It seems that I am now part of the interest rate swap mis selling scandal which has affected many small to medium sized enterprises over the past ten years or more. I had a shop selling technology products about twelve years ago and to buy stock and do some renovation work that needed to be done.
I went to the bank to get a loan and they went through everything and within a few days I had the money and at the time that was all that was important. This though did change soon after as the interest on the loan got bigger and the payments went from manageable to really hard offer the next 6 months or so.
I have since found out this practise was widespread even though the banks knew the interest rates were going to fall and that people like me would be stung for considerable fees and no way out due to heavy penalties for switching from these products.
In my case the rate just went down and down and instead of paying my less in interest I was absolutely clobbered with huge charges. I spoke to Barclays three times about my options but to be frank they did absolutely nothing to help my plight or situation and I felt I just had to put up with things until I eventually shut up shop. It was a real gut wrenched for me to have to do this and I lost a lot of money and had to deal with a lot of emotional angst too. Family and friends got involved too and so this little bit of good luck and payback for those dark times seems like a really good thing.
I was very lucky to find a company to take on my case on a no win no fee basis and they are very confident they can win this case for me. We are going for a sizeable sum of money and if like the suspect I win it will be a real shot in the arm. The case is worth over £250k and that would make an enormous difference to me and the family.
The early signs are the bank agree I have a claim and are willing to settle its just now down to the two of us agreeing what that figure is and that will be the end of that.
I still cannot believe this is all happening and I am even more surprised the banks were allowed to get away with this type of thing. I have noticed pieces in the paper about other companies winning settlements from the banks but the guys taking on my case say it is literally the very tip of the iceberg and that many more of these interest rate swap mis selling cases will be coming up before the banks are finally free of it. http://www.triumphlegal.co.uk
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