Edward Cumming, barrister, XXIV Old Buildings

Investors must have guidance

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  • Swap sold to me, £3 million swap, £1 million loan, then changed to a £2.6 million loan 12 weeks later with a 2 year facility, (only option available) by my manager who introduced his colleague, never mentioned he was a derivative salesman, no explanation of rising costs if rates went down, only if they went up, i was told the product was free, so how could i go wrong, quarterly costs went from £2300 to £43,000, i was advised get out fee could be about £22k, turned out to be £738,000, then i was told fresh valuations were being done at my cost, £10,000, which subsequently led to breach of covenant....... Passed to debt recovery!

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  • "so how could I go wrong"

    What did you think you were getting into? You make it sound like you thought you were getting free money. Did you not read the documents?

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