IRSAs — or interest rate swap agreements — are hugely complicated products which are sold alongside business loans to help protect small businesses against rises in interest rates. Interest rate swap agreements are hedging products often used in conjunction with terms such as “collars”, “caps” and “floors”. Thousands of businesses have been mis-sold this type of financing as a way to protect them against rises in interest rates. However, with interest rates hitting rock bottom due to the financial climate, companies are now finding themselves locked into uncompetitive rates and stuck with massive monthly repayments.
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. For further information on these business swap loans please contact us for free initial advice.
Bank customers who consider they may have been mis-sold these financial products should seek legal advice without delay. Banks are likely to argue that mis-selling claims are time-barred 6 years after the date of the sale of the financial product which is the subject of the complaint (or possibly even earlier).
The top four UK banks that have mis-sold interest rate swap loans to small businesses since 2001 are hereunder:-
Barclays Bank mis-sold business interest rate swap loans
RBS Bank mis-sold business interest rate swap loans
Lloyds mis-sold business interest rate swap loans
HSBC mis-sold business interest rate swap loans
If you are a small to medium size business that has been sold a business loan with a swap interest rate product pleasecontact usto see if you have a claim for mis-sold interest rate swap compensation. You could be owed £thousands!
Further Reading
