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    • Thanks for letting us know about this. I'm afraid that this website is mainly bad news about companies so it's very refreshing and very decent for someone to come along and to give praise where praise is due. How about a link to their website?
    • Having a little additional think about this, I think that your interests are best protected in the following way: You inform the seller that you are obtaining the quotes which I have referred to above. Having received the quotes, you then inform them that you are proposing to have the work carried out at XXX garage and that you will expect that the seller will reimburse you for the costs and associated expenses. You can tell them though that you understand that they may want to control the work being done to the car and so you are willing to allow them to do it but as the fault has manifested itself at this point and that it is clear that the problem is their responsibility, if they wish to carry the work out themselves then they will have to organise the collection vehicle and the delivery of it to you once the work is completed. Of course this will be very expensive for them and they will either fail to respond or they will refuse. Whatever their reaction, you would then go on to say that as they have failed to respond/declined the invitation to carry out the repairs themselves, that you are now going to your preferred garage – one of the two quotations which you have supplied – and you will have the vehicle repaired there. You are giving them an opportunity to comment. I think that if you use this approach, then you will be able to demonstrate very clearly that they had a choice and therefore they will be unable to disassociate themselves from the repairs which are eventually carried out at your chosen repairer. Even though this exchange of correspondence may mean that it will take a week or so longer to have your repairs carried out, I think you should do this in order to protect yourself in the best way possible
    • Please name the dealer   I would start off by sending them a letter of rejection seeing as you are within the 30 days. This doesn't mean that you have to reject it but it reserves your position. Secondly, on the basis of what you say, I don't think that you need necessary to find the cheapest place. You should be looking at the best quality that you can find. I think the best thing to do would be to get to competing quotations for the work you propose to have carried out – and not necessarily at the cheapest place, but a couple of proper reputable garages – authorised for that kind of vehicle. Inform the dealer as to what you are doing and providing with copies of the estimates for the work before you put it in hand. Give them five days to object or to make other comments. Make it clear to them that once the work is carried out that you will be looking to them to reimburse you. Of course you are opening a can of worms here because if you get some further problems – more serious – you may find that the dealer is starting to say that because you have carried out your own work so your own repairer on the car, they cannot now say that any defects were inherent in the purchase – and that they may have been introduced by 1/3 party repairer. I'm afraid that you have certainly fallen into a trap of buying a car a long distance away from where you live. We find that people often tend to do that because they think the car they have found is the only one in the world for them. They forget to factor in the difficulties that they will be if there are defects – particularly if the car stopped altogether – the cost of transportation to the dealer, the cost of having to travel up and down the country to collect the car – and of course these difficulties could emerge several times through the initial years of your ownership of the vehicle if you are relying on your statutory rights and expect the dealer to meet those obligations. Furthermore, if you have to bring a court action against them you are now dealing with multijurisdictional claims – suing out of Scotland against the defendant in England and that adds to the complications. It's too late for you to do anything about this – unless you actually decide to reject the vehicle – but at the very least, other people who come across this thread may get some benefit from these comments. I think it's important for you to get the best quality repair you can and to make sure that the dealer is aware of what you are doing so that if later on they try to deny responsibility for further defects, that you will be able to show that they were fully appraised of what you are doing and they will have less room to manoeuvre themselves out of their statutory obligations. I'm afraid that purchasing a car from one dealer and then having it repaired by another service provider, brings into the same kinds of difficulties that somebody who purchases a central heating boiler from one supplier and then has it installed by a different supplier find themselves in. When things go wrong, the seller blames the installer. The installer blames the seller – and you, the customer, are piggy in the middle. Not a good place to be. I notice that you are doing things on the telephone. Big Fail! Read our customer services guide. In your situation you should be extremely careful to make sure that you have got a record of everything and a full paper trail
    • What information do DVLA need for a provisional licence ?   Think the ID issue needs to be looked at a bit more. Surely you have birth certificate, school information, Doctors records. School and Doctors should provide a letter to help with ID.                
    • Amex as with any creditor must help you the FOS should go with you and make them remove all interest charged from the very 1st time of asking for help. the FCA regulations actually almost dictate it, they most certainly clearly state that if the are FCA registered they must help.   it's very telling they have no marked your credit file....almost as if they know they are wrong. it's also telling that an irresponsible lending complaint might well be in order hear too, they can just keep upping the credit limit without checking you can pay. and ofcourse covid plays its part here and they've already admitted as they allowed payments holidays until october in line with the rest of the industry and they should be continuing that. you problem is you keep using the phone, no paperwork no record of things discussed. i'd get an SAR off to them. and get the comms/account log and all the statements from day one and go nail them.
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      Sorry for only updating you now, but after your guidance with submitting the claim it was pretty straight forward and I didn't want to unnecessarily waste your time. Especially with this guide you wrote here, so many thanks for that
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RBS Interest rate swaps- cap/collar


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Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

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  • 2 weeks later...
Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

 

We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

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  • 3 weeks later...
We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

 

Appologies for delay would be interested to learn/share experiences and best way forward. I am aware proceedings are on verge of being lodged against both RBS and Barclays on swap rate sales to small business's.

 

please log in so can reply direct to email address

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We're quite a long way down the road with the FOS on exactly this issue with what sounds like a very similar dispute, with RBS Natwest. Happy to share info. We are fairly pessimistic so far with the FOS response and think you are exactly right in the divide and conquer approach being used. I suspect that there are many thousands of people and businesses in our position. I also think a class action of some kind would have a more powerful impact, otherwise like many others it is going to cost us many thousands for trusting our banks all those years ago when we all thought a hedge was what you had at the bottom of your garden.

 

I'd be interested to know what actions are being prepared against RBS and Barclays, as stated very happy to share info as to where we are going with it. Found so far the Collyer Bristow report by Stephen Rosen useful on this subject, which gives useful info I think when navigating around the FSA rules handbook.

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Similar thing happened to me. I have sought legal advice but I am still trying to negotiate with the bank. I believe I was too mis-sold this product thinking it was (and asking for) a fixed rate loan. I only realised when the payments started going out of my account.

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  • 2 weeks later...

Dear Bladebone,

 

We are considering the merits of action and would be interested to learn if there is a class action pending, or whatever. EDIT

Chevvers

 

 

 

 

Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

Edited by caro
Removing personal contact details
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Is Claire Collinson a lawyer/barrister? Sorry for asking. We have lost our tether with RBS/NatWest and want to pursue as soon as we can but in the most co-ordinated and cost-effective fashion. Thanks, Tony

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Hi all, i am not banking with RBS any longer, but was sold this product a few years back, i had a great battle coming out of the agreement and lost so much money, i would be interested to find out how i can take action on this mater.

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Hi Chevvers

If you google rate swap and mis-sold her firm comes up. They are a firm of solicitors.

 

Also Lushbury, I no longer bank with RBS the rate swap payments brought our business to its knees.

I hope this helps.

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  • 2 weeks later...

Hi I was misold RBS interset rate swap on my business loan. I wonder if you had any luck with your complaint. I am in the process of comencing the legal action.

Lokking forward to responses.

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Hi

 

My solicitor is still waiting for the tapes of when the rate swap was done. Once we receive them the complaint will go in. Others on the forum may have more advice for you but I will let you all know how it is going.

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We were mis-sold a SWAP by Barclays which was Novated by RBS when we moved bankers three years ago, although they did not provide us with any advice. RBS were not interested in our complaint and pointed us to the Ombudsman knowing full well the Ombudsman would not look further into our complaint due to the size of our Group. True to form, the Ombudsman has also brushed us off. Can you help?

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Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

 

Hi from the United States. I am a minority (Woman Owned Business) who has a fully paying commercial loan fro RBS/Citizens with an mis-sold interest rate swap which was fruadulently conveyed onto my company by the bank. I was given with my attorney a complete swap breakage fee waiver in late summer 10, with the agreement that I would pay off the loan at sometime in full, this was done with an attorney, and then suddenly RBS moved me to "work out" and is now trying claim they never engotiated this with my company, lawyer and me. I have had to hire another attorney to litigate, so for 4 years I have paid over $600,000 in excess interest and even when they want be "out" with 5 years left on the loan they are now trying to get me to pay them more whne they negotiated a "settlement" agreement. I am interested in speaking with anyone who wants to join a global class action suit against this entity who has stolen my money and continues to try. OBTW I have had over 8 loan officers in 4 years,never missed a payment etc.

 

WBEpower

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Hi

 

My solicitor is still waiting for the tapes of when the rate swap was done. Once we receive them the complaint will go in. Others on the forum may have more advice for you but I will let you all know how it is going.

 

WBEpowet- Sorry about the typos in my earlier message. I am from the US and interms of getting the tape good luck. I would like to know if RBS gives them to you pre complaint entry. If you read the RBS annual in the mid 250-280 page area I think you may get some good information in terms of the actual value (asset or liability) the bank is books these prison like structures. Like many on this post neither myself nor my attorney werew given anything befor ethe close and I actually turned down a committment from a subsidiary of RBS (Greenwicg Capital) on better terms because I made very clear that I did not want to be in any defeasence like product, only a fixed rate. If anyone knows of site like this in the Staes I would appreciate the information!

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Hi again, the site will not let me post until I have commented 5 times so I am doing that! I am very interested in a class action type of status and the reent court case against Deutsch Bank in favor of a small business loan.

 

WBEpower

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Hi again (4 out of 5) I am a commercial property owner who is in the states. Citizens/RBS mis-sold me an interest rate swap and then even refused to give me a market quote when I was ahead and tried to get out. Lately they gave me a quote and then when I asked the differential between a firm I had hired to value it, the rescinded the quote and said thay had mistaken me for a loan with the seond largest REIT in the United States (BRT), who doesn't even have a loan with the bank, and whose portfolio probably average $25,000,00iti0 size per loan. I could go on and on, but they a purposefully trying to get me out even though I pay principal and interest every month and when I offer to go in full early, they change their minds, and our negotiated settlement. The largest case in my area revolves around Citizens/RBS and Brian O'Neill Properties in Pennsylvania. The case is being tried or settled right now for about $00.40 to less on the dollar loaned and is highly able to be googled. WBEPower

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  • 1 month later...

Very interesting to read that there are so many Companies that have been affected by what I am sure was a deliberate attempt by RBS to sell these policies knowing what was about to happen to interest rates. RBS were emailing and calling me regularly extolling the virtues of 'protecting' my business with this product. In reality it has had a dire impact on our cashflow such that we are struggling to survive, given the state of the economy. I am sure that there are many more businesses in the same situation so what is needed is to publicise this somehow national and then present a class action as a group, any thoughts?

 

Would be very interested to hear from of other small to medium companies in process of commencing action/formal complaint against RBS based on the miss selling of interest rate swap/cap collar derivatives . We are aware the wheels are in motion by increasing numbers

 

The basis of our claim is extensive and varied and includes the misselling relating to the paperwork deployment and actual content thereof, breach of duty of care, breach's of COB and MIFID

 

We beleive the RBS is benefitting from fact the missold customers such as our selves are fragemnted are unable to pool our efforts and basis of claim

 

Look forward to receiving responses

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Hi Tony

 

Sorry to hear your news. I am in similar boat along with many many more. I have put a complaint in to RBS and am waiting to hear from them. I do agree a joint effort is needed and more publicity. I have contacted my MP but much more is needed. I will post any news.

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  • 3 weeks later...

Thanks jbf. I was thinking about writing to my MP also but am trying to think of how to get the most impact from a letter. Maybe add a number of names to a letter and send it to each MP?

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