Mis-Selling – Have you been affected?

More than 60,000 small businesses in the UK have fallen victim to the latest bank mis-selling scandal, leading MPs to state that it could be “another PPI” situation.

Businesses were sold fixed-rate business loans to protect them against interest rate changes, but banks, unbeknown to the borrower, added a swap, which had the reverse effect.  This led to some businesses having to declare bankruptcy and caused many more to struggle financially with cash flow and loan repayments.

There are many Guest House and B&B operators as well as Hoteliers, large and small, that have been affected by this mis-selling and have approached us at Stewart Hindley & Partners for help.  As we work closely with our clients and specialist claims companies this ensures that you will have your case resolved promptly to secure the compensation due for mis-selling as well as providing the opportunity to refinance your existing debt on competitive terms.

Once new debt is in place it provides you with a new starting point from which to develop your trade without the crippling fixed interest rates.

It should be noted that standard interest rates are not fixed and may vary. At Stewart Hindley we stress test debt requirements to make sure they are affordable in the foreseeable future to try to minimise any future stress for our clients.

If you think you need to refinance away from a Fixed Rate Business Loan call us today to discuss your options.