Libor Rate Fixing Scandal - Reclaiming?

dgj

leclerc wrote: »

I know there has been discussions on sites like CAG and Legal Beagles on the issue of reclaiming on the basis of LIBOR. The issue from what I understand and I am not expert at all is that banks colluded to fix LIBOR and that as a result of that that there may well be a route to reclaiming. I would state from the outset that I have not been affected by LIBOR related products so I would not be on the bandwagon of reclaimers but I am sure that reclaiming is a likelihood but you would need to continue to monitor the various sites as to whether the FCA will force banks to compensate customers affected by the fixing of the LIBOR rate or not. Am not sure that we know enough to advise on the issue of reclaiming LIBOR related lending.

my claim isnt related to LIBOR, it was in response to some one s quote on this forum. I am probably in the wrong forum

leclerc

dgj wrote: »

my claim isnt related to LIBOR, it was in response to some one s quote on this forum. I am probably in the wrong forum

What was the quote or am I being dumb and was it post 1?

dgj

the initial post 1 is related to LIBOR fixing. Quote 22 Mccourta seems to have a loan structure almost identically to mine hence the reason why I posted and pm'd him.If he hasnt got a similar loan than me then no worries and I will continue to look for a person who does

TheMoney

Seems just another case of people who cannot manage their finances properly looking for any excuse to gain some free cash. It's beyond me how people don't realise one simple fact - banks are a BUSINESS, they exist to make profit. At the time of taking any credit with any financial institution, you are given the T's&C's and must sign to confirm agreement. Maybe if more people actually read them, took the time to understand, or just managed their finances to the point where they're not just using credit for un-necessary luxuries there wouldn't be such an army of scrubs looking for a quick buck. I'm impartial, I don't support the banks, but I also don't support irresponsible borrowers. You borrow money, you sign the terms, you pay back as agreed. Over the period of PPI and LIBOR the country was booming, credit was available to almost anyone at affordable rates, nobody complained at all. Now they all believe there's free money to be had they suddenly all jump on the bandwagon.

brown1950

Come November the picture should be clearer, as the first case Guardian Care Homes v Barclays is listed for a 6 week trial to be heard in the High Court.

antrobus

brown1950 wrote: »

Come November the picture should be clearer, as the first case Guardian Care Homes v Barclays is listed for a 6 week trial to be heard in the High Court.

Not really. GCH v Barclays involves swaps, where LIBOR was specified as the price benchmark. (1) The decision on that case will have zero effect on consumer products that aren't specifically LIBOR linked. (2) Barclays stands accused of understating LIBOR since 2007 -with a swap you can win or lose on the deal if LIBOR was lower than it should have been, with a loan you can only win.

Mark_r_2

How many bank employees are commenting here?
They fixed it,no question.
It has affected customers financially.ALL those customers need to be recompensed.The fact that a bank employee has been locked up (with more to follow) is immaterial.
This is purely to satiated the public and businesses hankering for blood.
There was a comment that on 10k you only lost a pound in a day.
So..... a pound a day on 10k for someone in business for 30 years,...plus interest,distress etc... Frightening?
And that's only on 10k.
Forget the token (large maybe) fines or the jail sentences.
Time for reckoning?
I suspect HMG,BofE and the collective establishment are on the loo praying this will disappear.

Nasqueron

The LIBOR rate fixing was a matter of tiny fractions of a % for the rate banks lend to each other. At the peak of their financial issues, for example, Barclays was offering a rate a whole 0.15% higher than the libor rate, in many cases it set the rate LOWER rather than higher - in November 2007 it was offering rates 0.2% lower.

Can you prove consumers have lost out to any fraction of a degree - those with loans actually benefited from lower rates, while savers and investors were hit and vice versa?

Trying to talk about compensation is nonsense, you cannot prove you lost anything in these fractions of a % differences, especially as they balance out over time. Can you prove you lost £1 a day or would you agree to pay them for any days when you gained from it?

antrobus

Mark_r wrote: »

....There was a comment that on 10k you only lost a pound in a day.
So..... a pound a day on 10k for someone in business for 30 years,...plus interest,distress etc... Frightening?
And that's only on 10k.
....

Err, no. A "pound a day on 10k" would be £365 or 3.65%, and that's way beyond the kind of numbers being talked about. We are talking about LIBOR being fiddled by about 0.1% or maybe as much as 0.2%, i.e. something in the region of a bit less than one half of a penny a day on £10k.

And LIBOR was being fiddled down. So if you were a borrower that would mean that you were in fact potentially better off to the sum of a bit less than one half of a penny a day for every £10k.

dunstonh

They fixed it,no question.

Yes. there does appear to be evidence to show it happened.

It has affected customers financially.ALL those customers need to be recompensed.The fact that a bank employee has been locked up (with more to follow) is immaterial.

So, you are saying that people with LIBOR linked mortgages should repay what they owe the banks. That wont go down well on a consumer forum.

There was a comment that on 10k you only lost a pound in a day.

That comment is just silly as antrobus indicates that the rate to achieve that is way above the levels of manipulation.

I suspect HMG,BofE and the collective establishment are on the loo praying this will disappear.

Had it been manipulated upwards and consumers disadvantaged then it would be a greater consumer issue. However, it was manipulated lower and consumers benefited (along with the margins the bank got). So, its more likely that criminal action and fines are the outcome.

How many bank employees are commenting here?

I dont think there are any bank workers commenting on this thread.