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I am a 57 year old single mother. I have 2 children aged 25 & 18. I work as a nurse. I have worked hard all my life and, at this time, owned 2 buy to let properties, as well as my main residence.
I know I had made a mistake in the begining and I have regretted alot all thease years I need to come out of this problem asap I cant rest untill this is sorted out pl help
In 2007 I sent my son to a private school and applied for a bursary, I failed to disclose that I owned two properties. In 2008, the school became aware of this non-disclosure and demanded repayment of the bursary, this resulted in a judgement against myself for approximately £78000. I was unable to pay this, so the school obtained charges against all 3 of my properties and attempted to repossess the most valuable one. I was unable to secure finance from main stream lenders, due to a poor credit rating, as I had been undergoing financial difficulties. In December 2009 I was introduced to a Commercial Finance Broker, who informed me he could arrange a bridging loan for £95000, secured across all three of my properties, for a period of three months to pay the school off. He informed me during the three months of the bridging loan, he would arrange alternative finance to clear the bridging loan, which was accruing interest at 4% per month. This finance was not forthcoming and I was not contacted by The Lender for a period of approximately 12 months, during which time the interest continued to accrue. The interest on loan is £3800 per month. My income at the time (including rental income) was around £3000 per monthThe loan was sold as a commercial loan, so it falls outside of any protection offered by The Consumer Credit Act, however it was secured against my home as well as my buy to let properties. The Lender is based in The British Virgin Islands. I signed a form saying I had received Independent Legal Advice regarding the implications of the loan being outside of The Consumer Credit Act; however, I do not feel this was properly explained to me by The solicitor I used (who I was introduced to by the Commercial Finance Broker).One of my representatives wrote to the FCA, and it was suggested that their interpretation was that as the loan was secured against my home. It should have been regulated. 5 years on, The Bridging Lender has already repossessed one of my properties, £29800 of the proceeds were paid in refurbishment, so this just paid some of the interest, the £95000, continues to accrue interest at £3800 per month. The debt currently stands at around £275000. I have spent thousands on legal advice, which has been fruitless. I believe I should never have been sold the loan, my various representatives have approached the FCA and the OFT to no avail and I have been denied permission to appeal. I stand to lose everything I have worked so hard for, I have no way of paying back my mortgage when I retire and I have no idea how to fight this lender, who seems intent on letting the debt build and taking everything own. Can anyone help me?
I know I had made a mistake in the begining and I have regretted alot all thease years I need to come out of this problem asap I cant rest untill this is sorted out pl help
OK... I take it you have the original agreement for this bridging loan? Good! Please scan and print it and get a black marker on the copy over your name, address, personal details, and any identifying info (eg account number). Next upload a copy please and we cannot promise miracles but a problem shared is a problem halved and you have a lot of good brains rattling about here.... :tongue2:
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