Tag Archives: bank misselling

NAB Customer Support Group

NAB Customer Support Group

NAB Customer Support Group for Disaffected Customers of Yorkshire Bank and Clydesdale Bank Missold Complex Financial Derivatives, Interest Rate Swap Mechanisms

NAB Customer Support Group For Yorkshire and Clydesdale Banks’ Toxic Loans

NAB Customer Support Group (NCSG) was set up by a small group of disaffected SME’s who had bought toxic ‘tailored business loans’ from Clydesdale Bank or Yorkshire Bank (owned by National Australia Bank). The group consists of around 100 small businesses with loans totaling £143 Million. These loans are part of National Australia Bank (NAB) portfolio of £6 Billion, (NAB having transferred the portfolios from Clydesdale and Yorkshire Banks), which according to NCSG is being aggressively run down, bankrupting many toxic business loan customers and leading to estimated job losses totaling 22,000 across the UK.

Nab Customer Support Group Help

NAB Customer Support Group is looking for new members to help by sharing information between members and providing a focus for lobbying politicians and MP’s to secure a review of National Australia Bank’s toxic tailored business loans. If you are a business affected by the interest rate swap misselling (ie you have or have had a Tailored Business Loan with either Clydesdale or Yorkshire Bank, OR are affected by these loans from any other Bank, Barclays, Lloyds,  RBS, Nationwide etc then join NAB Customer Support Group FREE.

What the Support Group (NCSG) Does

NCSG holds a confidential register of their members (first name only), their private email address and details of loans etc which are then passed (anonymised) to MP’s, the Financial Conduct Authority, and media sources for lobbying purposes.

New members receive a copy of the register and are free to contact existing members to keep up to share information and experiences. All members receive news and updates regarding lobbying and any new developments from the group coordinator, John Glare.

Nab Support Group at a Glance

  • No fees charged to members.
  • Only group members have access to contact details of other members.
  • Extensive Parliamentary lobbying (EDM 874).
  • Access to experts including legal opinion.

How to Join NAB Customer Support Group

Obtain a scan of your original tailored business loan agreement (facility letter/loan offer etc) and send it by email to enquiries@nabcustomersupportgroup.org. Make sure the scan clearly shows your full name and address etc. Send this together with a copy of your driving licence which shows your current address. These documents will be stored securely and confidentially.

Thereafter, new applicants will receive a questionnaire to complete and return.

NAB Customer Support Group – Unraveling the Toxic Loans

The NCSG has made good ground with the help of supporting MP’s to get the issue of embedded interest rate swaps onto the parliamentary agenda.

It is the contention of NAB Support Group that their members  have been systematically mis-sold risky complex financial derivatives embedded or hidden in loans which were unsuitable for normal business bank lending.

The derivatives were ‘sold’ to unsuspecting bank customers and termed ‘Fixed Rare Loans’, loans historically sold with a fixed rate of interest which could be ‘broken’ with little or no penalty.

NAB Support Group has had ‘financial expert’ Terry Mulvenna, look at Interest Rate Hedging Products,  and the debacle surrounding the sale of the same. Terry concludes in his scathing report that:

Life does not have to be like this! However, to change the current legal reality, politicians have to start to manage the consequences and aftermath of 15+ years of regulatory abdication of responsibility, in a business friendly manner. A New Magna Carta For Business is required!