeed take longer. In addition, the banks are clearly playing for time, as they have nothing to fear at the end of the year. Because most claims expire at the end of the year. Of course, this will be helpful to the banks. Only claims for restitution incurred in 2012 or later are not yet time-barred.

In your experience, how do banks react when a customer reclaims the fees?

Philipp Caba: I personally know about the 100 cases in which the recovery of the processing fees was easily and often even without legal assistance. In addition, I have looked after a large number of such cases and have rarely had to enforce the right to reclaim their claims. The banks react – at least in clear cases – to the lawyer’s claim usually cooperative. In part, they try to work out a significant difference between their case and that decided by the Federal Court of Justice or to construct an individual contract based on existing business relations. Or they resist the interest burden. Not infrequently, in my experience, the banks try with flimsy arguments that almost all are simply wrong to deny the claim and abjure bank customers. This is probably wanted and tactic.

What steps would you recommend to borrowers to ensure that their repayment claim is not time-barred as of 31 December 2014?

Philipp Caba: It is possible to bring a legal action, a judicial order for payment or a complaint procedure to the competent ombudsman. The safest and most calculable outcome is, in my opinion, the initiation of a judicial reminder procedure. The bank is unlikely to take action against a writ of reminder, so as not to incur any additional costs at its expense.

The initiation of a dunning procedure can take place with or without legal assistance. The costs for this are significantly lower compared to filing a legal action. For example, if you want to recover fees of up to € 1,000, the court costs of the legal action are € 159. The legal fees for the order for payment amount to only 32 euros. The advantage of involving the ombudsman is certainly that this procedure is initially free of charge and represents the simplest form of inhibiting the threat of prescription.

Thanks for the interview, Mr. Caba!

Personal details: Philipp Caba is an independent lawyer specializing in litigation in the field of general civil law and as a public law reviser.

AXA car insurance in the test: results at a glance

 

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AXA car insurance in the test: results at a glance

Who is looking for a new car insurance, in addition to price and performance of the tariffs also like to look at the results in various investigations. The AXA car insurance can certainly convince in tests. However, customer experience indicates that AXA’s service should be even better.
 
 
AXA Kfz-Versicherung kann im Test nicht immer überzeugen
Be protected with a good car insurance in case of emergency

In the test of the German Institute for Service Quality (DISQ), AXA motor vehicle insurance secured a place in the Top 3 last year. Thirty-one auto insurers were tested for service and performance. In addition, the experts distinguished between providers whose tariffs can only be concluded online and those who use a branch network to provide personal advice on the spot – such as AXA car insurance. In the test, the company finished in a respectable third place behind HUK-Coburg and DEVK. The mobile comfort tariff was also able to achieve third place in the individual analysis ‘insurance coverage’.

AXA car insurance in the test at financial test

In the motor insurance test of the financial test from the previous year, the testers examined, among other things, the amount of contributions. AXA’s “Mobile Online” and “Mobil Online Plus” rates, both available online, scored higher than the average of all 150 rated offers . However, the tariff tested at the DISQ proved to be a worse-than-poor car insurance comparison. However, the experts in the test did not make an overall assessment of the AXA motor insurance – neither for this provider nor for the 70 other insurers examined. Too much depends on the contribution level, for example, on individual factors such as age and place of residence to create a ranking.

For this reason, the personal tariff comparison is important to find a cheap offer with the desired benefits. For example, Stiftung Warentest offers a corresponding analysis for a fee. Anyone interested in free, however, an overview of a variety of offerings with an online rate calculator.

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How do customers rate AXA?

If you want to know what experiences customers have made with AXA car insurance , you can take a look at another DISQ investigation. In 2013, an online survey of over 3,000 people surveyed their experience of service, value for money, contract performance and claims settlement by their car insurer. Although AXA achieved a good fourth place here. However, it was already evident in the individual evaluation that many customers were not satisfied with the service provided by AXA.

AXA car insurance: test shows customer dissatisfaction

In the current study from 2014 on the experience with motor insurance for insured persons, AXA falls to 15th place. However, this does not necessarily mean that experience with AXA car insurance is consistently poor. After all, the DISQ test is a survey of a relatively small group of insured persons. Already 100 AXA customers are enough to ensure that the provider is considered in the motor insurance test. With nearly 2.5 million motor vehicle liability insurance contracts signed (2013 AXA Annual Report), this is only a very small number. Interested persons should therefore not overvalue such results of the AXA motor insurance in the test.

Test results for 2014 are pending

It remains to be seen how AXA will beat this year’s car insurance tests. Focus Money had already searched for the fairest car insurers in 2014 together with Service Value GmbH. 25 providers were examined, but only the ratings of the very good and good companies were published. Unfortunately, the AXA is missing a corresponding assessment.

Here you can find tips and more information about car insurance.
 

Prevention Act strengthens health promotion from 2016

Tuesday, 04.11.14 , written by Cora Christine Döhn The Prevention Act, which Health Minister Hermann Gröhe (CDU) is currently launching, is intended to reward a healthy life. Cash patients should benefit more in future from prevention and bonus programs if they pay attention to their  

Das Präventionsgesetz hilft dabei gesund zu bleiben

The prevention law rewards a healthy lifestyle

The planned prevention law is intended to improve the health system in Germany . In the future, the statutory health insurance funds (SHI) will have to concentrate more on health care provision for this reason. So that many diseases do not break out, the statutory health insurance funds should be obliged to give their members financial incentives for a health-conscious life . They also provide prevention services for members. The expenses for the associated additional costs of the Prevention Act are borne by the GKV according to the law. The prevention work of the GKV is nothing new in itself. What is new, however, is that it changes from an optional performance to a target performance.

Gröhe’s prevention law rewards healthy living at work

The Prevention Act envisages rewarding members financially when they take precautionary measures, such as losing weight or quitting smoking. But not only the insured themselves benefit from the law. Employers who invest in health prevention should also benefit in the future. According to the bill, the preventative expenditure of the statutory health insurance will be increased from € 3.09 to € 7 per person from 2016 onwards – of which at least € 2 will go into occupational prevention.

Doctors should also get more power of decision to health insurance companies, so that they can recommend individual health care measures to patients and the statutory health insurance must take into account.

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Prevention Act supports nationwide awareness campaigns

Another part of Gröhe’s planned prevention law is the financial support of the Federal Center for Health Education (BZgA) for nationwide campaigns for prevention services. Here, however, it hails criticism from the ranks of the statutory funds, as they are to be obliged to invest 35 million euros in this project. According to AOK Federal Association Director Jürgen Graalmann, it would be better to address certain groups directly and, for example, to respond specifically to the needs of socially disadvantaged people , reports Rheinische Post.

Prevention Act creates access to health for all

The Verband der Ersatzkassen eV (vdek) welcomes the draft of the Prevention Act from the Ministry of Health, above all because it gives people access to preventive measures that would otherwise be difficult to reach. These include, above all, kindergartners, pupils and people in care facilities , to whom special reference should be made. The CEO of the vdek, Ulrike Elsner, criticizes the law, however, the sharing of financial responsibility. So far, only the statutory health insurance funds should finance the bonus and prevention programs. But also the social security, municipal top associations, federal and state authorities are responsible for financing the measures in the bill.

Major reform plans continue with the Prevention Act

Since the beginning of Gröhe’s term , a lot has happened at the Ministry of Health . For example, in addition to the draft for the Prevention Act, he also launched the health insurance reform 2015 on his way. In addition, the Federal Council will decide on the Pflegereform 2015 on Friday, which will improve care in Germany in the future. Overall, the health system in Germany is planned to be made more efficient and fair by the new laws and reforms.

Here you will find tips and further information on the statutory health insurance. >

Cora Christine Döhn

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Entry age at the start of insurance: Better to act in 2017

 

Many consumers are unaware that some insurance companies do not count their actual date of birth for the contribution calculation, but the year in which the contract is concluded. Anyone who thinks about expanding their insurance portfolio should therefore take action later this year.

Many avoidable mistakes when buying a property

Many Germans want to live in their own home. There they can switch and act as they want. A home is also considered a good precaution for old age. However, to make the dream of the house not a nightmare, there are some points that should pay attention to future owners when buying a home.

Savings behavior of Germans has changed significantly due to financial crisis

Ten years ago, life insurance was still very popular with savers. Two out of three citizens then relied on this form of investment to build up a financial cushion. But due to the financial crisis and the resulting low interest rate phase, the savings behavior of Germans has changed significantly. Now, real estate is the most popular savings system.

No money or ignorance: students are financially inadequate

At the moment, many first semesters are pouring into the universities, laying the foundation for their professional future. In order to be financially well positioned later on, it would also make sense for students to take their precaution as early as possible. But the majority of students not only neglect their financial but also their risk prevention.

Vorsorgeatlas 2017: Without precaution, standard of living is not guaranteed

The good news beforehand: According to the Prevention Survey 2017 by Union Investment, the German pension system works in three shifts to safeguard the standard of living in old age. However, especially young people need to use all three pillars. Otherwise, they are heading for a pension gap of around 800 euros per month.

Germans lose 552 euros a year through inflation and low interest rates

The Germans lose an average of 1.9 percent of their income through investments, the interest rate is below the inflation rate. Savers in Hesse are burning a lot of money due to the negative real interest rate: They are forfeiting 552 euros a year. Even in Bavaria and Baden-Württemberg, the combination of low interest rates and inflation is leading to significant losses.

Mortgage lending: Five tips advisors should give their clients

Future homeowners take a lot of money for their dream home. Often, the credit is in the six-digit range. Some mistakes, however, make construction financing much more expensive. But with the right tips, consultants can warn their customers of pitfalls and make a name for themselves as a competent partner.

New income limit for private health insurance

Employees have to earn a certain income in order to be able to switch to or stay in private health insurance (PKV). Now the probable values ​​for both the so-called annual earnings limit and the income thresholds for the statutory pension and health insurance for the coming year are available.

Home: Germans are in debt with an average of 258,000 euros

Last year, a loan, which consumers have taken to build or buy a house, was between 173,000 euros and 341,000 euros, according to the state. The most expensive loan was in Hamburg, Bavaria and Baden-Württemberg. The financing in Saxony-Anhalt, Thuringia or Mecklenburg-Vorpommern was much cheaper.

Providing with a Riester pension reduces the risk of poverty in old age

 

The German Institute for Old-Age Pensions (DIA) has recently addressed the question of how high the risk of old-age poverty in 2030 will be. If the pension level drops to 43 percent by that time, the number of pensioners at risk of poverty will increase from the current level of 18.5 percent to 23.8 percent. With a Riester pension, however, the risk can be significantly reduced.

Investment: to draw customers’ attention to negative business

Thursday, 25.02.16 , written by Anja Schlicht When investing the Germans continue to rely on classic products such as savings account or money market account. They are usually not aware that they lose money through the interplay of low interest rates and inflation. Consultants should therefore draw customers’ attention to the negative business and offer alternatives. 

 

With passbook investors make real losses

With passbook investors make real losses

Anyone who has deposited 10,000 euros on a savings account ten years ago will face a real purchasing power loss of around 800 euros at the end of 2015. For since 2006, inflation has only once been below the average interest rate that investors receive on their savings account for their money. Overall, savings book investors have made a minus of about eight percent due to the inflation and low interest on their capital. “Your bank deposits had after 10 years, taking into account inflation only a real value of 9,186 euros,” said DAB Bank. If consumers have put on a call money account , there was after all no negative business. But even the final score of real 10,120 euros hardly offers a reason to enjoy.

Passbook is a cash investment killer – a guaranteed success Dax shares

While the savings account as a financial investment has a real minus of eight percent, German stocks outdo with a plus of 70 percent – Although in the investigation period and the financial crisis of 2008 falls sharply with stock market values. Those who, according to DAB Bank, invested € 10,000 in the Dax in 2006, increased their capital to more than € 17,000 by the end of 2015.

Even if the perception is not new that low-risk investment products have been accompanied by a very low interest rate for years , consultants should use the results of the DAB Bank study to draw customers’ attention to the loss business with accurate figures. Only when they have realized this, consultants can successfully point out alternative ways of investing.

finanzen.de Tip: There is often little interest among consumers in investing their money in high-risk assets. However, as a consultant, you benefit from our consultancy service: By purchasing investment leads, we bring you together with clients who are interested in consulting and want to say goodbye to the classic savings accounts and the like. As a result, you do not have to arouse your interest in finding new investment products, but you can immediately focus on your core competency, personal expert advice.

 

Health and Care Reforms: Spahn sees many things

Thursday, 01.03.18 , written by Annabell Meyer If the members of the SPD vote in favor of the grand coalition, Jens Spahn (CDU) is likely to be responsible for health and care. Its tasks include curbing the skills shortage in nursing and reducing the differences between statutory and private health 

 Reformen bei Gesundheit und Pflege: Auf Spahn wartet viel Arbeit

The GroKo plans many changes in health and care

  • The SPD and Union envisage some changes in the coalition agreement to address existing health and care issues.
  • There are a number of challenges awaiting the designated Minister of Health Jens Spahn.
  • Its core tasks include, for example, a stronger alignment of statutory and private health insurance.

Particularly in terms of care, a lot has changed in recent years under the previous Minister of Health, Herrmann Gröhe. But the CDU politician leaves his designated successor Jens Spahn some difficult tasks. In addition to the creation of more foster homes and a better pay for nurses, this includes, among other things, a greater alignment of statutory and private health insurance. A major challenge for Spahn is to bring together the different interests in the health and care sector in the best possible way .

Nursing improvements: Spahn supports GroKo plans

The Minister of Health Gröhe has initiated a comprehensive care reform with the Nursing Legislation, which has brought numerous improvements, especially for those in need of care. The controversial Nursing Profession Act is also intended to polish up the reputation of the nursing profession.

In addition, the SPD and the Union have stated in the coalition agreement to create around 8,000 new nursing care posts and to pay nurses faster in the future according to the collective agreement. In front of the editorial network Germany, the designated Health Minister Spahn explains: “We will increase the training capacities, improve the pay and the collective bargaining coverage in the care.”

How these projects are financed, however, is not fully understood. It also seems unclear how the newly created posts can be filled. Already, fewer and fewer people are choosing to take on a nursing profession. Whether the intended appreciation of the nursing profession can counteract here remains to be seen.

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Adjustment of fees: Do doctors get more money for health insurance patients?

Citizens’ insurance could not enforce the SPD in the coalition negotiations. Nevertheless, the Union and the SPD have agreed to reduce the differences in treatment between private and public health patients in the future. Among other things, this includes a possible reform of the doctors’ fees. Currently, physicians receive more money for the treatment of privately insured persons than for legally insured persons, which results in preferential treatment. This could change with the new Health Minister Spahn. “We must also, as agreed in the coalition agreement, talk about the compensation of doctors for health insurance patients, ” he tells the editorial network.

In order to reassure citizens of the dual system of health insurance, GroKo also plans to finance the contributions to the statutory health insurance (GKV) on an equal footing in the future and to counteract the shortage of doctors in rural areas. In addition, Spahn wants to ensure that there are no longer any differences in appointments in the future. “Privately and legally insured must be able to get a doctor’s appointment in the near future,” he emphasizes. For self-employed persons, the coalition agreement also provides for a lower minimum contribution to statutory health insurance.

Health insurance contributions vary greatly

Even if the employer participates in the overall contribution to the statutory health insurance in future, the costs continue to differ significantly. In order to find a cheap yet powerful cash register, it is therefore advisable to contrast different offers.

Private health insurance: insurers hope for reforms

In the private health insurance (PKV) could also be imminent changes with the new federal government. Similar to many insured, the increasing contributions as well as the lack of flexibility in old age are a major criticism of private health protection for Spahn. “Once you commit yourself, changing in later years is harder than a divorce. Anyone who has to pay more and more contributions certainly comes to their pondering age, “says Spahn. In his eyes , the PKV therefore “massive need for reform” .

That’s exactly what some private insurers hope for. In order to avoid large jumps in contributions in old age, the companies want to adjust the cost of insurance coverage by means of a change in legislation in the future uniform, said the chairman of the private health insurance association, Uwe Laue, the Süddeutsche Zeitung. The association has been aiming for such a change for several years, but so far without result.

Here you will find tips and further information on the statutory health insurance. >

Annabell Meyer

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