Litigation and banking

Banking litigation can be a complex and stressful procedure. It is a unique area of the law that not all solicitors have the required knowledge to practise. Clients require expert advice, especially when it comes to litigation and other contentious matters.

Banking litigation normally revolves around a bank chasing a client for money or the client being unwilling to pay an unfair charge or repayment to the bank. However banking litigation can become rather more complicated, especially for businesses.

What is banking litigation?

Banking litigation can also involve:

  • Asset recovery
  • Insolvency
  • Repossession following a mortgage
  • Fraud

You may be involved in bank litigation as a defendant because:

  • Your bank is chasing you for a debt
  • Your bank is chasing you for an unfair payment
  • Your bank has induced you to enter in to an agreement without you completely understanding what you were signing

If this is the case then you may need the help of a litigation solicitor. Bank litigation can be a common occurrence between consumers and their banks as well as between businesses and their banks, particularly in light of the bank charges saga.

How can a banking litigator help?

While litigation should always be the last resort, the help of a banking litigator is required to mediate between the parties beforehand as if the case does proceed to litigation and this step is left out then the court can often increase penalties against you.

A banking litigation lawyer can also help you assess the strengths and weaknesses of your case, before you proceed to litigation, which can be both time-consuming and expensive. They can also advise on the conduct of negotiations and carry out negotiations on your behalf.

Consumer-credit disputes and professional negligence are also areas that banking lawyers have to deal with which may lead to litigation. Therefore it is essential to use an experienced litigation lawyer who has experience in a wide variety of contentious matters so that they can effectively deal with your case.

While in many cases litigation is considered to be the last resort, the process of litigation often leads to a settlement before trial. Therefore a banking-litigation lawyer can help you:

  • Assess the strengths and weaknesses of your case
  • Carry out negotiations on your behalf

A big part of the problem with bank litigation is assessing the terms of your agreement and they will advise on all forms of commercial contract disputes including any misrepresentations.

It important to use a specialist banking solicitor with whom you feel comfortable dealing. They should be accredited by the Law Society and regulated by the Solicitors Regulation Authority. It is important to speak to a banking solicitor very early if you think that you may have a claim, particularly as the circumstances will be fresh in your mind.

Ensure you have a copy of all necessary documents from the contract to bank statements so that you can provide your solicitor with any and all of the information they require.

For more information on the financial-legal world, see our page on using a finance lawyer.

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