I was doing my accounts at the end of the year and my accountant has picked up on the detais of a loan I took out with swaps embedded into it. He was going through the year end accounts and mentioned these swaps as a company he was working with had started to make claims against the banks do to new guidelines that the FCA had set out.
He suggested I had a call from this company to check things out and I agreed as he said it was well worth looking at. The loan was taken out when I had the gaming shop in town and at the time I really struggled with the payments which seemed to go up every month.
The guys from the claims company gave me a call and asked me quite a few questions around the loan I took out.
swaps were embedded without me knowing
After about half hour of checking it was certain that I knew nothing about the swaps that were added into the agreement. This practise was widespread and found to be dishonest and so now the banks are having to pay back money they took using these practises. It made me so angry to find out they had done this and especially as they didn’t even tell me what this was about and and the same time I feel a bit silly for not checking it through properly. At the time I really need the loan and everything else was just a side issue.
The claims company said they would start the process of contacting the special team at the bank that was dealing with these types of cases and within a few weeks I heard back and it was good news. The loan did indeed have a mis-selling case and the bank have agreed they want to settle the claim for me.
swaps claim is now going through
The claim against the bank is now being dealt with and it looks like I will be getting a big windfall from the claim. It did take its toll on me at the time and to be frank probably had a big influence in me shutting the shop and so I guess its only fair that they should pay it back and provide adequate compensation for the wrong they did.
It is all a bit out of the blue but very welcome news and since starting the process I have started to see more and more of these stories in the news. It seems that this scandal will be the latest thing to hit the banks and expose the kind of things they were getting up to. Its great they are now being brought to the front pages to shame them into changing these bad ways to do business and hopefully it will lead to a more transparent way of people doing business.
If you had a loan and are not sure if it had swaps embedded in it then give these guys a call and they will check for free www.triumphlegal.co.uk