Have you been mis-sold an interest rate swap product by your bank?
Over the past decade banks and financial institutions have been providing products designed to protect their customers against interest rate rises on their business loans and mortgages. These products are known as interest rate swaps, interest rate hedging products and structured cap and collared products. Unfortunately, many of these products have been mis-sold by the banks.
The Financial Services Authority has recently found evidence that some lenders have sold these products without fully understanding the customer’s needs or disclosing to their customers the high exit costs that are written in to the terms and conditions. They also found that rewards, commission and incentives were the driving force behind some of the sales. In some cases these products were sold with a term far exceeding the term of the loan.
With interest rates at an all time low customers have now found themselves stuck with high interest rates on their loans and mortgages. They are tied in to an interest rate swap product with very high exit fees, as only the benefits of the product was explained to them by their lender in the event of an interest rate rise.
If you believe that you have been mis-sold an interest rate swap product we advise you to seek advice immediately. There is at present a limitation period of 6 years in which to challenge negligent financial advice, although in some cases we maybe able to have the limitation period extended.
If you feel that challenging your lender for mis-selling an interest rate swap product may jeopardise your relationship with them. Subject to status we maybe able to introduce you to another lender with a refinancing option.
We are a highly experienced central London law firm with extensive expertise in financial mis-selling. Once we have identified that you have been mis-sold an interest swap product, we will negotiate on your behalf with your lender to resolve the problem and to recover any money that is due to you. If we are unable to negotiate with your lender and legal proceedings need to be issued, we will act for you on a no win no fee basis. In this case you will receive 100% of any award made to you by the court as we will endeavour to recover our costs form the lender.
For advice please call us on 020 7681 8888