Construction businesses are able to claim back millions in mis-sold business loans.
The construction industry has experienced tough times this year and so we would like to help you to reclaim thousands of pounds of your money back.
We are particularly keen to reach people in the construction industry who are facing difficult circumstances financial or otherwise, people who may not realise they are owed thousands, and in some cases six or seven figures, by the bank. This could be life changing for you!
One of our client’s is Carol Hack who owned a dive centre and took out a £1.1m loan to redevelop this plus to construct eight holiday homes on her land. Problems first arose during a review meeting with Yorkshire Banks’ Special Property Development Department who demanded a re-evaluation of the site. The new evaluation confirmed it was a good investment but despite this the bank called in £870,000 of the loan a few weeks later. Thankfully she managed to find a new lender who was willing to take on the loan, as long as she was able to reduce the debt, which she did through short-term high interest methods and personal loans. Carol had previously worked in banking and had sold loans herself so she was not easily duped.
Carol is now part of our class action claim and we are helping to seek recompense for what happened to her and others just like her. A court date has now been set for the end of the year. So far over 2,500 other businesses have signed up so make sure you act now before it is too late!
Did you take out a Tailored Business Loan or Fixed Rate Loan for your construction business with either the Clydesdale or Yorkshire Bank in England & Wales or Scotland?
If you answered yes then you could receive thousands of pounds in compensation and it is free to sign up to the action. It is being conducted on a purely No-win, No fee basis.*
The class action is based on Clydesdale’s and Yorkshire Bank’s institutional dishonesty when selling Tailored Business Loans (TBLs). ANY customer who was sold a Fixed Rate Business Loan or TBL is eligible to join this compensation claim so what have you got to lose?
The total amount of compensation paid out to the construction industry is likely to be in the hundreds of millions of pounds. Individual amounts awarded will depend on a number of factors, including the size and term of your loan.
Our analysis calculates that average claim size for direct losses for construction businesses (excluding consequential losses) is £248,000.
Even if you have claimed before against Clydesdale Bank or Yorkshire Bank, you can still join the group action.
You can even join if:
- You’ve previously had a complaint ‘time-barred’
- The complaint was previously rejected
- You have already accepted an offer of compensation
- Your company is in administration or has been dissolved. (If your business has been dissolved you will need to reinstate it in order to join. We can do this on your behalf).
It is worth noting that if it can be proved that your construction business went into administration as a consequence of the loan, you could be entitled to a consequential loss settlement that would be much larger.
Complete our form here so one of our advisers can contact you.
Join us today while you still can and claim your money back before it’s too late!
*Fee maybe payable in the event that the customer cancels the agreement.