MAB and 3VB offer first defence in Barclays test case

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  • Swap missold to me, barclays, was a condition of loan, £2200 per quarter turned out to be £43,000 per quarter, £22,000 get out fee turned out to be £739,000.... Ruined my business, complained for 4 yrs, but threatened by barclays of facility withdrawl if i did anything.........

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  • the selling of these products which are investments is subject to BIPRU and COB and gives rise to claims under s150 FSMA

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  • If Barclay's are denying any wrong doing in a case prepared by QC - I assume they know what they are doing then what chance does a normal small business stand in the FSA redress scheme supervised by they friends at KPMG.
    The whole agreement with the Government and FSA is a con to defer the matter for a long time by which time most of the public will have forgot about the bank's mis-selling.

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  • I was one of those small businesses that Barclays put into Administration, I lost a lot more than my business and intend to fight Barclays all of the way with the strong evidence I have.

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  • Barclay's Bank has a wonderful system of transferring any business who complain about Interest Rate Swap into their Business Support Department.
    The Director from Business Support sidelines the normal Relationship Director and takes control of handling the complaint with their Solicitors. Thus acting as a pseudo Relationship Director, Business Director from Business Support team and in charge of the complaint. He then puts on the pressure to have property valuation etc to intimidate the customer.
    I know one client who complained and the pseudo Relations Director, Business Director and complaint handlers in one has confirmed that his Solicitors MAB have confirmed that it is quite right for him to continue in this role which seems contrary to any normal common sense logic.
    This is a ludicrous situation and flies in the face of the pledges Barclays gave to the parliamentary select committee.

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  • These chickens are slowly coming home to roost. Just from those people I know personally, I know of £50m in redress being claimed from Barclays, and in all cases they seem to fit the profile of a successful complaint perfectly (I am not a lawyer, this is my personal opinion)
    If the redress scheme ends up being a sham (from KPMG, heaven forfend) then I suspect a significant class action will emerge, which will have deep enough pockets to obtain suitable redress.
    Several of the banks may regret their miss selling, but I think Barclays may be in the most invidious situation.
    They have the Libor issue which boosted break costs, making clients less likely to break the agreement, and in some cases causing covenant breaches, and they have the miss selling itself. These are potentially separate claims, and will allow some clients who would have been excluded to make successful partial claims that would otherwise have failed.
    They could even be named as defendant in cases where they didn't sell the actual swap where the libor distortion caused problems.

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  • Only 6months ago i had a visit from Barclays business support team, who's solution was to re finance me over a longer term, but surprise surprise wanted an extra 1% margin on the loan..mmm.. All i had asked for was a 10k overdraft.. Just been asked by their lawyers for a 'stay' in my case pending the outcome of the FSA review of my case.....sigh.. Still considering .. Any opinions most welcome ..

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  • Do not fall for that trick. Just carry on with your legal action. The "Stay" is a delaying tactic and I will be very surprised if you get anything in the end without legal action

    This is a standard request by the banks and nothing special for your case

    Nihaal Singh

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