Interest Rate Swap Claims

An Interest Rate Swap Agreement Should Have Protected You, Instead It Left Thousands Out Of Pocket

In the past a large majority if businesses looking to take out a loan were sold an Interest Rate Swap Agreement. This was designed to protect them from the forecast rises in interest rates, but what they didn’t know is that if interest rates lowered, they would end up paying an unprecedented amount more.

Interest rates did lower, and businesses that were on these agreements were dropping into bankruptcy without the choice of even canceling the loan. In many cases this potential side effect wasn’t fully explained to clients, resting in them purchasing an insurance product which they didn’t fully understand.

Businesses Mis-Sold Interest Rate Swaps Can Now Claim Compensation

Many businesses had no way of paying the huge amounts that they were now required to, and had no choice but to default on the loan. Some could continue paying, but had to make huge sacrifices of employees, machinery and more whilst having next to no spare money for future investment.

Now, after over 50 MPs supported a campaign for compensation, the banks finally have to compensate the businesses that were left out of pocket.

How To Know If Your Interest Rate Swap Agreement Was Mis-Sold

Although a lot Interest Rate Swap Agreements were mis-sold, some were not. To reflect this, at least one of the following acts have to have been committed:

  • The Lender failed to explain their right to terminate the agreement
  • The Lender did not explain properly how the Interest Rate Swap Agreement worked, or possibly didn’t explain at all. This is particularly focused on not letting you know what would happen if the interest rates fell.
  • When the Lender failed to act in accordance with the FSA’s rules
  • If the Lender made it sound like the loan the business was attempting to take out could only go ahead if they agreed that it was a condition of the loan or to the Interest Rate Swap
  • The Lender failed to explain their right to terminate the agreement
  • If the Interest Rate Swap Agreement was for a longer period of time than the loan in which it was replacing
  • The Lender abstained from fully explaining the fees required to be paid by the business in order to exit the agreement legally

How We Can Help You

Our team of experts are at the top of their class and will handle your claim with great care and attention, pushing for the highest level of compensation that you are entitled to. You shouldn’t have to settle for less, and with us you certainly don’t have to.

This Is Extremely Time Sensitive – Enquire Now To Begin Your Claim

There is now a limitation period of around 6 years on such cases, it is therefore of the upmost importance that you contact us as soon as you are ready to start discussing your claim. Please note that we handle your claim in the strictest of confidentiality.