Property department

Renegotiation of Swiss franc credit agreements – collective disputes

Credits granted in Swiss francs have been enjoying widespread popularity in Poland. They have often been taken to purchase flats etc. Unfortunately, the current situation on currency exchange market has significantly deteriorated the position of the borrowers – hence the potential need for renegotiating the credit agreements.

The deregulation of prices of Swiss franc resulted in a rapid and major increase in its value. While the price has recently fairly levelled off, it is still over 1 PLN higher compared to the former exchange rates. Consequently, the actual credit costs increased by ¼ on average, whereas there are over 500 thousand Poles who have taken out Swiss franc credits.

There a number of general solutions that can be applied to alleviate the problem of the increased Swiss franc credit costs:

  • direct negotiations with the bank aimed at spreading the increased installment over a longer period of time
  • filing a lawsuit in order to terminate the agreement under the provisions on “extraordinary change in circumstances” stipulated in the Civil Code
  • renegotiating the conditions of the credit agreement before court

CGO Legal law firm holds broad experience in representing Clients in class actions. At the moment we are representing more than a dozen Clients in renegotiating conditions of their Swiss franc credit agreements in proceedings before courts.

The service includes determination of the factual background and the legal status, preparation of the action and representation before court.

Should you be interested in learning more – feel free to contact us.

Click here if you want to learn more about Swiss franc credit agreements.