Holzinger says the banks’ latest offer to borrowers to suspend reminder fees and late payment interest for a limited period is “absolutely ridiculous”. “But the invitation to find a personal solution with the bank is sometimes a kind of dangerous threat.”
VSV offers the following solutions:
1) Extension of limitation period for losses arising from wrong advice in case of long-term loans or investments: “The Supreme Court has accepted the introduction of a three-year limitation period for losses in cases of such clearly wrong advice. have taken. conclusion of the contract. These borrowers will therefore no longer have the chance to hold the bank liable,” explains Peter Kolba, chief counsel and vice president of VSV. “If the legislature intervenes retrospectively, the limitation period should be increased from three to 30 years. Then, instead of government subsidies to banks, you can ask those responsible to pay directly,” Kolba says.
2) Distress Fund for existing loans: “Affected borrowers should be provided prompt assistance. Holzinger demands, “Banks should therefore provide such funding and priority should be given to borrowers who have been clearly misadvised by the banks and – due to the lack of legal protection insurance – cannot provide a legal explanation. “
3) Transparent cost and commission disclosure for investment products: “The bad advice given by banks, insurance companies and financial service providers was and is commission-driven. Before 2008, an AWD advisor was able to earn a commission of 3,000 euros within a few hours by arranging foreign currency loans including repayment vehicles worth 150,000 euros, something Peter Kolba considers one reason for the bad advice.