The mis-selling of business Interest Rate Swap Loans is another scandal by the banks. If you have taken out a business loan and was advised to take out a product alongside the business loan that was supposed to protect you against the rise of bank loan interest rates, you may have a claim for business loan mis-selling.
What are Interest Rate Swap Loans?
Interest Rate Swap loans are complex products, which banks mis-sold to businesses alongside loans to protect them against rises in interest rates, in anticipation of interest rates going up. However, these interest rate swap loans have caused severe problems for businesses when interest rates subsequently went down, and the FSA (The Financial Services Authority) believes that banks did not do an adequate job of warning customers about the risks of Interest Rate Swap loans in the event of interest rates dropping. It was also discovered that in some cases borrowers had been pressurised to sign up or told that the interest swaps were obligatory or made them more likely to succeed in their applications.
Unfortunately, a substantial amount of caravan and leisure park owners have become victims of this scandal and many hard working, decent and dedicated caravan and leisure park owners have faced financial ruin, stress and ill-health as a result of the consequences of the mis-selling of Interest Rate Swap loans. Some caravan park owners are struggling to pay the swap payments every month in addition to their loan repayments but because of the exit fees, they are unable to sell their parks or properties.
If you are a caravan or leisure park owner who believes they have been mis-sold a business loan with a swap interest rate product please do not hesitate to call us on 0800 011 2757 to see if you have a claim for compensation. You could be owed £thousands!