Bank Accused of Forcing Life Insurance on Loan Applicant: Consumer Wins!

CaixaBank Faces Backlash After Allegedly Forcing Life Insurance on Loan Applicant A recent incident involving CaixaBank and a loan applicant has sparked controversy in Spain. The applicant, who wishes to remain anonymous, reported that the bank attempted to make a life insurance policy a mandatory condition for securing a personal loan. The applicant initially faced a high interest rate of 9.7% but was offered a more standard rate of 6.9% only if they accepted the insurance. "They insisted it was obligatory," the applicant stated in a video shared by lawyer Miguel Orellana Gomez. "They tried to make me sign without letting me read the documentation, but I refused." After receiving the contract, the applicant discovered the insurance could be canceled within 30 days. They promptly exercised this right. The bank subsequently contacted the applicant, alleging breach of contract. However, the applicant stood their ground, demanding written proof of the alleged breach. The calls ceased. The applicant's successful challenge underscores the importance of carefully reviewing loan contracts and highlights the potential for banks to use aggressive tactics to sell additional products. The incident serves as a cautionary tale for consumers in Spain and beyond to be vigilant and assertive in protecting their financial rights. The lawyer, Miguel Orellana Gomez, concludes the video by emphasizing the importance of reading contracts carefully and knowing that, in many cases, such insurance is not obligatory.