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Syrabane

Hello Desperately in need of help

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Hi I will try and keep this as short as possible, I'm really in no man's land at the moment.

 

My farther passed away 3 years ago and left his estate to me

 

 

since that time I have had a few problems that professionals where supposed to help me

but through bad advice its cost me a lot of money.

 

 

To cut a very long 3 years short

it got to the point where a financial adviser found myself and my wife a bridging loan from December 2013

which was supposed to last till January 2014

 

 

we secured £147,000 to clear off the mortgage on the house my father owned

and to clear off my sister who was pursuing me via the courts

and wanted to make me bankrupt after all of it was paid off

we thought we where going to be OK.

 

 

... How wrong was I.

 

As the "financial adviser" wasted so much time setting up loans

getting us to sign agreements and backing out

 

 

time was ticking till it got to may of 2014 when he told me that he couldn't help

from then on we where in serious trouble...

 

 

I put my fathers house on the market and the building that our business was in including 2 flats..

.. There was nothing owing on them apart from the bridging loan we had attached to those two buidlings

and the one myself and my family live in.

 

As it stands today the bridging company sent in a receiver on the 12th of August 2014

my fathers house went for £107,000 and the shop building went a couple of weeks ago for £105,000

minus a couple of thousand for costs.

 

But since all that was going through and the hell I had

and 4 months wasted by incompetent conveyancing company

who i'm currently putting in a complaint about their service

 

 

the receiver emails me today with the redemption statement of what is out standing

which is £64,243.75 which is all interest they where charging us 4500 pounds a month

 

 

their statement varied from £4500 pounds a month to October it being £11,000

which has resulted in this massive balance which is sadly more than my home is worth.

 

I have no idea what to do or where to go

it has left myself my wife and my 5 children in serious financial state

we have been unable to pay bills and are months and months behind

 

 

is there any options left for me or do I accept what is to come when I call the receiver tomorrow.

 

Thank you so much for your time.

 

Syra.

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Your SOS has been received by Site team - I am sure someone will look in later on this evening.


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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.

 

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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Thank you CitizenB.

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Why was your Sister pursuing you with the threat of Bankruptcy, please ?


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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Why was your Sister pursuing you with the threat of Bankruptcy, please ?

 

Interesting background, but surely not relevant to the current issue??

If the threat of bankruptcy was just that, a threat, and was always a "non-starter", it would have been relevant at the time (the OP could have told her "take a jump"), and not gone for the bridging loan.

 

However, the bridging loan WAS taken out, and has been in place for over 2 years (where it was intended for 1-2 months). So, why the Sister was threatening doesn't really impact the OP's current situation.

 

The OP should be looking towards the professional advisors : were they aware of the bridging loan and the pressure of time this created : if their advice was negligent could the OP seek to recover their losses from their indemnity insurance?

 

Could the property been sold much earlier (even at a reduced price, but avoiding all the interest charges), and was this discussed with you?

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Why was your Sister pursuing you with the threat of Bankruptcy, please ?

 

She had contested the will early on the advice I got off my then solicitor was to settle out of court and made her an offer of 10,000 when I said 5,000 she also told me that estate debts where priority which I paid which then left me short to clear my sister off it ended up going to court it took a long time to get sorted and it cost me 17k in the end.

 

But the only tie in to my current situation is me loaning the money to clear her off and clear the mortgage off which was my dads as the bank wanted to reposes our home. I tried everywhere to get a mortgage but I've not had a huge amount of credit over the years..

 

Then I was put in touch with a financial adviser who said he could help and this is where it all went wrong, it was great to begin with be able to save the business keep plodding on till well my OP.

 

I could of sold the property earlier I wish I had but going from the advice I was getting a deal was close a deal was this that and the other.. Don't worry we've not given up, I have a stack of signed agreements from all the companies he set up funding from and as the next month ticked by "sorry its not enough now" and then off for another one... You could call me a mug stupid for not just getting shut but these people are supposed to help you and not one person in law or financial has helped I've just ended up in deeper doo doo

Edited by Syrabane

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I am really sorry, but it looks as though you have indeed received poor advice from the Financial adviser and solicitor and bad execution of the estate.

 

All we can really do is to advise that you try to obtain some good professional legal advice :(


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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I am really sorry, but it looks as though you have indeed received poor advice from the Financial adviser and solicitor and bad execution of the estate.

 

All we can really do is to advise that you try to obtain some good professional legal advice :(

 

Thank you citizenB I have just gotten of the phone to the receiver the last thing they want to do is tip us out of our home but its not to say its not going to happen, really stuck between a rock and a hard place and full of hindsight :( and i'm worried sick.

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I rather suspect that they will be very reluctant to tip you out of your home with 5 young children.

 

Aside from the fact that you need legal advice, hopefully other caggers will be able to offer some advice for you.


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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Is the £64,000 + the only debt you have ?


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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I owe the normal things like bills as i've been unable to pay them about 7k on my credit cards that have been cancelled and have gone to default... Sadly with the close of our business all we have had to keep us going is tax credits... I have gotten a new job but its slow to take off.

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I am not quite clear. Could you please clarify exactly how much you owe and the value of your assets.

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In total 74,000 with all my outstanding credit the house is valued roughly 80k I'm actually having someone come out and value the house so will have a better idea next week.

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