No not the headline plot of a new episode of 'The Bill' but the key terms in a new wave of litigation, post PPI, facing Banks and other lenders as a consequence of the Financial Services finding that the banks have again been mis-selling.
In 2006 to 2008 Banks often made it a requirement of borrowing that the borrower enter into an Interest Swap Derivative Agreement.
The principle of the Agreement was that interest rates would be swapped to mitigate any rise in interest rates payable on the loan agreement within certain parameters.
Often the agreements were extremely complicated, technical and provided for extensive breakage costs in the event that the borrower wished to exit the Swap.
It would not be unusual for breakage costs to be in the ten’s of thousands, if not hundred’s of thousands of pounds, if indeed there was a break clause at all.
We are acting for a number of clients who were mis-sold an Interest Rate Swap often as a condition of lending.
We are finding that in many instances the Bank did not advise our clients of the risks associated with the Swap.
Indeed, in some instances we are finding that the banks misrepresented the nature of the Swap, and may have breached the Financial Services Conduct of Business Services.
If you consider that you have been mis-sold an Interest Swap Agreement, then please refer to our dedicated Mis-sold Interest Rate SWAP Claims page. You can also contact Dean Parnell on 0121 746 3352 for an informal chat to see whether we may be able to help you seek redress from your Bank on a NO WIN NO FEE basis.
Alternatively, contact us using our online enquiry form.
 |
 |
 |
 |
 |
 |
|
