Unregulated loan - Default notice

[defiant]

Hello everybody,

We borrowed money from a bridging loan company to carry out a development of apartments in Southhampton. We have just discovered that they are a bunch of ruthless crooks. They have served us with an unwarranted default notice to pay back all of the money in one week! They have contacted our suppliers and subcontractors direct, told them fibs and have set off massive arguments between everyone. We are now holding the baby!

We have researched this firm now and they are just awful, they have been banned from the FSA and their former director was fined £100,000. They are vicious.

How can we fight back? Any tips would be appreciated.

Thankyou very much.

[alsagerman]

Re: Unregulated loan - Default notice

Well, this is a bit of a mess isn't it. As it's un-regulated there's no recourse through the normal channels. I suspect either (as you proberbly know) you have three actions available. 1) Pay the money by obtaing monies from another (legitimate) source, 2) Set a good solicitor on them (not that this is going to have any effect) 3) If their getting heavy go and see the Police.

I'm guessing this is a substancial sum if it's for buiding work. Did you have any signed agreements in place to protect you?