Sheffield Council sues Barclays over high cost loans
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Sheffield Council has joined with six other local authorities to launch a legal action against Barclays over high cost private sector loans, known as LOBOs, which they claim were mis-sold. The councils argue that Barclays manipulated the interest rates on the Lender Option Borrower Option products, which are typically sold as long term finance with financial penalties for early exit. According to campaign group Debt Resistance UK, Sheffield has borrowed over £300m in LOBO loans with Barclays and other providers on repayment terms ranging over 35 to 70 years. Baillor Jalloh reports for Sheffield Live!
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