Our mortgage had a swaps element in it
I took out a mortgage in 2007 for the business to expand and do some work on the building that had a swaps element to it. At the time I didn’t really understand what that was all about and we took it out after seeking advice for our then bank.
Audit threw up this swaps claim
We changed accountants recently and asked them to do a full audit before they started work on any of the more recent accounts. We left them with a mountain of paperworkin what seemed like a hundred boxes. We did have to laugh as the receipts boxes were literally stuffed to the brim and I would not have relished going through that little lot for any amount of money.
The audit was going to take weeks and we forgot all about it until we got a call from him to highlight something they had found. He asked if we knew anything about a swaps element to our mortgage and I said that I had no idea what he was talking about. He asked me a load more questions and at the end said he thought that the bank had mis-sold the product.
We have started our swaps mis-selling claim
The accountant introduced us to a legal firm that specialised in this field and who had worked with him in the past and who had won cases for his clients over the past twelve months. We met with them little over two weeks ago and they have confirmed that we have indeed been mis-sold the product they added into our mortgage and that they are happy to take on the bank in question on our behalf.
We have started the process now and luckily for us the case has been taken on a no win no fee basis and all we have had to do is take out some insurance to protect us from any potential losses although the solicitor has said this is very unlikely indeed. There confidence has been really infectious and we are now really excited to see what will happen.
It may not be millions but it is a very big amount and apparently this is normal when it comes to these kind of swaps claims. It is now in the hands of our solicitors and they have been marvelous throughout the early part of the process. They are already in contact with our old bank and the signs are really positive. They have started a open conversation with them and the bank seems to be responding with they want to do a deal to prevent this case going to court and that is great news as the whole process should now be speeded up.
Now all that is left is to see what happens with our swaps claim and that should become clear over the next week weeks when we here from http://www.triumphlegal.co.uk