Do you or have you had a Fixed Rate Business Loan from your Bank? Did you get what you thought you had contracted to? Since the economic downturn, CFS has received many requests for help from Business owners to review their loan agreements. As a result of these requests errors and omissions have been found in documentation that have led to formal complaints to the relevant banks and subsequently formalising the complaint to the Financial Ombudsman Service.
One such case has just been upheld by the Ombudsman where the documentation was inadequate, incomplete and misleading. As a result the Bank involved have offered redress to the business owner that will result in the fixed rate loan being changed and reworked at a variable rate with overpayments being returned. These overpayments and interest on these will provide the business owner with a financial saving of over £130,000.
If you have a Fixed Rate Business Loan and would like to talk to CFS about it then please contact Andrew Craddock on 07737 859 463 or email Andrew@commercialfs.co.uk
Commercial Finance Solutions UK Limited