Interest rate swaps
If you have ever taken out a business loan with:
- Lloyds Banking Group (Lloyds Bank, Halifax, Bank of Scotland)
- Royal Bank of Scotland (inc Natwest)
...there may be a chance you have been mis sold an interest rate swap product.
The Banks have agreed to compensate small and medium sized businesses mis-sold interest rate swap products after the FSA found "serious failings” in the way they marketed to some customers and failed to properly explain the risks involved.
If your business was mis-sold an interest rate swap, our expert team of Solicitors may be able to help you get a refund of the monies paid under the deal, release from the arrangement and possible return of the arrangement fee.
If you think your business has been affected contact us now to see how we can help. You could be owed thousands of pounds in compensation, and we’ll fight to win back every penny you deserve.
What is interest rate swap mis-selling?
In an interest rate swap the customer agrees a rate of interest with their bank. If interest rates rise, the bank pays the difference. If interest rates fall the customer must pay the difference to the bank.
Unfortunately many banks failed to fully explain the risks or indeed the extortionate costs to exit these swaps which has resulted in some businesses going into administration or liquidation.
Some products also contained additional risks. For example, the lender - but not the borrower - had the right to cancel the hedge without paying any compensation.
Do you have a claim?
The Banks may start to contact you direct in the coming weeks to establish if you are eligible for compensation.
You may want the help and expertise of a solicitor to fight your case and help
to win back every penny you deserve. When considering bringing a claim, ask
- Were you given the impression it was a condition of the loan?
- Were you provided with sufficient information about the product?
- Were the risks fully explained to you?
Why Choose Us:
Established in 2005, Fosters Lawyers Ltd has been helping customers fight to win compensations for years.
We are not a claims management company, we have team of solicitors with many years experience and are authorized and regulated by the Solicitors Regulation Authority