property undersold by recever

Timmy21

I applied for a loan in 2016 , the Lenders were advertising in the Farmers weekly , I applied for a loan which was a five year term , as time went on the loan was only for a year and a bridging loan , i said to the broker , i didnt want a one year bridge , but by this time i needed to settle another debt so i had to go with it , after a year the lenders revalued the property and said we could offer another year even though i hadnt paid the 1st loan off. I again asked for the five year term , after the 2nd year ended the lender then offered a further six months , they tried to value the property from 2.4 million to over 3million pounds and asked me to self cert my income to 200k per year. i complained about the valuation of the property as i could not see how  the value could increase so much in a six months.
We tried to discuss the loan with the lenders the loan amount went from 750k to over 2.8 million pounds. the property was repossessed , again my solicitors tried to negotiate with the lenders , the property was then sold by the company who valued it at 2.4 million sold it for £ 760000 , the property had been left empty for over a year which caused a lot of damage , again the receivers had little intrest in negotiation , after the property was sold i was sent a demand for 1.6 million pounds which i appealed through the bankruptcy courts which i lost , so the i was made bankrupt for 1.6 million.
I have now found several other borrowers who have used the same company ( a well known PLC company , the owner is a High Sheriff )  the broker has also been procecuted by the FCA and the solicitors we had to use have disappeared .

There is currently a family in guilford who have just been evicted after their property was repossessed their loan amount was circa 300k and the debt is now 3million , property value 800k

anyone had a similar exsperience?

Keep_pedalling

Who was the lender? 

Ayr_Rage

Who is the well known PLC company?

It sounds like you were tricked or complicit in a scam perpetrated by the broker and solicitors who were in cahoots.

Agreeing to falsify yours earnings and ever increasing unrealistic property valuations should've rung alarm bells.

Timmy21

  mattioli Woods are the lenders  , i agree there were professionals in cahoots  ,  google   house of commons desphillips   makes an interesting read , asking to sell cert did raise my concerns , which i refused to do that.

sourcrates

Brokers inflating peoples incomes to unrealistic levels was one cause of the financial crash in 2008.

Broker we used did just that, and we ended up being repossessed.

No where near the amounts in your particular case, but similar dodgy practices non the less.