neondriver5 said:I might have asked this before, but I haven’t received a straight answer yet, so I’m looking for some concrete insight here. Back around 2007, we took out a Swiss Franc loan, which was then converted into USD the following year at what was already a climbing exchange rate. Now, that dollar-denominated loan is finally coming to an end. Throughout that entire period, interest rates were hiked without any real explanation, right up until about 2015 when they started calculating interest based on a floating index plus a fixed margin.
Do we actually have any grounds for a lawsuit? Personally, I find those interest rate hikes incredibly suspicious—at one point, the rate shot up to nearly 9%...
You have more than enough arguments to sue.
Basically, banks are required to justify any increase in interest rates, which they simply cannot do because, during that period, benchmark rates weren't rising—they were actually dropping.
If you were to commission a formal audit of your specific loan, you would find that they essentially overcharged you for money you never even had access to.
Unfortunately, a lot of people don't truly grasp the sheer scale of this whole situation involving foreign currency loans.
It isn't just about those Swiss Franc loans; it applies to almost all credit products from that era.
The banks effectively robbed every single borrower, pulling tens of billions of dollars straight out of the pockets of everyday Americans.
I'm telling you this from my own personal experience, as well as from observing several people currently tied up in litigation. In every single one of these legal proceedings, independent audits have been performed, and in every case, they uncovered irregularities in how the monthly payments were calculated... and that's just the tip of the iceberg.
They rigged the currency exchange, they manipulated the interest rates, and they cheated during the conversion process itself.