Just another stupid guy who took solicitors advice and landed with a bridging loan from Lancashire Mortgage. Would not mind so much if the solicitors had not spent so much time convincing us the loan we where going to have with IFCC was so bad and LM would be so much better (not). After reading the forum it makes me wonder what the deal was between LM and the solicitors. Anyway bear bones of my dilemma. Took out a bridging loan back in 2007 on 30k with interest at 2% per month for a 12 month term. Requested back in July a payment schedule of what I had paid on the account as I thought it should have been repaid by now. Received the schedule and sure enough not only repaid but overpaid to the tune of just under 10k. Sent letter registered post on 21st Sept outlining the overpayment and could I have full repayment within 14 days. LM then sent on 24th Sept letter sayng URGENT please call us immediately. Then on 25th LM sent out letter stating that bridging loan had not been settled and was due for renewal on 8th Nov 2014 and enclosed a copy of the agreement signed in 2007. They also said they would send out a settlement statement. On 26th sept LM sent out settlement statement claiming just over 46k still outstanding. On 1st October LM sent Reminder of Default Notice Typical of LM the first line reads "A notice of default was issued to you on (BlanK) " Needless to say I have not received a Default notice.
In short a 30k 12 month loan which should have cost including penalties just under 40k according to LM will actually cost just over 95k.
In short a 30k 12 month loan which should have cost including penalties just under 40k according to LM will actually cost just over 95k.
Will we ever get our land back from Lancashire Mortgage.
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