2021-12-21 13:08:00
21-12-2021, last update 30-12-2021 16:47
A dozen or so years ago, loans in francs were one of the most popular methods of borrowing and the matter did not concern only Poles. Attractive bank offers tempted people without creditworthiness in zlotys, while most of them had no experience with loans in foreign currencies. The borrowers did not take into account the currency risk, and that the franc exchange rate may dynamically go up in the future. Frankowiczów have been looking for opportunities to reduce the burden of a troublesome loan for years – 2021 was supposed to give them hope, what is the situation now?
source: Życie Warszawy
Why were franc loans so popular?
The peak of popularity of liabilities in the Swiss franc fell in the years 2004-2009. Loans in francs tempted with lower interest rates, which made it easier for those who might not afford a loan in zlotys to buy real estate. The relatively stable exchange rate of the franc made regarding a million Poles decide to make such a commitment. From today’s perspective, not all franchise holders lost, it all depends on when the loan agreement was signed. The loan in francs was ultimately paid in PLN, but the repayment installments had to be settled in CHF, and that is why the problems began when the Swiss franc exchange rate went up.
Swiss franc exchange rate – reasons for dynamic growth
The Swiss franc is called a safe haven by economists. In the years 2004-2008, the CHF exchange rate was falling, so during these four years you had to pay even one zloty less for 1 CHF (from 3 to 2 zlotys). However, in January 2015, the Swiss National Bank decided to free the CHF exchange rate, which caused a sudden increase in quotations. On that day, the price for 1 CHF jumped to PLN 5. That day caused panic and from that moment on, frankers started looking for solutions to repay their growing debt. Some of them decided to fight the banks in court, but most were looking for favorable solutions to buy currency to pay the installments. In the bank, unfortunately, the exchange rate of the Swiss franc is higher than, for example, in online exchange offices. For example, the InternetowyKantor.pl website, in addition to the favorable franc exchange rate, which can be compared here: has prepared a special option to automate the repayment of installments by buying CHF online.
What regarding loans in Swiss francs today and what are Swiss franc holders fighting for?
A breakthrough in the Swiss franc loan case was the judgment of the CJEU from 2019, where the ruling showed that loan agreements that contained prohibited indexation clauses should be deleted, which changes the nature of the loan agreement. This means that this type of commitment can be voided if it has fraudulent records. Frankowiczów flocked to the courts, and many cases are resolved in favor of borrowers. Soon, franc loans may be just a sad memory. Why were franc loans so popular?
The peak of popularity of liabilities in the Swiss franc fell in the years 2004-2009. Loans in francs tempted with lower interest rates, which made it easier for those who might not afford a loan in zlotys to buy real estate. The relatively stable exchange rate of the franc made regarding a million Poles decide to make such a commitment. From today’s perspective, not all franchise holders lost, it all depends on when the loan agreement was signed. The loan in francs was ultimately paid in PLN, but the repayment installments had to be settled in CHF, and that is why the problems began when the Swiss franc exchange rate went up.
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