Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Hi [MENTION=51026]Ula[/MENTION] there was a lot of to-ing and fro-ing after the inspection visit, lots of letters but yes essentially a figure was agreed, but as far as I know there wasn't a TTP or any other kind of arrangement set up. Although I said I am just a wife, I have prepared all the account and VAT information [in great detail] for the accountant so I have been present at meetings that have taken place. I am not trained or anything and am only in an admin function to prepare spreadsheets, analyse the expenditure and give monthly / quarterly / annual summaries plus file all receipts, generate all the invoices, and all other admin duties. I'm not paid. But what I am saying is that I don't know of any agreement and I think I would be aware if there was one. Yes there was a statutory demand, in May. At that point we would have let the accountant know, I think my husband hand delivered a copy to the accountants offices to ask what to do. We really thought they had everything in hand. When we met with them, they gave the impression they deal with this kind of thing all the time, "these are the usual processes" etc, they were reassuring. I felt comfortable in their hands. Then when we were on holiday the was a visit warning of the charging order [ we were away so letter was hand delivered through the door] and by the time we got back it was too late. From then the accountant virtually washed their hands of us. When we realised they had not actually submitted our returns electronically we asked them to do that and they did. We found the bankruptcy and insolvency solicitor online and visited him which is when the finance proposal scenario was introduced. It looked like a good solution and seemed to be the answer to our problems. But I did noo like he wording in the contract and have found the broker to be incredibly rude and aggressive. My husband is desperate. She knows that and is playing on this. I am desperate for my husband but I am also anxious not to dig a deeper hole for ourselves. It's not the cost of the finance that is putting me off, nor the commission that is being paid to the broker, I am sure all that would be worth it. It's the period beyond that which I am majorly concerned about and the fact that I don't feel the lender is trustworthy.
There could well be an issue with the accountant, and I think perhaps a meeting with them migt be advisable and as you say, we should ask to see all correspondence.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

@Amethyst thank you so much for your help. I'll have to show him this thread when he comes home form work tonight and see what he says. Hopefully we can agree to go to the accountant or visit HMRC together and see if we can reach an agreement.
I've found the site now where I can look at all the charges and what they relate to, still not 100% sure if this si normal activity for this type of business but it doesn't look good. Also they have Mint Bridging One, Two, 3, 4 5 ...... why would they need to keep setting up more and more arms of the same business?

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Dear [MENTION=6]Amethyst[/MENTION] can you point me in the right direction in terms of what type of speciality the person needs to have who I should seek for advice? ie: what type of lawyer. I'll try and find someone local. I did briefly speak to someone on the phone who was not available , if they had been it would have cost me £500 an hour [which I did not have at that point] , but our brief discussion on the phone enaled me to glean that his advice would be likely to be not to sign the agreement. What I had not anticipated was that my husband would want to go ahead regardless due to his fear of bankruptcy. He fears this will happen at the next hearing and that eh will no longer be able to work. He is the breadwinner. We have two children. I'm terrified!

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

You need a solicitor who can advise you on your interests in the property and how to ensure they are secured for you and the children, which I know sounds selfish, but as this is your husbands business debt, by ensuring you and the children will be okay, you're ensuring he will be too. Whether you will be able to change how the house is registered while under the bankruptcy petition I don't know though. I'll see if [MENTION=51026]Ula[/MENTION], [MENTION=87380]Diana M[/MENTION]; or [MENTION=85500]Peridot[/MENTION] would have a better idea who best to speak to without it costing an arm and a leg. You don't want commercial really, although your husband might want to speak to a tax expert or someone who could help deal with any issues with the accountant that seems to have got you into this mess. The only firm I could recommend speaking to would be Irwin Mitchell as they have very good reviews and can look at both sides. They are big enough to be completely impartial too. But there are many good smaller firms too - property, tax and bankruptcy would need to be in their specialties I think.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Thank you so much [MENTION=6]Amethyst[/MENTION]
please could I also ask whether any of you know if we are allowed to market and proceed to sell our home whilst there is a bankruptcy petition? We told the bankruptcy solicitor this is what we wanted to do so that we can offer to repay the debt in full but they have told my husband that we would not be allowed to do this and that theonly possible way to halt the bankruptcy proceedings would be to obtain the finance that they propse. I feel like they are pushing us into it and I want to double check whether we can market the hosue. I can do this quickly and it would mean that we may eveb have a buyer by the date of the hearing - at least then we could engage a conveyancing solicitor and they would give the undertaking we need , and may even be able to estimate a date for excahnge of contracst etc at that stage - can u help? - @Ula, @Diana M; or @Peridot

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Does hubby have an exit strategy from this loan btw? Is he thinking of having the loan for a very short period and using everything to pay it off as soon as possible ? Check any early redemption penalties - check the period of the bridging loan, repayment structures, what happens if his business collapses , what happens to you and the kids if he dies .... harsh but needs consideration. It might seem like a quick fix to get past the bankruptcy petition but you are going to need to get through the next couple of years too. You are unlikely to be able to sell the property on open market with a £70k plus second charge over it. If you can't remortgage to release equity, you could at least speak with HMRC about a consent order to sell the property within X months or they can reinstate bankruptcy - something like that to give you time? ( just thinking of other ways to deal with it - I'm sure you already have considered these things ) Are there other debts to be taken into account? If you have enough equity you could get everything cleared up and start fresh ( with a better accountant ).

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Thank you so much [MENTION=6]Amethyst[/MENTION]
please could I also ask whether any of you know if we are allowed to market and proceed to sell our home whilst there is a bankruptcy petition? We told the bankruptcy solicitor this is what we wanted to do so that we can offer to repay the debt in full but they have told my husband that we would not be allowed to do this and that theonly possible way to halt the bankruptcy proceedings would be to obtain the finance that they propse. I feel like they are pushing us into it and I want to double check whether we can market the hosue. I can do this quickly and it would mean that we may eveb have a buyer by the date of the hearing - at least then we could engage a conveyancing solicitor and they would give the undertaking we need , and may even be able to estimate a date for excahnge of contracst etc at that stage - can u help? - @Ula, @Diana M; or @Peridot

Crossed posts again. It sounds like a much better plan if you can get Hubby to talk to HMRC about a deal. Hopefully some one who is up on these things will log in shortly and be able to help more than I can.

And I'd tend to agree with you on the pushing, I'm sure the commission structures have nothing to do with it. Second opinions are very necessary.

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

http://taxaid.org.uk/guides/taxpayer...ebt/bankruptcy

The bankruptcy hearing

There is a process for opposing a bankruptcy petition but, as with a statutory demand, there will not often be good grounds in a tax case.

More often, you may want to ask the court for an adjournment, to allow time to raise the money, or

Reach a payment arrangement with HM Revenue and Customs, or
Make a claim for Special Relief (unless this has been excluded due to contesting the debt in court previously)
File any outstanding tax returns and make any claims which could reduce the amount due (e.g. terminal loss claims if a business has ceased trading)
Make a complaint if you believe that this might lead HMRC to withdraw its demand

The court may be prepared to grant an adjournment. This might be, for example, for a couple of months.

If, during the period of the adjournment:

You are successful in raising the money necessary to clear the tax debt, or
You reach an agreement with HMRC to reduce the debt or get the tax demand withdrawn

then HMRC will apply to have the petition dismissed. This would be the end of the matter.

If you are not successful, HMRC will ask the court to make an order for your bankruptcy, to which the court is likely to agree.

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

What affect would bankruptcy have on your hubbys business btw? Does he work in a regulated industry like finance etc?

[ULA]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

I do need to say this is not my area of expertise however I really think your husband and you (since you effectively deal with the admin be it general and financial for your husband's business) meet with the accountant as soon as possible and get copies of all correspondence with HMRC. There should also be file notes which detail any telephone conversations that may have taken place as well. Also as a client you are entitled to a full copy of the file they have. You need to find out exactly what has been said between the accountant and HMRC because at this moment in time you are in the dark and there may be something in there that makes a material difference in how you try and resolve this issue. Also from that correspondence you will find out exactly who the accountant has been dealing with at HMRC and thereby who your husband should then contact.

It seems that the accountant is not providing you with a good service to assist you deal with the matter and therefore once you know who they have been dealing with at HMRC your husband really does need to contact them directly. I cannot predict how they will respond but it really is worth trying to get to a position of making an agreement with them to repay the debt.

Once you know whether or not HMRC are prepared to enter into an agreement then it becomes clearer as to what you will need to consider in terms of arranging finances to deal with the outcome. At the moment a very dubious loan may not be the best solution.
[MENTION=6]Amethyst[/MENTION] is right in the fact that you need to speak to someone about your interest in the property if it is in joint names as that way there may be something you can do to preserve the house for both of you and the children. Again not my area of expertise but would suggest you also look into this ASAP. You will need a property lawyer for this.

If you do end up need legal support covering a number of areas of law then I would suggest you look for a firm that has expertise in all of them. That way you get some collaboration between lawyers as to how best to advise you and you may be able to negotiate a better fee.

[Debt Camel]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

eek none of this sounds good, does it...

TBH I start from a position of polite scepticism when someone tells me their business is thriving but there is just this matter of an enormous debt to HMRC. Well run, thriving businesses do not let their tax affairs get totally out of control.

Giving HMRC a charge over your proprty with an agreement to sell it within 6 months would be one possible option.That would have proved relatively simple to negotiate 9 months ago. It may not be so easy now.

How much equity is there in the house?

I can give you the name of an Insolvency Practioner I would trust if you would like to talk to them tomorrow.

If a bridging loan is the only possible option then it is going to be increadibly expensive. I would suggest you need to get legally documented an agreement with your husband the costs of this come from his share of the equity so if he eventually goes bankrupt, your half is protected.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Thank you for your comments. The debt is old, and dates back to a period when we each had a parent terminally ill simultaneously and I suppose eyes were taken off the ball. The accountant has had all necc paperwork to aort it all out for well over 2 years. As I am not employed by the business as such I am a bit on the outsie of the runnin of the business and although I try to offer my opinion / advice, I don't think it is appreciated if that makes sense. What I meant by thriving is that i do not see the business as bankrupt. It is still running full time and is definitely profitable / high turnover too. The debt shoudlnever have got out of control, you are absolutely right, but it was us that instigated the wheels in motion to try to rectify this and we had stupidly thought the accountant had everything in hand - they were very reassuring. I wanted the agreement to be negotiated 9 months ago, even longer, I don't know why this approach was not made at that time, i honestly don't understand how this has got to the stage it has. The bridging loan is the only option we are being given by the insolvency solicitor we have seem and I would say huge pressure and scare tactics are being used to pressurise us into signng this today. I don't know what they have said to my husband, but he has not spoken to me for 4 days now. We have 2 children and I am a full time Mum. I would say my share of the equity in the home should be more than 50% too, given previous equity that had been used for the business etc. Equity is approaching £half a million

[worriedwife]

URGENT Unregulated Business Loan - Mint Bridging - R they BLENAIM / LMC ?

@Debt Camel [MENTION=49370]Kati[/MENTION] @Amethyst @Celestine @Ula @Peridot for input

I'm waiting to hear bcak from a family law solicitor that may be able to help me protect my interest in the home [for us as a family], in the meantime, please can any of you tell me whether you know if we are allowed to sell the house in this interim period - ie: can we instruct an agent to market the home for us. The insolvency solicitor is telling us we will not be able to do this. I want to get the house on the market - we may even get an offer before the next hearing - at least then we will be able to offer some sort of time scale. If we sell, I do mean that we intend to repay the HMRC, that is absolutely the intention. We would be upfront with the conveyancing solicitor at the outset to demonstrate what we want to achieve with the sale.
The insolvency solicitor is the one that put us straight in touch with the finance broker and he is puhing us to accept the offer of finance. I don't mind taking finance or paying huge fees for bridging, I accept that it costs a lot of money, but what I am anxious to avoid is an unregulated loan with a lender that looks entirely dodgy. Hope one of you might know.

[Peridot]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Hi Worried Wife,
This is not my area of law and I am slightly confused. Your husband has or has not been made bankrupt yet? I appreciate that you have had dealings with the insolvency practitioner but is there a trustee in bankruptcy appointed as yet? Do you jointly own the property and is it held as Joint tenants ie it passes to the survivor of you upon death or tenants in common, which means you can will your share? As tenants in common if anything should occur re bankruptcy etc then only the share of your husband could be included as his asset.
I found this which appears to indicate where jointly held property can sell without trustee in bankruptcy involvement so am unsure why if there is no trustee as yet why you would not be able to market the property, but I am not certain on this area as I say. https://www.insolvencydirect.bis.gov....htm#31.3.181a
As has been mentioned before I feel it is really important to contact HMRC I am concerned that the strain this is putting on the pair of you is not helpful in dealing with the situation. Could there be more to it that you may not be aware of?
I appreciate HMRC will not discuss confidential info with you but is there not a helpline you could contact to ask what options there may be and also the specific question of whether it is likely HMRC would agree to stay matters pending a sale when the whole amount outstanding would be settled? I assume a low income free advice service would not be an option but if it is then taxaid may be able to give you some advice or on the gov't website there are these fee paying options. I strongly recommend calling one of the specialist tax advisors and ask the question yourself. Here's link for the list of advisors.
https://www.citizensadvice.org.uk/ta...t_tax_advisers
My caveat would be whether you actually have the whole picture to obtain the correct advice. You need to seek 'specialist tax advice' I am sorry I can't assist further.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Hi [MENTION=85500]Peridot[/MENTION] thank you so much for your comments. My husband has not been made bankrupt, there is a bankruptcy petition and the hearing is on 31/1. The insolvency solicitor has instructed a barrister to represent my in court . The initial hearing was on 8/11 and it was adjourned to give us time to sort the finance out. But the finance proposed is this unregulated loan that I'm not happy with.
Thank you for the links you have given me, we are joint tenants, so am I right in thinking there is no protection for me then / or for what might be considered my share of the property? Oh no!
I'll see if the insolvency solicitor will speak to HMRC for us. he's very keen for us to take the loan out and I'm not sure he'll agree to this but I'll try/ and for not then I'll see if my husband will let me ring.
I would be completely lost without this forum thank you all so much