Did Herefordshire Council take out so called LOBO loans

Graham Perkins made this Rhyddid Gwybodaeth request to Herefordshire Council

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Roedd y cais yn llwyddiannus.

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?

Yours faithfully,

Graham Perkins

Access To Information, Herefordshire Council

1 Atodiad

Dear Sir,

 

Please find attached acknowledgement of your FOI request.

 

Regards

 

Information Access Team

Herefordshire Council

Plough Lane

PO Box 4

Hereford

HR4 0XH

 

 

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