How to appeal a consequential loss claim
Published: 05/09/2014
With many ‘stage-one’ interest rate swaps claims finally starting to settle, it’s time turn our attention to consequential loss claims or, more importantly, what to do if your claim for consequential losses is rejected or undervalued. Simon Cottrell explains your options:
“It’s come to our attention that a number of SMEs are seeing their consequential loss claims rejected by their lender. Unfortunately this does not surprise us particularly after the latest revelation that have come out regarding payment protection insurance mis selling in the last week; around 2.5million cases are now to be reopened as it is believed lenders either unfairly rejected or paid too little redress on these cases.
“It is our belief that a similar story may be unfolding with interest rate swaps, after all it wouldn’t be the first time lenders attempted to pull the wool over client’s eyes.
“Although there is no formal appeal process, we can help you challenge this decision by writing directly to the Bank on your behalf. If the Bank is not prepared to reconsider your consequential loss claim then we can look at progressing it through other dispute resolution avenues.
“Our service includes:
- An initial review of your key documents on a no charge, no obligation basis
- A free of charge, no obligation conference call with a Forensic Accountant
- Preparing and presenting your supporting evidence
- Liaising and negotiating with the Bank on your behalf
“We understand why businesses try to settle the claim without specialist legal representation – the FCA Review Scheme appeared to supported businesses. However when you realise the ‘independent’ reviewer was appointed by the bank, it becomes clear that your interests were never at the forefront of the scheme. However by contacting our team they will be.”
Content correct at time of publication