Consequential losses for mis-sold Interest Rate Swaps claims
Following on from the interest rate swap mis-selling scandal, the banks are now beginning to offer basic redress to companies who have been mis-sold a swap.
The basic redress offer only includes the additional interest that the claimant has paid as a result of the swap, plus an additional 8% interest.
It is important that the claimant ensures that the basic redress offer is checked by an expert. We are currently finding that in a number of cases the offer is insufficient, has been calculated incorrectly or deducts the cost of entering the claimant into an entirely inappropriate alternative product.
Furthermore, in the basic redress offer the banks invite the claimant to make a claim for consequential losses.
Consequential losses are additional losses that have been suffered by the individual or company from having to pay significant amounts of interest which, but for the mis-sale, it would not have had to pay.
Such losses can include but is not limited to lost profits from not being able to renovate care homes or hotel rooms, the costs of prematurely selling properties to fund the swap, bank charges as a result of cashflow difficulties, amongst other things.
At Inquesta we are experts in quantifying consequential losses for claimants who have been mis-sold an interest rate swap.
We are currently acting for many individuals and business who have suffered such a loss.
If would like to talk to someone about consequential losses, please contact Rob Miller for a no obligation discussion.