Chat with us,powered by LiveChat Clydesdale or Yorkshire Bank Business Loan? - allSquare

The first claim form has been submitted but there's

still time to join the Legal Group Action against

Clydesdale and Yorkshire Bank

Clydesdale or Yorkshire Bank Business Loan? 2019-05-29T13:52:24+00:00

Clydesdale Bank PLC (including Yorkshire Bank) and the National Australia Bank Legal Group Action

We are bringing a Legal Group Action against Clydesdale Bank PLC (including Yorkshire Bank) and the National Australia Bank. The banks are alleged to have acted fraudulently and dishonestly with respect to Fixed Rate Business Loans. The action is particularly relevant to businesses who have or had Tailored Business Loans (TBLs). Importantly, because the action relating to fraud and dishonesty is different from mis-selling, you could still claim even if you have already complained about the loan.

It is thought that the legal action could be worth more than £1 billion.*

RGL Management issued the first claim form on 1st May 2019. Clydesdale has 28 days from the date of issue to present an initial defence and disclose documents, although may request an extension.

There is still time to join however, the high court will impose a cut-off date for sign-ups. If you’re interested in taking part in the Group Action, don’t delay. It is strictly no win, no fee and there are no upfront costs to pay. Joining is quick and easy – we just require an e-signature.

Click here to visit the sign up page

The team

allSquare has teamed up with RGL Management who are leading the group action. The legal team involved in the group action is Michelmores LLP (a top 100 full service law firm with 68 partners and over 450 staff).

The action also benefits from being fully funded by Augusta Ventures.

Visit our Group Actions page to learn more about litigation funding.

 

 

Who can join?

Any business that has or previously had a Fixed Rate Business Loan from Clydesdale and Yorkshire Bank, particularly Tailored Business Loans. However, if you had a business loan with one of these banks and are not sure what type of loan it was, we would still encourage you to join. We can then check your eligibility. Joining is free – you will only pay fees if the action is successful.

There are a number of sectors that have been heavily affected. Below is a breakdown by sector of the businesses that have signed up so far. While this graphic shows a small number of sectors, it is important to remember that any business could be affected.

Infographic shows percentage of businesses signed up to the group action by sector

Benefits of a Group Action

We formed the Legal Group Action in an attempt to secure full and fair redress for affected businesses. While payouts will depend on each claimant’s circumstances, compensation could be significant. Litigation can be costly and daunting. Many small businesses may be put off by the risk of going it alone, hence the use of group litigation.

By grouping businesses together under a single group action, the whole group can benefit from legal economies of scale, such as:

  • A genuine No Win No Fee pricing structure. You will only pay fees if the action is successful.
  • Group members share documents and information.
  • Full insurance against any adverse costs if the group action is unsuccessful.
  • An expert legal team with experience of dealing with commercial and banking litigation as well as running group actions

Already complained? No problem. As the action relates to fraud and dishonesty rather than mis-selling, you can still join the group action if you’ve previously complained.

Learn more about Group Actions and how they work.

How to join the Group Action

Joining the Group Action is easy. Anyone who has, or has held in the past, a Fixed Rate Business Loan with Clydesdale or Yorkshire Bank can sign up. This includes limited companies, partnerships, and sole traders.

Even if you have previously complained about a mis-sold Fixed Rate Business Loan, as this Group Action relates to alleged fraud and dishonesty, you are still entitled to join. This is the case even if your claim has been previously denied, either by the bank themselves or by the Financial Ombudsman Service (FOS).

You can even join if:

  • You’ve previously had a complaint ‘time-barred’
  • Your complaint was previously rejected
  • You have already accepted an offer of compensation
  • Your company is in administration or has been dissolved. (If your business has been dissolved you will need to reinstate it in order to join. We can do this on your behalf).

It is worth noting that if it can be proved that your business went into administration as a consequence of the loan, you could be entitled to a consequential loss settlement.

If you want to join the Group Action, there are several ways to do this. You can:

  • Call us on 0113 323 1950 so one of our specialist claims handlers can talk you through the process. We will check if you are eligible to join the Group Action and issue a claim pack to you within five minutes of your call.
  • Complete a Claims Management Agreement (CMA) online to sign up to the Group Action immediately. Follow the link below that is applicable for your business and follow the on screen instructions. It only takes a couple of minutes and if you sign up and aren’t eligible, we’ll remove your details.

If your business type isn’t listed, please call us on 0113 323 1950 or email groupaction@allsquare.co.uk so we can assess your case, and issue you with the applicable claim pack. Almost 2,000 businesses have already signed up.

Not sure what type of loan you had? We’d still encourage you to sign up. We can check for you if you are eligible to join and if not, we’ll remove your details from the action. There is no charge for this service.

If you need further information, take a look at our Frequently Asked Questions.

Group Action in the News

There has been a considerable amount of media coverage about the Group Action against Clydesdale Bank and the National Australia Bank in the news. Click the button below to read more.

 

More Information

Do you want to know more? Call us on 0800 0830 286 or 0113 323 1950. Alternatively, email groupaction@allsquare.co.uk or complete the form below. Once we receive your details we’ll get in touch to discuss further.

*https://www.thisismoney.co.uk/money/news/article-4913074/Clydesdale-faces-1bn-claim-loan-scandal.html

Group action contact form

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