I could not believe it when my girlfriend told me about a meeting she had with the accountant and the swaps scandal he explained she was involved with. In 2007 she took out a loan for the salon she co-owns and needed for redevelopments. At the time she was desperate to get it done and so when the bank advised on a range of products she eagerly accepted they knew what they were doing and had her best interests at heart.
She was wrong about the swaps
She tells me the one part that had her and her partner scratching their heads was a product they were sold called a swap and any questions they asked were met with a jargon filled response they never really got to grips with and so the loan went through with the advice of the bank official.
What they didn’t know at the time and would never know is these financial products were used to insure the banks profits if interest rates fell and besides the fact they knew this was likely they still sold these “protective” measures to a whole host of SME’s including my girlfriend.
The reality was they knew they were going to fall and the scaremongering tactics used to sell the products was what if they rise can you afford significantly higher payments to us, which of course the answer came back as no. What is scary is that this practise continued over years and if you thought the recent PPI scandal was big then this one may well surprise you.
Swaps hit the headlines
The latest bank scandal has now come to the publics attention including us! These swaps products had been widely used to protect the banks interests and mis sold to businesses under the veil of protecting them and their businesses.
We watched a recent Panorama programme on this and my girlfriend mentioned that she was sure that was mentioned briefly when they went for their loan. As the programme unfolded and we got more irrupted by this lack of ethics show by the big banks I told her to get it checked out by her now accountant.
She arranged the appointment with him the next day and sure enough there was a product within her loan and it was one of these swaps. He advised her on speaking to a specialist and we called a company that he knew that only dealt with this kind of financial mis selling case. She spent a good hour going through everything and the paperwork with them and at the end they confirmed that she did have a claim and that they would be happy to take it on for her on a no win no fee basis.
She accepted and they are no liaising with the bank about the swaps claim that we are making against them. http://www.triumphlegal.co.uk