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Interest rate swap


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Hi

 

I want to report a recent success in regards to the mis selling off a interest rate swap.

 

We (me and my sister) took the a mortgage out in 2007 which had a swap attached to it. As of last week the bank have decided to provide redress as the swap should not have been sold to us.

 

We have not accepted the offer as yet as I have a couple of quries.

 

They have agreed to terminate the swap without any fees and will repay all payments which have gone towards the swap and have added 8% simple interest. Would we be able to claim compound interest?

 

Also we have suffered consequential losses, Ive taken out loans incurred various bank charges and my sister has gone bankrupt. Are there any cases studies or threads I can follow in regards to reclaiming consequential losses?

 

Thanks

Mrs_p

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Hi

 

We are in the process of accepting the banks offer on a part settlement basis. And will be writing to them asking for compound interest to be paid.

 

I have been reading the Sempra case and I think we may have a case for restitution.

 

We were paying roughly £1100 a month towards this policy since 2009. The contractual rate is 5.2%.

 

At the same time i had a bank overdraft and a credit card from this bank, would I be able to use rates charged to me on those accounts as the bank were unjustly enriched by those rates or would I need to use the contractual rate.

 

Also does this seem right

 

amount reclaimed + compound interest + s69?

 

Any ideas on this anyone?

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