Insight / Blog
Farmers and Accountants Beware – Asset Finance Partners aka AFP Assets
A case has come to our attention for potential assistance on a loan provided to a farmer by Asset Finance Partners (AFP Assets). The structure and redemption costs look very much like those handed out by UK Acorn Finance, a lender that closed down after examination by both the UK Treasury Select Committee, and the […]
British Banking Resolution Service – a new Alternative Dispute Resolution Service for SMEs with Banking Issues
A new alternative dispute mechanism has opened up with the aim of providing an alternative to the Financial Ombudsman Service, for those that don’t meet the eligibility requirements for FoS. The service will look at, and deal with all manner of banking issues faced by small and medium sized partnerships and companies. It has begun […]
Recent “Wins” on Fixed Rate Loans
3 recent cases for fixed rate loan complaints have been for farmers based in Wales. One was against Nat West, and the other two were against Lloyds Bank, and all three were taken through to the Financial Ombudsman Service, after the bank failed to provide the redress that we sought for our clients. The outcome […]
The Problem with Fixed Rate Business Loans
Several banks sold fixed rate commercial loans in their thousands during the period from 2006 to 2012 and to a very large extent, they failed to explain, or adequately explain that the loans carried the potential for very high redemption penalties (“break costs”) in the event any of the loan terms were varied, or the […]