Property Developer With Numerous Business Loans
- Business Bank Loan: Fixed Rate Loan (FRL)
- Bank: Yorkshire Bank
- Region: London Business
- Sector: Property Developer
- Claim Amount: £540,000
- Year Loan Taken Out: 2005
“It can be confusing for a customer if they’ve had many products over a number of years. We’d encourage anyone that’s had business loans from Clydesdale or Yorkshire Bank to get in touch as it’s very simple for us to check whether they had an eligible product.”
Daniel Hall, MD, allSquare
Mo Singh is a successful property developer with a large portfolio across London and the South East of England. He’d been with Yorkshire Bank for many years, and was a customer who’d accessed several different products over this time. He didn’t want to jeopardise his relationship with the bank, so was reluctant to pursue making an individual claim. When he heard about the group action in 2019, he thought it would be a good opportunity to find out whether his claim was eligible without getting in contact with the bank personally.
Our legal research team looked through his records and couldn’t identify whether he’d had a Tailored Business Loan, As Mr Singh had not kept sufficient paperwork about the loan, we couldn’t be sure if he was eligible to join the group action. However, after submitting a Request For Information, we received a disclosure from Yorkshire Bank that confirmed that he had been sold a fixed rate loan. This meant he was still eligible to join the group action as we can accept standard business fixed rate loan products (where the interest on the loan has been fixed for a period of time) in addition to Tailored Business Loans.
Mr Singh signed up to join the group action in March 2019, his claim is valued at £540K.
Were you a business customer with Clydesdale or Yorkshire Bank between 2000 and 2012? See if you are eligible to join the Legal Group Action.