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Bridging Loan Getting Shafted


chrisuk73
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I took out a bridging loan secured on property last year. It was arranged through a broker. There was a £500 commitment fee paid separately to the loan but to be refunded on account at draw down ( I have this in writing although its not in the loan contract. ) The missing £500 does not appear in the completion or redemption statement but my banking shows it as paid and they confirm receipt.

 

Additionally the redemption statement includes extra unexpected fees, surplus to 7.1 below, ie fees added at closing and not taken from monies advanced to borrower. There is already an agreed redemption fee of £1500 and they have added these £600 worth of misc extra fees at closing, admin, discharge sealing fees etc

 

7.1 of my contract states I pay on full indemnity basis all legal fees and other fees and expenses incurred in connection with facility and that the borrower agrees that these and and expenses fees will be deducted from the advance paid to the borrower.

 

This is fine as I knew what they were and they are listed in the completion statement but the £600 have been tapped on to the redemption statement and I don't think that is right as I only ever agreed fees would be deducted from the advance as per contract 7.1, ie I knew what they would be. There is already a £1500 exit fee.

 

The drawn down date was also extended due to legal delay, they are now saying that the £500 is NON refundable.

we agreed to extend our Facility terms to xxx with a completion date set on or before this date. However, this was on the basis that we would NOT refund the commitment fee to the borrower.

 

Thing is we didn't agree and I never signed anything to that effect, never had a conversation or email or any kind of agreement saying that. The only thing I have in writing is them stating it is to be set off to the account. First I heard of this was after a requesting a redemption statement. My broker has no correspondence either on this.

 

Basically I am being fleeced for an extra £1,100. What steps can my solicitor take to put the squeeze on them as obviously their unscrupulous behaviour can mess up my house sale. Would appreciate some advice on how to handle this firm.

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I will try and find someone who might be able to help :)

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Hi, general consensus of opinion is that you leave your Solicitor to deal with this - they should have some idea of what they need to do :(

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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