Financial advisor highlighted potential swaps claim
I was recently at a meeting with my long term financial advisor and we were going through some old paperwork for a mobile phone shop I had in 2008 and that I took out a loan which included a swaps element. I remember at the time not having a clue what it was all about and despite asking I didm’t get an answer that I understood. Everything was going so well back then and so fast that I just didn’t feel I had the time to look at all the details.
My advisor has been looking at the paperwork and knew a law firm that had won a case for a client of his and when he mentioned they were interested in seeing all of his clients with a swaps element to the loan they took out he said it would be worth me doing. I agreed for him to send over all the paperwork two weeks ago and have since had the phone call!
They are convinced swaps were mis-sold in my case
I got a phone call last week from the law firm that were looking at my case and they have confirmed that they believe I not only have a strong case but often these cases are just not going to court. I am still confused by it all but it seems the bank have been mis-selling these swaps elements to SME’s for years and that like in the case of PPI the banks have already set aside a very large sum of money to pay back the sums they should to local businesses.
It does make my blood boil to think they have been doing this and getting away with it for years and only now is this coming into the public’s eye. I really can’t see how they get away with such bad business practices and whilst in my case I can’t prove long term damage to the business I am due a wedge back in fees etc.
If you think you have a swaps claim shop around
Before you run off to your local solicitor beware these claims are extremely complicated and not many law firms are set up to fight these claims. Of the ones that are some are charging large fees to even look to see if you may have a case and these fees can run into thousands. Is it still worth looking at? Well my lawyer showed me some of the publicised cases and many are settling for over a hundred thousand pounds and best of all my solicitor does this on a no win no fee and so the only up front cost was a bit of insurance to take on the claim.
I have a court date set but they are confident it will not go that far and if it does they are super confident that I will win. Wish me luck with my swaps claim and if you think you have one let me know and I will forward your details to my guys. http://www.triumphlegal.co.uk