Swiss franc loans in France: the borrower’s remedies.

A borrower who took out a Swiss franc mortgage can ask the court to set aside the exchange‑rate clause in the contract. This remedy requires that the bank did not clearly explain the effects of a change in the exchange rate. On 9 July 2025, the Cour de cassation opened it to borrowers paid in Swiss francs Source [1]. This is recent case law, liable to change. Each claim is judged on the documents handed over at signing.

The loans concerned.

Between 2002 and 2015, banks offered French borrowers mortgages denominated in Swiss francs or indexed to that currency. The borrowers included cross‑border workers and buy‑to‑let investors.

These loans were very widely distributed in the border area. More than 230,000 people today live in France and work in Switzerland (Swiss Federal Statistical Office, cross‑border commuter statistics, third quarter of 2025) Source [2].

In a loan denominated in Swiss francs, the capital and the instalments are counted in francs. In an indexed loan, the amount owed in euros follows the franc’s exchange rate. In both cases, each instalment costs more in euros when the franc rises, and so does the outstanding capital.

The rise of the franc against the euro.

According to the European Central Bank’s reference rates, it took 1.6803 francs to buy one euro on 12 October 2007, and 0.9431 francs on 14 September 2026 Source [3]. An instalment of 1,000 francs therefore cost €595.13 at the first rate and €1,060.33 at the second Source [3].

The Swiss National Bank held a minimum exchange rate of 1.20 francs per euro from 6 September 2011 Source [4]. It abandoned it on 15 January 2015 Source [5]. That day, the European Central Bank’s reference rate fell from 1.201 to 1.028 francs per euro Source [3].

Our record of exchange rates from 2002 to 2026 sets out these rates year by year.

What the court examines.

The French Consumer Code protects borrowers against unfair terms. A term is unfair when it creates, to the consumer’s detriment, “a significant imbalance between the rights and obligations of the parties to the contract” (article L. 212-1) Source [6]. A term that defines the main subject matter of the contract is reviewed only if it is not drafted in plain and intelligible language Source [6].

The Court of Justice of the European Union has set out this requirement for foreign currency loans. The borrower must be able to know that the currency may rise or fall, and to assess the economic consequences of the term for their obligations (20 September 2017, C-186/16) Source [7]. On 10 June 2021, the Court added that the burden of proving that a term is clear cannot rest on the consumer (C-776/19 to C-782/19) Source [8].

The Cour de cassation applies this standard. On 30 March 2022, it held that an exchange‑rate clause without numerical simulations of unfavourable scenarios is not drafted in plain and intelligible language Source [9]. On 9 July 2025, it held that the exchange‑rate risk is assessed over the whole term of the loan Source [1]. This is recent case law, liable to change.

On the same day, the Court dismissed another borrower’s appeal (no. 24-18.018) Source [1]. The bank had given that borrower clear information on the effects of a change in the exchange rate. The outcome therefore depends on the documents the borrower actually received. Our guide to the exchange‑rate clause sets out these criteria.

The two possible outcomes.

An unfair term is deemed unwritten: it disappears from the contract (article L. 241-1) Source [10]. The contract continues to apply without it “if it can subsist without these terms” Source [10].

When the contract subsists, the loan is recalculated as if it had been taken out in euros, from the outset (Cour de cassation, 12 July 2023) Source [11]. When it cannot subsist, it is annulled. The French Civil Code then provides that an annulled contract is deemed never to have existed, and that what was performed must be returned (article 1178) Source [12].

In both cases, the calculation starts from the sums paid and the capital received. Our guide to estimating the gain from annulment shows how this is worked out.

The time limits for bringing a claim.

The limitation period is the time after which a claim can no longer be brought. A claim to have a term declared unfair is not subject to any limitation period (Cour de cassation, 30 March 2022) Source [9].

A claim for restitution of the sums paid is time‑barred after five years. That period runs from the decision that finds the term unfair Source [11]. On 17 September 2025, the Cour de cassation allowed the bank to prove that the borrower knew, or could reasonably have known, of the unfairness earlier Source [13]. This is recent case law, liable to change.

On 19 March 2026, the Court of Justice of the European Union ruled on the starting point of that period (C-679/24) Source [14]. In its view, the date of a ruling by the national supreme court on similar terms cannot stand in for it. Our article How long do you have to act? covers these rules.

Who is affected.

These remedies apply to loans denominated in or indexed to Swiss francs, taken out for a property located in France. Hello Justice’s programme covers loans taken out between 2002 and 2015, and ACTIVE AVOCATS, a firm of the COGEP AVOCATS group, checks the date shown on the loan offer.

A loan that has been repaid, restructured by amendment or transferred to another lender can also be reviewed. We explain this case in our article on the repaid Swiss franc loan.

Cross‑border workers paid in Swiss francs have been affected since the rulings of 9 July 2025, recent case law, liable to change. Their position is set out in our article on cross‑border workers.

The documents in a claim.

A claim is judged on its documents. Three are essential: the loan offer with its appendices, the amortisation schedule and any amendments. For a repaid loan, the redemption statement is added.

Copies or photos taken with a phone are enough. Our list of documents to gather also explains where to find a missing document.

The stages of a claim in the programme.

1. You answer a few questions about your loan, then you upload your documents, straight away or later from your online space.
2. ACTIVE AVOCATS reads your loan offer and checks its dates. A specialised partner lawyer analyses the eligibility of the claim: the features of the dispute, the limitation period, the completeness of the documents and the reasonable prospects of success. Not every claim is accepted.
3. For each claim it accepts, the firm sends the fee agreement, to be signed online.
4. The firm conducts the proceedings independently, and Hello Justice funds them. You follow each stage from your online space.

The whole process is set out in our guide to the stages of a claim.

The role of Hello Justice.

Hello Justice is not a law firm. It funds the claims in the programme, and nothing is owed to it if a claim fails. It has more than 600 live cases, taken on since 2024.

Hello Justice has developed its own simulator. It recalculates each instalment of your loan at the official European Central Bank rates and at the interest rates set by your contract. It then checks the result against the lines of your bank’s amortisation schedule. The law firm relies on this calculation to quantify your claim.

The price of the programme.

Having your case checked is free, as are the eligibility test and the submission. If your case is accepted, you pay €300 incl. VAT when it is opened. This covers the court costs needed to sue your bank (stamp duty, judicial officer, local counsel). Hello Justice covers 100% of your lawyer’s fees, whatever the amount you borrowed. Only if the case succeeds, a success fee of 14% incl. VAT is due on the sums recovered and on the saving obtained on the outstanding capital. The sums awarded under article 700 and the costs go to the lawyer. If the case fails, you repay nothing to Hello Justice. If there is an appeal, Hello Justice also covers 100% of your lawyer’s fees, as well as local counsel before the court of appeal. Only the €225 appeal duty remains yours to pay.

The price item by item, and what happens if the claim fails, are set out in our article on the cost of a claim.

Frequently asked questions.

Can my Swiss franc loan be annulled?

The court can set aside the exchange‑rate clause if it is unfair, and annul the contract if it cannot subsist without it Source [10]. Everything depends on the documents handed over at signing. The programme’s eligibility test places your loan, then the law firm reviews it on the documents.

I am a cross‑border worker paid in Swiss francs: am I affected?

Yes. Since the rulings of 9 July 2025, the exchange‑rate risk of a borrower paid in Swiss francs is assessed over the whole term of the loan Source [1]. This is recent case law, liable to change. The clause can be upheld if the bank informed you clearly.

My loan is repaid: can I still bring a claim?

A repaid loan can be reviewed. A claim against the unfair term is not time‑barred, and restitution is time‑barred five years after the decision that finds the term unfair Source [9] Source [11].

Who conducts the proceedings?

ACTIVE AVOCATS conducts the proceedings independently. Hello Justice funds the claim and plays no part in the firm’s strategy. The choice of your lawyer is yours.

What happens if I lose?

You repay nothing to Hello Justice: the fees it covered stay covered, and the success fee is only due if the case succeeds. What you paid is not returned to you: the €300 incl. VAT of procedural costs and, if there was an appeal, the €225 appeal duty. As in any lawsuit, the court may also order the losing party to pay the other side a procedural indemnity (article 700) and the costs of the proceedings.