Explaining Fixed Rate Business Loan Mis-selling

Transcription

1 Business Loan Claims Explaining Fixed Rate Business Loan Mis-selling All Square. All Fair. January Fixed Rate Business Loans were sold through the main UK high street banks and building societies from This guide will help you identify if your Fixed Rate Business Loan has potentially been mis-sold and whether you are able to claim compensation if it has been.

2 NO WIN NO FEE! * Why All Square? All Square are part of All Square Finance Limited, one of the UK s leading firms for complex Business Bank mis-selling claims. Staffed by ex-bankers, in-house banking lawyers and insolvency experts, we have built a strong track record of assisting businesses with complex issues relating to claiming for mis-sold hedging products and loans. All Square offers a professional service for all issues relating to claiming for mis-sold Fixed Rate Business Loans. We can identify with many of the issues and problems that small and medium sized businesses (SMEs) are faced with that hold Fixed Rate Business Loans. With an estimated 60,000 Fixed Rate Business Loans sold, there is a good chance that your business may have taken one of these products and you will be able to make a claim if you believe the product has been mis-sold. With our experience and team, we are confident that we can provide the best service to assist businesses with Fixed Rate Business Loan mis-selling claims. 60,000 Fixed Rate Business Loans sold* Key Bank & Building Societies involved: RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale Bank, Yorkshire Bank, Halifax, Bank of Scotland, Nationwide, West Bromwich We can assist with: Claims for mis-selling of Fixed Rate Business Loans Financial Ombudsman Service (FoS) complaints Claims for a Consequential Loss Litigation Break Costs up to: 40% of Loan Value ** Please call our specialists on to discuss how we can help. *Source: *Fee payable if case is not pursued at the client s request. ** Source: 2 3

3 It s R Explaining Fixed Rate Business Loan (FRBL) Mis-selling I d like to grow my small business... can you lend me some money please? Then in Rates have fallen to an all time low but my loan repayments are still high. My business is not benefiting from low base rates. Can I renegotiate the rate on my loan? BUSINESS OWNER Yes of course. We can offer you a commercial Fixed Rate Business Loan (FRBL) BANK MANAGER No. You have agreed with us to have the FRBL for a fixed period of time. OK, I ll just terminate the loan agreement Eh? I don t understand. I just want a simple loan. What are the terms and conditions? 4.50% AND RISING You can...but it will cost you 25% of the amount of the loan 0.5% ALL TIME LOW The FRBL will protect your business from rising interest rates, it s what you need right now. Sign here...have to dash - BYE! SIGNATURE What? You never told me that! I m trapped in this FRBL agreement. I can t afford the huge termination fee and the loan repayments are so high they are crippling my business! High Street banks may have failed to properly explain the Fixed Rate Business Loan including the features, benefits and risks. It s All Square may be able to help you Things seem to be going well - business is growing and I can afford my loan repayments % We have the experience and expertise to understand Fixed Rate Business Loans, how they work and how they were sold. We have a strong track record of assisting businesses claim for complex hedging products and loans. Call or [email protected] 4 5

4 Identifying if you were mis-sold Fixed Rate Loans may look simple but they are actually quite complex products whereby a commercial loan contains an embedded or hidden hedging product, such as a Swap. Business Loan Type Commercial Loan Hedging Product Fixed Rate Loan Variable Rate Swap In order to identify if you have been affected by the mis-selling of a Fixed Rate Business Loan, here are some key things to look for and questions to ask yourself: Did your bank properly explain the features, benefits and risks of the Fixed Rate Business Loan before it was sold? Did your bank properly explain and disclose any potential break costs or termination costs of the Fixed Rate Business Loan before it was sold? Did your bank properly explain the features, benefits and risks of other alternative loans or hedging products? Did your bank provide you with advice relating to the Fixed Rate Business Loan? If you find yourself answering No to many of these questions, (and Yes to the last one), then it may be that you have a valid claim for a mis-sold Fixed Rate Business Loan. Stand Alone Interest Rate Hedging Products Rather than combining a commercial loan and a hedging product, an alternative arrangement to a Fixed Rate Business Loan is to purchase a Stand Alone Hedging Product, which is a separate agreement to a commercial loan. Stand Alone Hedging Products may also have been mis-sold, so it may be that you will have a claim if you hold one of these products as well. Don t forget about Consequential Loss If you manage to secure compensation for a mis-sold Fixed Rate Business Loan, then it may be that, in addition, you also have suffered Consequential Loss. Consequential Losses arise from additional charges and fees that you may have been charged by your Bank as a result of entering into the Fixed Rate Business Loan. Consequential Loss will also cover other claims relating to loss of business opportunity. What to do next If you believe that you have been affected by any of the issues outlined in this brochure and want to take action to try to get your money back, then please call one of our specialists who will be on hand to discuss your case. For successful claims we usually charge a fee of 20%+VAT of the total settlement. We provide a No Win No Fee * service for all our claims. We are the specialists Remember, we only deal with claims for mis-sold Fixed Rate Business Loans and Hedging Products. That s all we do, day in day out, so we know how best to progress your case. CALL TODAY! *Fee payable if case is not pursued at the client s request. 6 7

5 Business Loan Claims Explaining Fixed Rate Business Loan Mis-selling Disclaimer This document is designed to be informative but is not intended to constitute advice, whether legal, financial or otherwise. We make no warranties or representations about any of the content (including, without limitation, the quality, accuracy, completeness or fitness for any particular purpose of such content). 8 All Square is a trading style of All Square Finance Limited. All Square Finance Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities, it s registration is recorded on the website (Authorisation No. CRM31952). All Square Finance Limited is registered in England and Wales under Co. No Registered office at Unit 1C, Riparian Way, The Crossings Business Park, Cross Hills, Keighley, BD20 7AA Telephone: +44 (0) Facsimile: +44 (0) VAT NO: