Manufacturer now Able to Join Group Action
- Business Bank Loan: Range Rate Tailored Business Loan (TBL)
- Bank: Clydesdale Bank
- Region: Aberdeen
- Business Sector: Manufacturing
- Claim Amount: £3.5M
- Year Loan Taken Out: 2004
“Initially Scottish businesses couldn’t join the group action, which was frustrating because we knew that there were lots of customers in Scotland sold Tailored Business Loans by Clydesdale or Yorkshire Bank. Thankfully this has changed, so now when Scottish businesses call us, we’re able to start our free checking process straight away.”
Legal Researcher, allSquare
Sally Creedy knew that her company had been sold a Fixed Rate Tailored Business Loan in 2004 and believed she was entitled to compensation. She contacted her solicitor who advised that she might have a potential claim for mis-selling. Ms Creedy subsequently put in a claim to Clydesdale Bank but it was ‘time-barred’ – she was told that she was too late to claim.
Having been refused, she felt a bit demoralised and did nothing more for a while. In early 2020 she heard about the RGL group action but believed that it applied only to English and Welsh businesses. A few months passed and then she read an article explaining that Scottish businesses could now be part of the Clydesdale Bank group action.
Ms Creedy found claiming on her own a bit intimidating but the idea of being part of a much bigger group, backed by a large legal team was appealing. It didn’t matter that she’d already made a claim on mis-selling because the group action is focused on fraud and dishonesty rather than her previous claim for mis-selling. She joined the group action in October 2020 and is making a claim for £3.5M.
Are you a Scottish Business owner who had a TBL from Clydesdale or Yorkshire Bank? See if you’re eligible to join the Legal Group Action.