Business

Allow me to explain

Legal terms and notions can be difficult to understand if not working in this particular field and dealing with them on a daily basis. That’s why is it useful to do some research in order to understand what you have to resolve and what’s the best way to do so. 

The first term I’d like to discuss is professional negligence. This is closely related to the duty of care between professionals and their clients. Normally, one expects to be treated equitably by others, especially when assistance with legal matters is needed. The situation in which such professionals fail to provide top quality services leads to professional negligence for which they can be held responsible for. The worst case scenario when thinking about neglect is related to medical personnel and doctors. When they do things the wrong way, another person’s life is endangered and that it should not be left unpunished. Nonetheless, when a bank employee miscalculates the rates one has to pay, the financial situation will clearly be affected. But that cannot be compared with being healthy. 

Second in line is interest rate swap miss selling. This occurs when a client or a smaller company aims to borrow a certain amount of money from the bank in order to improve the financial situation and afterwards return the sum within a set period of time. The highest risk when it comes to such loans refers to terms, rates and conditions you are agreeing to when signing the contract. The person working for the bank might fail to provide all the necessary information regarding rate which can be excessively high leading to the client end paying double or even three times more than they originally needed to. Reading everything before signing and agreeing to anything is crucial in order to avoid such errors. When one is involved in such a case, legal action should be taken as soon as possible. 

Proceeding legally means that the client takes the case to court, suing solicitors and attempts to gain compensation for the loss he has suffered due to the mistakes done by employees. The case is then observed and researched by the judge who then decides if it is fair to provide the person pressing charges with certain amounts of money which help recover the financial loss.

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