We have been fighting AMC for several years on its fixed rate loans, with success unless it times a complaint out. Given that AMC wasn’t regulated until more recently, it has been really keen to point out that it can’t be touched by FCA or the Financial Ombudsman Service.
So, we have asked BBRS to include AMC in its list of banks committing to looking at complaints by businesses/partnerships.
AMC has damaged several thousands of farmer’s financial status, by giving out fixed rate loans for terms as long as 40 years. The fixed rate loans carry the potential for very large redemption penalties, which bite if the borrower wants to change any details of the fixed rate loan.
This renders the loan inflexible, and unsuitable in most cases. The loans were negligently sold in many cases, often by land surveyors. Redemption penalties mean farmers are faced with inheritance problems, an inability to sell or buy land, or to repay the loans early.
It up to Lloyds, AMC’s parent, to allow BBRS to include it. Let us hope it does the right thing. #banking #fixedrateloans #amc #lloyds #qaadvisory
