After years of struggling with payments for a loan we took out to improve the surgery it seems we have a swap mis-selling claim to make against the bank who gave us the loan. It was quite a few years ago now and we wanted to make some improvements to the surgery and the outlay was quite significant so we decided to go to the bank to get the funds we needed.
We went to our bank as we felt they knew the business and would give us the best possible advice. what we didn’t know was that the bank had a good idea that interest rates were going to fall. The chap suggested we add one of these swaps within the agreement as he said it would protect us against any future rises in interest rates which at the time seemed plausible. He called it a kind of insurance policy against problems and we agreed and took out the loan.
We didn’t really understand the swaps mis-selling scam
When our accountant mentioned the loan we had and the swaps element that it had inside it we explained our story and to our surprise he explained that the banks had been found to be mis-selling these products. He asked us a load of questions about the loan and how it was explained to us and he suggested afterwards that we needed to speak to someone who specialised in this kind of case.
He also said a few of his other clients had gone through the process and some had got back money and compensation for the claim. It wasn’t an easy process apparently and so we agreed to meet with a company that he suggested and that meeting was set up by him for the following week.
We managed to pay the loan but some months it was a real big ask and when we were told that it could all have to be paid back and that the FCA were behind the scheme we were excited to see what the solicitor had to say.
Meeting for our swaps mis-selling issue
Within a week the meeting was set up and we spoke to the company about our situation. We passed them all the paperwork and went through a comprehensive set of questions that they needed answers too and then they said that we had a claim and they would be happy to take it on for us. We were a bit worried about fees but they offered us a no win no fee solution to our problem which we readily agreed too.
We signed up for them to start the claim and they said they would do everything from then on and that they did not think the case would even get to court. Our swaps mis-selling ordeal is likely now to settle and we will get back a decent amount for our troubles offer the years of the loan agreement. http://triumphlegal.co.uk