Swap Loans

A tail of independence. Following a review by a major back regarding the mis-selling of an interest rate swap loan (sometimes spelt swop loan) the bank advised that it did not mis-sell the bank loan and provided evidence to that effect.

The main issue of the mis-selling of the financial product was that the consumer was advised that he must have the swap loan product otherwise he would not be able to borrow the money. The swap loan added hundereds of pounds per month to the loan which he did not want but had to have it.

Following our analysis of the documents disclosed by the bank rejecting the consumer’s claim, it was found that the bank had failed to annex a last page to one of the documents which specifically mentioned that the swap loan was complulsory.

Luckily our client had kept the original documentation which confirmed how the swap loan was sold and its conditions.

Following a query to the bank about this missing document, the lender appologised and shortly afterwards made an offer to settle the swap loan.

Importance of using Solicitors

Yes you can make a claim yourself, but his is just one example that an experienced solicitor can made the difference. If you require any help about making a swap loan claim please contact us.

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