Google case BGH, XI ZR 33/10. Would seem a precedent may have been set!!! Anybody shed any more light on this ruling. The products discussed sounds similar in every respect to what we have been sold in UK.

Greetings all, Its been a while since i last logged in. Seems the list of those affected grows ever longer. I was one of the first to have my complaint heard by the FOS. It was a complete waste of time. I was basically told that i should have said NO to the deal. No sh1t sherlock! Any way i guess i accepted my fate and have been struggling to make ends meet. Fortunately my businesses fortunes are improving so the repayments are becoming a little easier to find. However, just as i begin to relax a little the good old boys of the RBS come riding back into town to give me another kicking. All of a sudden my accounts are switched from my normal run of the mill relationship manager to a specialised lending manager. The reason because they feel more exposed to a possible bad debt. In essence what they have done is change the goal posts with regard to security on my loan deal. They have written down the values of my property by 60% of the 2007 value . In a nutshell i now don't have enough security to cover the outstanding debt plus the termination fee which is considered a liability. Valuations are now going ahead ( at my cost ) which will determine the 2011 values. The bank will then use a magical and mystical calculation agent to determine that my security is 7/8ths of bugger all and come back to me for more security. If a fail to provide said security and/or personal guarantees then i am in default and in breach of contract. I will let the whole tower of cards come crashing down before i risk my family home. I have never missed a single loan payment yet have never been in breach of either the loan or the rate swap. I am currently taking legal advice to see what can be done. I feel that the bank is out to get me. May simply be coincidence, but since i rocked the boat they have breathing down my neck. I will let you know how things pan out.

Greetings all. Quick note Leeby. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 section 19 requires that these products should only be aimed at investment professionals. As a sole trader you do not fall into this category. Small piont but very valid under the circumstances. I will be appointed an adjudicator in the next couple of weeks so i will inform you of the dialogue. As you suggested Pete i sent a subject access request. As a limited company i expect no return but i am seeking the relevant documentation. Keep the faith

I have been through the banks complaint procedure. Firstly they responded outside of the 8 week alloted time scale.The response was very polite and to the point. although i questioned nearly all of the points raised. Especially those relating to unsolicited communications and the sales tactics employed. I requested telephone transcripts but i was refused. It is made very clear in the agreement that these are the property of RBS. I received a very abrupt email stating this fact.

A few further points related to my case. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 defines a solicited communication is one which (a)was initiated by the recipient of the communication; or (b)takes place in response to an express request from the recipient of the communication. I neither initiated , nor requested the communication, so I deem it to be unsolicited and in breach of the afore mentioned Act. As a director it would seem that i am in fact an "investment professional". ( However I would suggest that you don't come to me for advice) It is worth noting that no where in the official agreement or the post transaction acknowledgement does it refer to this act. It is only after reading this thread that i discovered its existance. The agreement clearly states that I should have signed the Financial Services Act: Money Market Regulation agreement provided by the bank prior to entering into this agreement. I do not recall signing such an agreement and I do not have any copy on file. I also have my doubts that the agreement was signed in accordance with the bank mandate. I believe at the time that 2 signatories were required to sign in accordance with the mandate. Checking the agreement it would seem that only one signatory signed it. I am awaiting confirmation of this from the bank. Please confirm the ramifications of this.

At last....a port in a storm!! I have read this thread with interest and hopefully the fight is still on going. I too have been stung but by Nat West. I agreed to a 7 year rate swap October 2007. I was contacted by the salesman because it was in my best interests. I was sold a lemon by a manipulative salesman who used a load of "what if" scenarios to basically scare me into an agreement. I didn't truly understand what i was getting myself into. In real terms my rate swap is costing my company £8k a quarter and there is little i can do. I was offered the option of breaking the agreement in December 2008. It was going to cost me £96k. I have written to my MP and Mandelson wnd i have had replies but neither offered any solutions just political spin. But a response was a minor victory in itself. My case is being heard by the Ombudsman as we speak. No news as yet. Unfortunately i think i rushed the complaint as there are issues in this thread i knew nothing about. I am angry and frustrated!!! I made a bad decision , but i believe i was given just enough rope to hang myself with. I never asked for this product it was recommended by my business manager. It was never fully explained, but the reams of paperwork do cover the banks ass in every respect, but as usual you need a law degree to understand it. I actually refused the deal, but the persistent salesman kept coming back with the "sale of the century" scenario. I was manipulated and foolishly agreed. Every dog has its day, and should i be unsuccesful on the mis sold route i will then go to the press and start a smear campaign. The bank is morrally bankrupt and all credibility has gone. Once i am out of their clutches i will pull my accounts and go elsewhere. It is the only action i will have left. Meanwhile my manufacturing company is 40% down on turnover, i have made 25% of the workforce redundant. I have drawn no salary for 9 months and i am on the verge of bankruptcy. The bank continues to squeeze me dry, safe in the knowledge that should i go under then they will have all the security of the assets and i will be left with nothing. Words cannot describe the contempt i feel towards them.