Dear Herefordshire Council,
The following appeared on the website of he BBC Consumer affairs programme "You and Yours"
"Councils are finding life even tougher because of complex bank loans that often charge high interest rates. You and Yours has seen documents which show that some councils are paying interest rates of up to 11% on so-called 'LOBO' loans. We hear from councils and the people who advise them on their finances.""
My questions are;
Did Herefordshire Council take out LOBO loans?
If they did what is the value of the loans?
What is the rate of interest being charged?
Is Herefordshire council joining with other Councils in taking legal action against the banks which promoted such lans?
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Information Access Team
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