A recent meeting with my account left me speechless when he explained about a product that was embedded into a loan I took out this interest rate swap mis selling had me irritated instantly.
I went to the bank for help when I needed to buy a lot of stock for my shop and didn’t have the funds to do so. After a lot of hassle and going back and forth they eventually gave me the loan and I believed they have my little businesses best interests at heart.
My interest rate swap mis selling story
The reality was that the bank had only their own self interest at the heart of the advise they gave me and that this was a widespread philosophy which is only now coming to the forefront of the media and small business owners attention.
What I find amazing about the whole sordid affair is the fact that no one noticed earlier and given this was being abused for some considerable time you would shave thought that it would have been picked up much quicker by someone and not allowed to continue.
I met up with my accountant about a new project and from this meeting this whole thing has got the ball rolling for me. He mentioned my old shop and that he thought that one of the mortgage loans I took out had one of these swap products embedded into it and that at the time it was a condition of the loan being put forward. At the time I didn’t really pay too much attention as I needed the additional funds for the business and when they said they would look favourably on the loan if I agreed to these terms i obviously did what they advised and said yes. The accountant then went on to explain that this product far from helping my business did it damage as the rates of interest I was paying were vastly more than was reasonable given the bank of England interest rates over this period.
The interest rate swap mis selling saga begins
I was furious about this and asked what could be done about it and luckily he knew a company that was specialised in this arena and that he knew them and could make an introduction for me. About three days later they called and I had to go through a fairly comprehensive set of questions that the young lady said she would pass onto their legal experts. A few days later they got in touch to say if I wanted to they would take on my case and try to get back the money I paid out on this ridiculous product. As the deal they put in place also damaged my little business they are also escalating it to a forensic accountants to look at the damage with a view to litigation on the matter.
It will be interesting to see what happens with my interest rate swap mis selling case but one thing is for sure if it is successful I will be toasting a great start to my year. http://www.triumphlegal.co.uk