Hotelier who Wasn’t Sure About Eligibility
- Business Bank Loan: Participating Fixed Rate Tailored Business Loan (TBL)
- Bank: Yorkshire Bank
- Region: West Yorkshire
- Business Sector: Hotels
- Loan Amount: £950,000
- Year Loan Taken Out: 2001
“I’ve spoken to several hotels over the past couple of months who are suffering financial implications because of the pandemic. They need to shore up their businesses finances at the moment and checking whether they’re eligible to join the group action is quick and easy for our team.”
Daniel Hall, MD, allSquare
Gina Whitehead runs a hotel in West Yorkshire and has banked locally with Yorkshire Bank for more than 30 years. She had always maintained a good relationship with the bank and was a regular in her branch. She wasn’t aware that she might have been dishonestly or fraudulently sold a product.
In April 2020, during the national lockdown when the hotel had been closed for 6 weeks, Gina came across an article about the group action in the Yorkshire Post. Even though she felt a sense of loyalty to her local branch, the lack of money coming in motivated her to contact us to check whether she was eligible to join the group action. She had very little documentation and signed our Litigation Management Agreement and Letter of Authority, without much hope of success.
We approached the bank on her behalf and uncovered relevant documentation that proved she had taken a fixed rate business loan back in 2001. The loan was large, and as it had been taken out many years ago we identified a potentially significant claim.
Ms Whitehead joined the group action in June 2020. As joining the group is on a no-win, no-fee* basis, she felt she had nothing to lose and everything to gain by getting involved.
Are you a business customer of Yorkshire Bank? Check whether you’re eligible to join the Legal Group Action?
* Fee may be payable if instruction is cancelled at the client’s request.