Welcome to NAB Customer Support Group
NAB Customer Support Group was set up by a small group of SMEs whose businesses have been crippled by long term fixed rate loans via Tailored Business Loans issued by Clydesdale and Yorkshire Banks.
Many of the businesses have closed down but most are struggling to survive, burdened by unmanageable interest rates, unable to break from the fixed rate due to extortionate breakage penalties of up to 40% of the loan, arising from the bank's alleged signing of Interest Rate Swap Agreements with third parties.
The bank charges costs arising from exiting embedded interest rate swaps via the small print in the bank's Terms & Conditions.
However, with the passing of time, the bank admitted that there were no such micro hedges (or match hedges) in place and that all interest rate risk was dealt with by the parent company, National Australia Bank. The justification for charging such costs when they do not exist is therefore in question.
The uncontrolled promotion of these products, driven by generous commissions, has caused enormous damage to the economy, especially in Scotland.
The group's objective is to bring the bank to account for the damage it has caused and to persuade or force the bank to apply satisfactory redress to all affected SMEs.
The government has so far failed to intervene due to the potential impact on Lloyds and RBS who were issuing similar loans on a bigger scale.