Many believe that the interest bestowed on mortgages, on loans, on leasing and on all other salary-backed loans or, perhaps, retirement is a fair outlay. In the end, all those who go to a bank to obtain a loan do not get this impression in every single case. Obviously, if this is right or not, it is not a subject born to be placed when one goes to talk about the much-hated interest rates.

The question arises when they diverge from the more usual averages expressed by the market and, again, when it becomes feasible to determine whether the departures turn out to be excessive. In these situations it is possible to find yourself facing completely different consequences, obviously depending on the case. The topic in vogue has gained prominence thanks to Plus24. On February 1, the magazine talked about the issue of usury on interest rates highlighting the dangers of how illegal the rates realized by subjects coming from the legal circuit (starting with banks and finance companies) are, obviously as a cause of phenomena closely connected to the ordinariness of the issues faced by the various investors and not only of the issues coming from a necessarily criminal environment.

But when is the rate illegal?

But when is the rate illegal?

Have you ever wondered if an absolutely legal interest rate at the time the loan is granted can then become illegal? Or, on the contrary, can a loan immediately prove to be genuine and genuine wear and tear even when, in reality, it is in full force? The answer, even rather obvious, is yes in both cases. In the first case, we are faced with unexpected usury. In the second case, instead, we are talking about a completely preventive wear.

To better understand what we are talking about, we need only look at the accurate definition provided by Giuseppe Romano. Definitions of Consultique for these two phenomena: «The preventive usury, otherwise called original, occurs when the date is stipulated in the loan through the Taeg (annual effective rate) and, the latter, exceeds the threshold rate (known as “Tsu”, that is to say the average rate of loans that is recorded within the quarter by the Bank of Italy – as well as the average average effective rate or, alternatively, the Tegm – obviously increased by one huge percentage set by law, ed). Again, then, we find ourselves in the presence of preventive wear when the rate of default is higher than the Tsu. In these cases, all those interests that exceed the limit determined by the law in the moment in which the latter are promised or, in any case, permitted, with any title are understood to be usurable. Obviously, also by way of default interest (presented by the Constitutional Court on February 25, 2002, No. 29 and Decree-Law No. 394 of 2000, Article 1, paragraph 1). When the usurious interests are received, the clause is canceled and there is no longer any form of interest (art. 1815 cc) ».

At what moment the supervening wear is triggered

At what moment the supervening wear is triggered

Dr. Romano continues his explanation: “the supervening usury, on the contrary, comes into existence when the agreed rates largely exceed the threshold rates at a time subsequent to the stipulation. All this due to the decrease in the latter and, of course, for all the changed market conditions (To give an example: all those who have a fixed rate mortgage and are faced with a sudden drop in interest rates).

In the event that the initially established interest falls below the well-known threshold rate and the latter exceed the aforementioned limit during the term of the relationship, this leads to the unenforceability of the customer and the excess rates.

The aforesaid limit and also the rate, therefore, should be decreased up to the limit of the threshold rate obtained during the various operations. All the aforementioned principles must also be applied during the relationships born before the entry into force of the law on usury (law 108/1996). Not to mention also the moment in which we enter into relation with the contracts stipulated between the parties and also entering into relations with probable judicial titles obtained ». In short, the discourse is articulated but, to understand it, it turns out to be fundamental for all our funding.

The importance of always being informed

The importance of always being informed

It is also superfluous to reiterate how fundamental the need for information on loans is. Personal loans, coming or not from the web, represent an obscure labyrinth for most people. Few people know the right passages, the legal quibbles, the speculations that always hide behind them. Making a loan, without a doubt, is a step that requires a lot of attention, a lot of care and the right amount of awareness. This factor becomes even more important within the phenomenon of supervening wear. This, of course, we could call it almost a test case for any applicant. In Italy, then, the fraud factor seems to lie behind every corner.

The most important thing is to acquire as much knowledge as possible and, before signing any document, you must always get all the information necessary to avoid getting stuck in a dust of authorized and unregistered scams. Fortunately, times have changed a lot since, at one time, all the necessary information, at best, was relegated to some dusty library. The benefits brought by the internet, in this case, allow you to get all the right answers, all the essential advice, in just a few moments.

The secret is all about starting the right search on Google and, when the latter is completed, the risk of running into some problem will be reset and only certainties and tranquility will remain. Our hope is that this article has been helpful and that, in the future, when you go to apply for your personal loan, you can sign your signature with confidence without fear of encountering any problems. All that remains is to greet you and refer you to the next useful guide on the world of online loans. An optimal solution that, with certainty, always requires the necessary knowledge.

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