bridging loan with no consumer credit licence

BrassicWoman

This looks like a standard legal case to me and I see nothing dodgy in it at all. What was the question?

Brock_and_Roll

To me it looks like a long drawn out case of being hoisted by your own petard.

The "friend" attempted to defraud the school and subsequently got found out. At this point the school could have gone for criminal prosecution (obtaining a pecuniary advantage through deception etc) but for whatever reason decided to just demand repayment of the bursary.

At this point the friend could have sold one of the BTLs and cleared the debt, end of story.

But she fights on - the school, presumably to have any hope of seeing the money they have lost any time soon, knocks £18k off the bill (and presumably more in their own legal costs already incurred).

But still the "friend" fights on - despite having a huge amount of equity and the ability to pay the bill straight away if she put a property to auction. She goes to court and loses....more fees and costs for the school.

By this point if was the bursar of the school I would be seriously angry!

But the story does not end here - in some kind of desperate attempt to keep her BTL "empire" going, she enters into the murky world of private bridging loans. As is often the case with bridging loans, things don't go to plan and it ends in tears.

By now the whole pack of cards is tumbling down amidst a pile of fees. It is hard to have any other view that this mess is entirely of the friends making.

somethingcorporate

Brock_and_Roll wrote: »

To me it looks like a long drawn out case of being hoisted by your own petard.

The "friend" attempted to defraud the school and subsequently got found out. At this point the school could have gone for criminal prosecution (obtaining a pecuniary advantage through deception etc) but for whatever reason decided to just demand repayment of the bursary.

At this point the friend could have sold one of the BTLs and cleared the debt, end of story.

But she fights on - the school, presumably to have any hope of seeing the money they have lost any time soon, knocks £18k off the bill (and presumably more in their own legal costs already incurred).

But still the "friend" fights on - despite having a huge amount of equity and the ability to pay the bill straight away if she put a property to auction. She goes to court and loses....more fees and costs for the school.

By this point if was the bursar of the school I would be seriously angry!

But the story does not end here - in some kind of desperate attempt to keep her BTL "empire" going, she enters into the murky world of private bridging loans. As is often the case with bridging loans, things don't go to plan and it ends in tears.

By now the whole pack of cards is tumbling down amidst a pile of fees. It is hard to have any other view that this mess is entirely of the friends making.

Nail on the head.

No sympathy here I am afraid.

Clive_Woody

radh wrote: »

Ms. D – wanted to send her son to a public school and applied for a bursary, she had failed to disclose two properties that she had owned at that time.[/FONT]

Ms. D was actively trying to sell Property 2, but was unable to complete the sale by 11/01/2010 due to adverse weather conditions.

Ms. D fails to sell property. Is advised by her associates, that the loan is unenforceable so she does not need to worry about making repayments on it.

So she was dishonest with the school and they want their money back. Can't say I blame them.

Why did she not sell property 2 after bad weather stopped? Seems a weak excuse IMHO.

Ms D needs to stop listening to her 'associates' who seem to be digging her into an even deeper hole.

This all sounds way too complex to be sorted out by internet advice.

burlington6

Pretty impressed that a nurse can own three properties.
I always thought they were underpaid