Interest Rate Swap Mis-selling
Interest Rate Swaps or Interest Rate Hedging Products are complicated financial products, and were often mis-sold by banks to borrowers.
Interest Rate Swaps, Hedging or Derivatives were often sold to borrowers to protect them from the volatility of interest rate movements, predominantly the risk of them rising, but the terms and conditions of these products were often never fully explained.
As a result borrowers may have paid (or may be facing the prospect of paying) hundreds of thousands of pounds more than they needed to in charges as a result of one of the following – interest rates never reached the heights claimed they may do when the products were sold, loans were paid off but the swap protection continued, exit or cancellation fees being as high as 50% of the initial loan.
Many borrowers are unaware that they may have been mis-sold these Interest Rate Swap or Interest Rate Hedging Products, but waking up to this risk could result in substantial amounts of compensation being received (up to and in excess of £1,000,000) or a cancellation of existing borrowing debts.
Dealing with your mis-selling claim properly could result in a substantial improvement in your finances whether you are a business or personal borrower, and in some cases can even result in the avoidance of the closure of your business.
Banks have set aside £3 billion (yes £3,000,000,000) to cover Interest Rate Swap mis-selling. Specialist advice is needed with rapid action because depending on your status as a borrower and the type of mis-selling of the swap or hedging product the clock may be ticking on your claim.
Lucas Johnson have specialist experience in dealing with these matters, especially in relation to companies facing severe financial difficulties, but borrowers need to take urgent action to ensure they are not time-barred from taking action.
Contact us today on 0161 929 8666 or 0151 236 1924 for a free assessment and urgent action to seek compensation for you or your business.