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Alex J.
Alex J., Solicitor
Category: Law
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Experience:  Solicitors 2 years plus PQE
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If a finance house agrees funding in writing, then at the eleventh

Customer Question

If a finance house agrees funding in writing, then at the eleventh hour withdraws it, does that constitute a breach of contract, on the basis that you would have expected them to carry out due diligence prior to funding agreement?
Submitted: 1 year ago.
Category: Law
Expert:  Alice H replied 1 year ago.
Good morning my name is ***** ***** I am happy to help you today. Was an agreement signed by either party?
Expert:  Alice H replied 1 year ago.
An offer in principle to provide funding does not in itself constitute a legally binding agreement - in the same way that a mortgage offer could be withdrawn at any time before the mortgage deed is signed. Business to business lending also does not have the same protection as lending to consumers, so I think you will have a struggle to prove that a contract existed. You should have a look at the offer letter and conditions to see the grounds in which the finance company could withdraw or you could scan and attach it to me to have a look at.
Customer: replied 1 year ago.
Hi Alice,
The whole communication between the finance house and myself has been via e-mail because I am actually in Southern Poland. Are you able to accept a forwarded e-mail or have I got to convert the printout to a file and upload it to you?
Expert:  Alice H replied 1 year ago.
It would be preferable if you could convert to PDF and attach to this conversation otherwise you could email***@******.*** and I will pick it will be forwarded to me. Many thanks.
Customer: replied 1 year ago.
Apologies for the delay in responding, I am now back in the UK. The offer of finance did not get to the stage of obtaining signatures, due to me being in Poland and the policy of the finance house is to send a representative round to complete the documentation. Arrangements had been made to facilitate this but the plug was pulled before the event! From your original response, I can only assume that the finance house has in it's T's & C's a clause to the effect of 'right of cancellation' until docs have been signed. If they do not, have I got a valid claim? Your answer will dictate whether I approach said finance house for a copy of their T's and C's.
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for question and welcome. My name is ***** ***** I will assist you. Did the finance house send the offer marked "subject to contract"? Kind regards AJ
Customer: replied 1 year ago.
Dear ***** H,
I have converted the e-mail thread to a PDF. As stated in one of the communications I make no apologies for the bad language as it reflects the injustice that I felt! I look forward to your considered response.
Expert:  Alex J. replied 1 year ago.
Thank you. Is this the only correspondence you had? Also what loss have you suffered a result of the finance being pulled out? Interestingly when they say the finance was approved it does not say any where it was subject to credit committee approval or subject to contract. However all their emails are subject to following wording "We reserve the right to withdraw our offer of finance at anytime without reason or prior warning." - did you apply for this personally? Kind regards AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3522
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Hi Alex J, Apologies with confusing you with Alice H, I did not realise the 'Advisor' had changed! You correctly observe that there is a 'conditional expression' buried in their e-mail Disclaimer, what a bizarre place for it and does it form part of a contract if nothing has been signed to date? I feel this is turning out to be a 'crock of C..p'!
I attach the original e-mail along with the attachment to it. The application was made in the name of my business, CBSTIEL Services Limited, I made it clear that I was a business start-up and despite this they still asked for Accounting Information which as a 'start-up', I would not have. However, I did send them a 'Capital Net Assets v Capital Net Liabilities' statement which confirmed that my business was sound from a 'positive worth' standpoint. No T's and C's in their brochure, so apart from requesting them, the only time I would have got to see them, would have been when their 'representative' came to visit me with the sign-up papers. In my experience, typically those documents would require witnessed signatures and of course I would have needed to study the T's and C's, not forgetting the 'cooling off' period which seems to be triggered from different points in the process depending upon which finance house you are using these days!, so I am baffled by their whole procedure! Were they going to expect me to 'process' their documentation whilst their representative was in attendance, I wonder! I just find so , in some ways I am glad to have been 'refused'.bizarre
kind regards, ***** *****
Expert:  Alex J. replied 1 year ago.
Thank you.
I have looked at their brochure and this is just pre sales talk.
Did they ever send you an offer letter or anything that could be used as evidence of a contract?
Kind regards
AJ
Customer: replied 1 year ago.
Hi Alex,
Forgive me for saying this, but I feel I am now wasting my time. Do you honestly believe that had I received an offer letter or contract that I would not have submitted it before now. Time to call it a day, Goodbye!
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
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