Repaid Swiss franc loan: can you still bring a claim?

Yes. A Swiss franc loan that has been repaid, at maturity, early or through refinancing, can still be reviewed. A claim against the unfair clause is not time‑barred (Cour de cassation, 30 March 2022) Source [1]. For the Court of Justice of the European Union, full repayment of the contract does not remove the protection against unfair terms Source [2].

What repayment does not change.

Whether a term is unfair is assessed at the time the contract is concluded, in light of all the circumstances surrounding it (article L. 212-1 of the French Consumer Code) Source [3]. The exchange‑rate clause is therefore judged on the documents handed over at signing. Repaying the loan years later makes the clause neither clearer nor more balanced.

On 9 July 2020, the Court of Justice of the European Union ruled on a contract that had been fully repaid (C-698/18) Source [2]. In its view, limiting consumer protection to the period during which the contract is performed is not compatible with the unfair terms directive. It also ruled out a restitution period running from the end of repayment, on the presumption that the borrower then knew the clause was unfair Source [2].

In France, a restitution claim is time‑barred five years after the decision that finds the clause unfair (Cour de cassation, 12 July 2023) Source [4]. Our article on the time limit for bringing a claim covers these rules and their recent refinements.

How a loan came to an end.

A loan that reached maturity was repaid instalment by instalment, down to the last one. The amortisation schedule and the bank statements trace its history.

A loan repaid early was settled in one go, for example when the property was sold. The bank’s early repayment statement then shows the capital, interest and fees paid that day.

A refinanced loan was settled by a new loan, from another bank or the same one. The Swiss franc loan is then closed, and it is its contract that the lawyer reviews. A loan converted into euros by an amendment is read together with that amendment, which states the rate at which the outstanding capital was converted.

What the calculation covers for a repaid loan.

A repaid loan has no future debt. The calculation covers the sums paid, instalments and final settlement included, and the capital received when the funds were released. Our guide to estimating the gain from annulment sets out the method.

The settlement date weighs on the amount. The Swiss National Bank abandoned its minimum exchange rate on 15 January 2015 Source [5]. Repaying 100,000 francs of capital cost €83,263.95 at the rate of 14 January 2015, and €97,276.26 at the rate of the next day Source [6]. The same capital was worth €59,513.18 at the rate of 12 October 2007 Source [6].

The documents for a repaid loan.

The loan offer and its appendices remain the central document, because they contain the exchange‑rate clause. The amortisation schedule, the amendments and the redemption statement complete the documents. For a refinancing, the offer of the new loan is also part of the documents.

A lost document can be requested from the bank, even for a repaid loan. Our list of documents to gather covers each document and how to find it.

Frequently asked questions.

My loan was refinanced by another bank: am I affected?

The Swiss franc loan that the refinancing settled can be reviewed, because its contract contains the exchange‑rate clause. The statement drawn up at the time of the refinancing is one of the documents. ACTIVE AVOCATS, a firm of the COGEP AVOCATS group, reads the loan offer and checks its dates.

My loan was converted into euros: what happens to the claim?

The conversion amendment is one of the essential documents. It states the rate at which the outstanding capital was converted, and the calculation follows the Swiss franc loan up to that date.

How long after repayment can a claim be brought?

A claim against the clause is not time‑barred Source [1]. Restitution is claimed within five years of the decision that finds the clause unfair Source [4]. The lawyer checks the dates of your claim.

How can I have a repaid loan checked?

The programme’s eligibility test starts with a few questions about your loan, and the documents can then be uploaded from your online space. Our guide to the borrower’s remedies covers the whole process.