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D Mortimer gets compensation from Lloyds Bank

  • 10 July 2014
  • By Christopher Walton

Wiltshire haulier D Mortimer Sons has been successful in its claim for compensation from Lloyds Bank after being mis-sold an interest-rate swap financial product.

According to a letter to creditors seen by Commercialmotor.com, a sum of £264,581 has been paid to D Mortimer Sons’ associated farming business as redress for the claim.

The haulier, famed for the Eat More Chips livery on its trucks, was forced into a Partnership Voluntary Arrangement (PVA) on 7 November 2011, a process that is being overseen by chartered accountants Monahans.

However, in April last year (CM 4 April 2013), it was reported that D Mortimer director Jonathan Ovens had appointed a solicitor to pursue Lloyds for compensation.

Ovens, who still runs the family’s farm but sold the haulage business (now Broughton Transport Solutions) to son
Toby in 2011, claimed in April he was mis-sold the interest-rate swap product.

A total of £200,741 has been paid to the PVA for distribution to creditors.

The letter also explains that Lloyds’ initial offer of redress contained “a calculation error” that “took a while to correct” , resulting in a delay in repayment.

The firm is still making a second claim for consequential losses, and Ovens told Commercialmotor.com that he
would comment once that process was complete.

A spokesperson for Lloyds Banking Group said: “We can confirm that we have now practically completed the initial stage to the FCA Review into interest-rate hedging products, communicating the outcome from the review to the small businesses in-scope for the review.”

  • This story first appeared in Commercial Motor‘s 3 July issue. Why not subscribe?

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Article source: http://www.commercialmotor.com:80/latest-news/d-mortimer-gets-compensation-from-lloyds