An Avilesian recovers 16,000 euros from a “revolving” loan, canceling his usurious contract with the bank

The Court of First Instance number 7 of Avilés has annulled a “revolving” contract issued by Wizink in 2012 by proving the existence of usury and lack of transparency. The affected party, a resident of the city, has recovered 16,000 euros, of which 10,500 euros correspond to commissions and interest collected during the decade of validity of the financial product.

The defense, led by the platform “Recupera Revolving” highlighted that the contract “did not pass the control of incorporation, lack of transparency, imbalance and abusiveness” in addition to presenting a very high Annual Equivalent Rate (APR), amounting to 26.82% .

According to statistics from the Bank of Spain for consumer loans in the revolving card market, the APR stood at 20.66% in 2012. “This difference of almost six points demonstrates the usurious nature of the contract, since the jurisprudence has been admitting at most a maximum of two points in excess of the average for that period,” the experts point out.

From Recupera Revolving they denounce the dangerous combination that can be seen in the contracting of this type of credit, which has led thousands of Asturians to contract debts that last indefinitely over time: “Not only are we talking about very high remunerative interest, but also the information provided by the financial companies at the time of contracting these loans tends to be very scarce, as has happened in the present case”, they affirm.