As a small business, if you were mis-sold a swap or other interest rate hedging product (IRHP), you may have a claim for consequential losses as a direct result of the product that you were sold by the bank.
Consequential losses are essentially 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 IRHPs since 2005. As a result, compensation can be claimed for direct and consequential losses.
We can assist with your claim for various types of losses, including the following:
- 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
Talk to Us
While a consequential loss claim may sound straightforward, the process can be complicated. Muldoon Britton has an expert team of consequential loss solicitors and advisers who can discuss your potential claim for consequential losses, no matter how complex the claim may be.
Contact us today for initial advice on your consequential loss claim.