- Business Bank Loan: Ratchet Rate Tailored Business Loan (TBL)
- Bank: Clydesdale Bank
- Region: West Midlands
- Business Sector: Letting Agents
- Claim Amount: £150,000
- Year Loan Taken Out: 2000
Some businesses have already made claims, and received compensation. But in most instances this has been paltry. We recommend anyone who has claimed directly with the bank before to get in touch, and access the level of compensation truly deserved.Daniel Hall, MD, AllSquare
Jamie Joyner is a letting agent based in Solihull. As a customer of Clydesdale Bank he started to notice press coverage about business loans being mis-sold. He knew that he’d taken out a loan in 2000 for a fixed rate tailored business loan, and decided to contact the bank directly and put in a claim. The bank did everything they could to put him off, but in the end they agreed that the break clause in the loan had not been properly explained, therefore his claim that it had been mis-sold was upheld.
Mr Joyner was offered £12K compensation to settle the complaint. He won and the bank agreed that he was a victim of mis-selling. However, despite agreeing that the break clause had not been properly explained, the bank then told Mr Joyner that they believed he would’ve still taken the loan out, even if the break clause had been properly explained! This annoyed Mr Joyner, the tone that the bank took seemed rude and patronising.
Since the group action is based on fraud and dishonesty rather than mis-selling Mr Joyner was eligible to join. It did not matter that he had claimed before or that he had accepted £12K of compensation.
As joining the group action is on a no-win no-fee basis* he was delighted to be able to get involved. He was never happy about the level of compensation he received and understood that many businesses working together are likely to be much more effective than an individual claim.
Have you already received compensation from Clydesdale or Yorkshire Bank? You could be entitled to more. Check whether you’re eligible to join the Legal Group Action.