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  • Landlords in Distress

    Debt Recovery from angel investor

    My husband and I leant money (as angel investors for property) to a couple who we were introduced to by our friends.  We were very naive and stupid, our friends said that this person will not let us down, they only needed a short term loan as waiting for a refinance to come through whilst wanting to buy another house.  

    Anyway to cut a long story short, they have defaulted on the loan, they paid part of it back but still owe £14,500.  

    I want to use a solicitor to issue a statutory demand and then bankruptcy as one of them as a Director in his own business.  Has anyone done this and been successful, and if so can they recommend their solicitor?  Many thanks Gwen

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    What evidence do you have it's a loan and not a gift.
    Do you have any security?
    Does your loan agreement (if you have one) cover you for costs.
    Does the loan need to be regulated? There are excepts from consumer credit which you need to go through.
    Have you checked he is the owner of the company as being a director is just a job - often paid well. If he owns it, has it got value?
    Your leverage is that if you declare him bankrupt he cannot be a director and loses his job/company. That will apply pressure but also may make it hard to get repaid.
    I would suggest a dialogue first. And research. You don't want to throw good money after bad.
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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022

    Property Tribes' legal partner Anthony Gold Solicitors have a solicitor who specialises in this kind of work.  His name is Clifford Tibber and he can be contacted on clifford.tibber (at) anthonygold.co.uk.

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    Depends on Wht type of conditions u both agreed and signed will help you to sort this out quicker. Also approach some experienced solicitor who deals with this
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    Hi thank you very much.  I have had a solicitor referred to us however he is £300 an hour (as he is a partner). He has looked at the documents and suggested we can pursue and go for statutory demand and threaten bankruptcy.  

    The cost is £900 plus VAT, plus £114 for an agent to pay for delivering the letter.  

    He is also very busy and I had to chase him twice which makes me think that our debt is fairly low as a colleague I know is using him to chase a debt of £50,000.

    I will follow up with your recommendation Vanessa. I do not want to just write the debt off because it makes it all too easy for these individuals, as I have read here beware if someone offers you unusually high returns ie % payment per month is 15%.

    I have only done this once and got 8 or 10% interest. I can use the money I have received for interest payments against the costs of some legal work.

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    Hi I am thinking of using Anthony Gold Solicitors to recover a debt of £14,500.  Has anyone had experience of using them and how has it gone, I know that they are Property Tribes legal partner.


    Thank you, Gwen

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    Have a look at:

    Anthony Gold announce victory - JV fraud case 

    Anthony Gold named as top UK law firm

    AG will only take on the case if they think the individual has assets to go after, or another angle where they can recover your money.  Clifford Tibber will make a small initial charge to review your contract to see if he thinks he can assist.

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