- Business Bank Loan: Variable Rate (Floating) Tailored Business Loan (TBL)
- Bank: Clydesdale Bank
- Region: East Midlands
- Business Sector: Agriculture
- Loan Amount: £630,000
- Year Loan Taken Out: 2002
It’s disappointing when a customer isn’t eligible to join. But at least we can do all the checking on their behalf, take out some of the hassle. It’s easy for us, as we do it all the time, and it doesn’t cost the customer anything.Customer Service Advisor, allSquare
Frank Tiller saw an advert in Farmers Weekly about the Clydesdale (including Yorkshire Bank) group action. He was a business customer at Clydesdale Bank and knew he’d had a loan in 2002, although he couldn’t remember what kind of loan it was.
He tried to contact the bank directly to ask what products he’d had in the past but found he could never get through to them. Mr Tiller signed up to the group action on our website in January 2020, as the idea of a hassle-free check, without any upfront costs was appealing.
Our research team tracked down the relevant paperwork at the bank and discovered that although Mr Tiller had indeed had a loan, it was in fact a variable rate loan. This type of loan was linked to the Bank of England base rate rather than a fixed rate of interest. The group action can only seek compensation for tailored business loans that were on a fixed rate of interest.
On this occasion the case was subsequently closed by our team and no further action was taken. He was not asked to pay any costs or fees.
Clydesdale or Yorkshire Bank Customer? Check whether you’re eligible to join the Legal Group Action.