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Solicitor fcilitated lender to sell standard security i gave the lender
amibeingrippedoff_2
Posts: 65 Forumite
in Loans
Last year i applied using a financial adviser for a loan to develop a small plot of land i bought using life savings.
My story is very complicated and would take a very long time to explain.
At the moment i am being pursued by a lender for money he lent me to get started on my little project. the lender provided a contract for me to sign as he was lending me £30k and i would pay back £38k which included all legal fees and interest.
I provided all information and met all terms within his contract and i received the first of two stage payments under the contract term after the lender had a valuation report carried out on the land which was acceptable to him.
For reasons not to create confusion i wont go in too deep here. The lender provided me with £10k to do all underbuilding work which was completed, a further valuation report was carried out by the lender before he would release the second stage funds £20k.he refused to provide further funding and stated that the reason for this was that information within the original report carried out before he provided the first stage funds was now not acceptable and on that basis he wouldnt provide any further funds. I was shocked at what i was hearing!
Anyway, while trying to get the lender to see sense and release the money under the contract, i was told by his solicitor that the lender will stand firm and repossess my land at the end of the short term contract unless i repaid him back the £10k plus ALL interest under the contract, the FULL £8k even though he only provided one third of the loan amount under the contract, again i was shocked, what a return for a few months of lending!
I was also told by his solicitor that the legal fees will increase and i will be liable for everything.
Now, the important part i really need help with is what actually happened with the Standard Security held over my land during all this time trying to resolve this and being threatened that i will be taken to court and i will be liable for a substantial cost for legals incurred by the lender.
What i am about to say only came to light six months after the expiry of the original loan contract after doing some investigating into this mess.
I learned that a few weeks after the lender provided me with the £10k the Standard Security i provided for the loan he was supposed to provide me with, the lender sold on the Standard Security he held over my land to a third party individual OUTSIDE the United Kingdom for £38k plus interest which was clearly stated that i had to pay back, he used the same solicitor to do the deal with him and the other guy who dealt with the loan between me and him, the solicitor basically allowed the lender to sell the Standard Security to someone outside the UK while knowing fine well that the lender had only provided me with part of the funds, approx 1/3 of what he was contracted to give me.
My question is, was that solicitor allowed to do what they did knowing her client had only partially concluded the contract between us for the loan?
Any advice is much appreciated
My story is very complicated and would take a very long time to explain.
At the moment i am being pursued by a lender for money he lent me to get started on my little project. the lender provided a contract for me to sign as he was lending me £30k and i would pay back £38k which included all legal fees and interest.
I provided all information and met all terms within his contract and i received the first of two stage payments under the contract term after the lender had a valuation report carried out on the land which was acceptable to him.
For reasons not to create confusion i wont go in too deep here. The lender provided me with £10k to do all underbuilding work which was completed, a further valuation report was carried out by the lender before he would release the second stage funds £20k.he refused to provide further funding and stated that the reason for this was that information within the original report carried out before he provided the first stage funds was now not acceptable and on that basis he wouldnt provide any further funds. I was shocked at what i was hearing!
Anyway, while trying to get the lender to see sense and release the money under the contract, i was told by his solicitor that the lender will stand firm and repossess my land at the end of the short term contract unless i repaid him back the £10k plus ALL interest under the contract, the FULL £8k even though he only provided one third of the loan amount under the contract, again i was shocked, what a return for a few months of lending!
I was also told by his solicitor that the legal fees will increase and i will be liable for everything.
Now, the important part i really need help with is what actually happened with the Standard Security held over my land during all this time trying to resolve this and being threatened that i will be taken to court and i will be liable for a substantial cost for legals incurred by the lender.
What i am about to say only came to light six months after the expiry of the original loan contract after doing some investigating into this mess.
I learned that a few weeks after the lender provided me with the £10k the Standard Security i provided for the loan he was supposed to provide me with, the lender sold on the Standard Security he held over my land to a third party individual OUTSIDE the United Kingdom for £38k plus interest which was clearly stated that i had to pay back, he used the same solicitor to do the deal with him and the other guy who dealt with the loan between me and him, the solicitor basically allowed the lender to sell the Standard Security to someone outside the UK while knowing fine well that the lender had only provided me with part of the funds, approx 1/3 of what he was contracted to give me.
My question is, was that solicitor allowed to do what they did knowing her client had only partially concluded the contract between us for the loan?
Any advice is much appreciated
0
Comments
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Get your own solicitor.
I suspect that you've been had, legally.0 -
You need to swap around the Am and I in your username!!
Seriously as PeacefulWaters advises, get an independent solicitor on it, and fast!!0 -
If your lender has sold on the debt then they have no recourse to recover it.
Sounds very murky if the debt sold on exceeds the funds advanced.
Who is your lender?0 -
Thrugelmir wrote: »Who is your lender?
I'm assuming this is an independent transaction, outside of a registered lender if I'm honest........💙💛 💔0 -
Thrugelmir wrote: »If your lender has sold on the debt then they have no recourse to recover it.
Sounds very murky if the debt sold on exceeds the funds advanced.
Who is your lender?
I dont think its a good idea to divulge the lenders name on here, i`m sure you understand.
What i will say is the broker (Partnership), the lender (Partnership) name on the contract and the actual Ltd company Pursuing all belong to the same three individuals who are Partners or Directors of all companies involved.
Just to throw in some more details, my FA with a different company completely whom i used to source the loan was a previous employee for 3 years of the guys running all companies. As soon as the contract was signed he decided to go work for them again and is still there to this day. I did get him on the phone a long time ago.(recorded) he said the lender offered him a job he couldnt refuse, as i said ALL RECORDED
I really want to shout out everything about these guys but i know i shouldnt just now, so i wont. When i do i am certain it will ruin a few peoples lifes as everything i have is in writing and undeniable.
When the time comes, I will write the whole story and divulge every single person and company involved, I have heard of issues with short term lenders before but to be honest, when i go through this stage by stage what went on I find it hard to accept what some people will do to benefit their lifestyle.0 -
CKhalvashi wrote: »I'm assuming this is an independent transaction, outside of a registered lender if I'm honest........
The contract was created by Stephen at West One Loans, I contacted him via his blog a while back asking if the contract content was provided to the companies i used, he did remove the ability to comment on his blog, in fact he completely removed the blog and ignored me, thats all i can say on that matter
As far as i am aware West One loans have nothing to do with the companies involved but I know that Stephen absolutely produced it, it could have been ammended but there was no sign that it was, maybe the companies i used are so thick they didnt know how to create their own contracts.0 -
amibeingrippedoff wrote: »I did get him on the phone a long time ago.(recorded) he said the lender offered him a job he couldnt refuse, as i said ALL RECORDED
Inadmissible as evidence if they were unaware of the conversation being recorded.0 -
Thrugelmir wrote: »Inadmissible as evidence if they were unaware of the conversation being recorded.
What about conversation taking place via speakerphone in the presence of witnesses0 -
Thrugelmir wrote: »Inadmissible as evidence if they were unaware of the conversation being recorded.
It's possible for a recorded conversation to be used in court but is not always accepted by the court, it depends on the circumstances and the view of the judge.0 -
Not sure why this has spilled into a 3rd thread when it is essentially all about the same thing, much easier to see what has already been asked and the advice given if it is all in one place.
https://forums.moneysavingexpert.com/discussion/4654165
https://forums.moneysavingexpert.com/discussion/48565770
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