Swaps mis-selling in my loan
A recent conversation with my accountant has thrown up an issue with my bank regarding the swaps mis-selling in my loan I took out in 2005. I went to the bank to lend some money to buy in new machinery and materials when I launched the online arm of my business. I wanted to expand and so set up am appointment to go and see my account manager so that I could see what my options were.
I looked into swaps mis-selling
The account explained he had picked up that I had a swap within my loan agreement with the bank and he asked if I knew anything about it. I don’t profess to be the best when it comes to finance and had to admit to him I did not have the first clue and can’t remember anything about any swaps being mentioned.
He went on to explain that these financial products were often sold to guard against interest rate rises and that in most cases they were mis-sold to the customer a bit like the way they mis-sold payment protection insurance (PPI). I was staggered to learn a bit more about it and cannot understand how they got away with dong it for so long but what I was sure of is that I had been sold one and I knew nothing about it.
Deadline for swaps mis-selling claims loomed
The account went on to explain that the deadline for getting in your claim was coming up and if I did want to do something about it I would need to act fast and get some specialist help. Joe my accountant knew a company and offered to introduce me to them in a meeting we had arranged for the following day and I agreed to see them.
The company I met were great and after a round of heavy questioning they agreed that I did have a case and that they would be happy to take this on and try to get me back some of the money I had taken from me.
They agreed to do everything including going through the mediation process with the bank which was great of me as I had no confidence to be able to do this on my own let alone get the money back. They got to work straight away on my behalf and a few weeks later I had an offer which was a good one from the bank.
I have since settled my claim and was surprised how much I got back but suffice to say this has already been a great start to the year for the business and I would hope this injection of cash I wasn’t expecting will be put to good use.
If you took out a business loan of mortgage in the past I would urge you to check and see if you had any of these products attached to the agreement and if you did I can highly recommend the guys that worked on my swaps mis-selling claim http://www.triumphlegal.co.uk