Cetelem, sentenced to return 33,000 euros to a FACUA member after applying usurious interest for 19 years

After the demand of FACUA Madrid, the Madrid Provincial Court has ratified the judgment of the Madrid Court of First Instance number 53. This was the judgement that condemns Cetelem to pay 32,761 euros to a consumer because they applied a usurious interest of 25% APR for 19 years in a revolving credit card. An amount almost five times the average interest for that year.

In the ruling, the judge considered that the agreed interests are «usurious« and of a «remunerative interest significantly higher than normal«. Despite the fact that the company appealed the first instance opinion, the Provincial Court has dismissed the appeal and confirmed the conviction. Cetelem has also been ordered to pay the costs. (