Work loan help....urgent

Bantex_2

Di_B wrote: »

Contact Unite as you are a member.

Ask them for legal support in this - they will probably go to an external solicitor and not know themselves, but they will help and offer support.

Where you stand depends on the wording on the original agreement.

If the statement didn't say it was secured on the house, then they can't change it?
They can demand repayment, worst case you would apply for bankruptcy - I think that might impact the house if in your name? Not sure.....

At the end of the day, whatever happens, it can't be any worse than you feel now in not knowing.

If they are applying pressure/force in the workplace then definitely tell unite! It's a form of harassment and they need to be careful.

time to cash in on your Union contributions! Good luck.

I would suspect that Unite will have little experience or knowledge of the cut throat competitive world of recruitment.

StuC75

Also does the employer hold the appropriate license for providing such a loan?

Sounds a veiled threat.. Im sure there was previously a very similar post to this on before.. Is this a regular hook from such employers?

Has to be very unlikely that it is secured (whats on your deeds), seems to contradict what they gave to your solicitor when buying the house - advance payment rather than a repayable loan..

AndyT678

iammrt wrote: »

I have a letter from the finance director to my solicitor confirmed it was accrued commission (proof of funds for mortgage)

Another way of saying that is, you and your employer conspired to defraud your mortgage lender...

Definitely go see the union.

StuC75

Or that the Employer is now trying to say it was something that it wasn't.. This would be great evidence were the employer to try and pursue this further - unless it was seen that the OP was provided with clear information about how this was to be handled.

When I worked for a finance company there were clear policies of how staff accounts \ facilities were provided and the terms of how they were to be repaid once employment was terminated by either party..

The upshot being that I never used that facility beyond what could easily be paid off..

The better phrase instead of Golden Handshake, is Golden Handcuffs!!

Is it Too Harsh to say pay up or step up Job wise?? They headhunted you for a reason, and with those benefits received there was a heavy weight of expectation.. [Or is that just me]....

AndyT678 wrote: »

Another way of saying that is, you and your employer conspired to defraud your mortgage lender...

Definitely go see the union.

Di_B

Bantex wrote: »

I would suspect that Unite will have little experience or knowledge of the cut throat competitive world of recruitment.

Unite offer legal advice for its members. Full stop.

Quote from their website (unitetheunion.org)

"We aim to provide a full range of legal services; from seeking compensation for a personal injury or industrial wrong, to employment related advice and representation, to helping plan for the future by providing a Will writing service, Powers of Attorney and Living Wills, to assisting with the day to day issues that life throws up such as moving house. We even offer a free 24 hour legal help line where members can receive a free half hour advice on any non-work related matter. "

Worth a call for certain.

Prothet_of_Doom

Bantex wrote: »

I would suspect that Unite will have little experience or knowledge of the cut throat competitive world of recruitment.

But they know employment law, and will have access to decent solicitors, both employed by them, or contracted to work for them.

There isn't a situation you can present them with that they won't have dealt with before.

(I was once in UNITE and had to call on thier help, on a tricky employment issue, and they pretty much ripped my direct line manager to shreds, forced the HR manager to change company procedures, and sorted it out to my satisfaction)

In this case there appears to be a systematic workplace bullying, unreasonable employment contracts, unacceptable work place stress, (Health and safety issue - companies have a duty of care to an employees mental and physical health)

At the end of the day, decide what you want to happen. You can't work under such extreme mental pressure, so you do need to leave, but I suggest a compromise agreement where you leave but agree to make nominal payments once you are back in employment, interest free at a figure that is about 10% of your takehome pay, until it is paid off. If that ends up being £100 a month for 150 months (12.5 years) or £350 a month for 3.5 years then at least it's a fair and reasonable way. If they went to court and won the court would look at you paying an affordable amount, and I don't imagine it would be more....but the UNITE legal people will be able to play hardball with them, and negotiate all that for you.

Bantex_2

Prothet_of_Doom wrote: »

But they know employment law, and will have access to decent solicitors, both employed by them, or contracted to work for them.

There isn't a situation you can present them with that they won't have dealt with before.

(I was once in UNITE and had to call on thier help, on a tricky employment issue, and they pretty much ripped my direct line manager to shreds, forced the HR manager to change company procedures, and sorted it out to my satisfaction)

In this case there appears to be a systematic workplace bullying, unreasonable employment contracts, unacceptable work place stress, (Health and safety issue - companies have a duty of care to an employees mental and physical health)

.

Just about sums up any decent sales job.
Big rewards, but no room for less than expected results.

Poppops

So the Finance Director, presumably a qualified accountant, is prepared to admit that he went into writing to say that the money you received was accrued commission but that in fact he was actually lying?

Highly unlikely I would have thought. Sounds like your ace card to me, enabling you to look quickly for another job and negotiate a settlement / repayment plan. He may well have more to lose than you do.

What does your paperwork say. And do you have any idea of how they have posted this transaction in their books? Is it posted as a loan or, as you mention, a prepayment?

However, as he wrote the letter to a solicitor confirming that the payment was made for services already rendered, clearly fraudulently, perhaps he isn't a finance professional?