If you are a small business and were mis-sold a swap or other interest rate hedging product (IRHP) product, you may be able to claim for consequential losses as a direct result of the product that you were sold by the bank. Muldoon Britton is home to some of the best UK consequential loss solicitors and advisers who are able to discuss your potential claim for consequential losses, no matter how complex the claim may be.
Consequential losses are what is described as being losses incurred by the mis-selling of IRHPs. These losses can include late or missed payments for bills due to the increase in payments of loans with increased interest rates, inability to expand due to increased loan payments, and other restrictions placed on the business due to limited cash flow. Losses may also include lost business opportunities due to the restrictions on cash flow caused by the mis-sold IRHPs and swaps. Following FCA review, many banks have been deemed to have been guilty of misconduct and to have mis-sold many of the IRHPs sold since 2005, and as a result of this compensation can be claimed for direct and consequential losses.
Some of the types of losses that Muldoon Britton claim for on behalf of our clients include:
- Fees imposed by banks for default of IRHPs and swaps products
- Administrative costs incurred
- Costs of any lost business opportunity and expansion
- Loss or damage to reputation
- Profit losses
- Losses incurred by sale of shares and other assets
- Tax costs
How Muldoon Britton Solicitors Can Help
It may sound straightforward to claim for consequential losses, but it can be complicated. You as a business will have to be able to demonstrate how any particular loss was in fact caused by the mis-sale of the IRHP, which is not as easy as it sounds. Muldoon Britton can carefully scrutinise paperwork and highlight proof to show that losses are a direct cause of the mis-sold IRHPs. We can also argue the case further by pointing out that the financial situation of your business was not scrutinised carefully enough by the sales rep who sold your product.