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Over the last few years, a number of the High Street banks have mis-sold Interest Rate hedging products to individuals.The products were sold to numerous individuals (and small and medium-sized businesses) as protection against interest rate rises on loan repayments, but when interest rates fell these customers were left paying increased monthly repayments and are faced with substantial "breakage costs" to escape from the products.
The shared theme is that customers were told of the benefits, whilst the risks were not mentioned, including the inflated exit fees and the risk of increased payments if the base rate fell.
The FSA has now made a judgement which allows individuals to make a mis-sold Interest Rate Swap claim.
If you have been mis-sold an Interest Rate Swap or a similar product, then Ramsdens can help you recover payments made under the swap as well as save you significant break fees that would otherwise be payable in order to terminate the product.
Alternatively, you can fill out our online contact form and let us know a suitable time to get in touch with you.