In the judicial practice, it has already been unequivocally established that with loans in Swiss francs, granted by Eurobank Bulgaria and by Piraeus which merged into it, as well as by Unicredit (the successor of Hebro's Bank), the banks improperly transferred the currency risk from the drastic appreciation of the foreign currency onto their clients. Additionally, they overcharged interest and [...]
On July 9, 2020, and on July 16, 2020, the EU Court ruled a decision on joined cases C‑698/18 and C‑699/18 and a decision on joined cases C-224/19 and C-259/19, which will overturn the practice of our courts regarding cases of bank abuses in credit contracts. They address the issues of when the statute of limitations begins for restitution claims [...]
With the newly issued decision in case C-520/21, the European Court of Justice (ECJ) ruled that borrowers have a broader right to compensation for damages caused to them by banks through unfair clauses incorporated in credit contracts. According to the ECJ, they also have the right to compensation in addition to the right to have, by judicial order, the reimbursement [...]
Unfair clauses are prohibited by law in consumer contracts, through which traders take advantage of their customers. According to the Consumer Protection Act, which transposes an EU Directive on unfair clauses, such unfair provisions in relations between consumer and trader are void, as if they were not written in the contract. Many banks in Bulgaria, as well as fast loan [...]
Very often, for credit obligations or for utilities such as water, electricity, heating, telephone, etc., creditors use the simplified procedure under Article 410 or Article 417 of the Code of Civil Procedure (CCP) and obtain an enforcement order and an enforcement writ against the debtor. These proceedings are not real trials. In a closed session, the court orders the issuance [...]
Will the long-awaited draft law on consumer insolvency become a reality? Bulgaria is the only European Union member state without a law on personal bankruptcy. The law will provide an opportunity for many to escape the financial quagmire and restart their lives. This law will not only benefit debtors and their families who suffer from indebtedness but will also revitalize [...]
There are numerous risks when purchasing real estate, as described in the article on the termination of "green" housing purchase contracts. I share the concern of the "Consumer Protection Association" regarding the practice of unilaterally terminating contracts, leading to a failure to acquire ownership of the property, regardless of the financial resources invested. Why do property losses occur? It is [...]
