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Ash
Ash, Solicitor
Category: Law
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There I have found myself in a very stressful situation

Customer Question

Hi There I have found myself in a very stressful situation which has ended up with claims against me and my Company in Court and is really affecting my health.
In 2005, i was in a financial fix and approached a Company for a loan on my car, the Owner of the loan Company later offered to fund my business but in effect he has bee loaning me money which I have had to pay double back to him, plus 3% interest on top of any outstanding amount plus 25% of any money the business make to reduce such an outstanding amount plus the lender receiving a further 50% of any money I make as he claims he is the venture capitalist and therefore has to have a share of my income separate from the repayment of the exorbitant loan term aforementioned, I kept repeating the agreements over and over since 2005 as I found myself in a catch 22 position of having to take more and more money from the lender in order to continue the business in order to hopefully make enough to clear any outstanding balance, in the end I have lost my house to the lender as I had to put up my house as collateral for part of the loan which was secured against it, the lender in 2013 when he thought that there was no further mileage in the business walked away from both me and the business telling me he had in further interest, i then had to tart operating under a new business name by getting financing elsewhere, only for my luck to change and thenew business started making money for which the the original lender resurfaced months later claiming his share as i did not want any aggro started controlling what I paid him and did not divulge exactly what i was making, he has since realised I am making more than I have divulged to him and is now suing me for all the monies he claim o be outstanding as er the exorbitant aforementioned terms i signed during m years of financial desperation. In reality, he has not been risking anything as a venture capitalist would for their 50% share of my money and in effect he has been loaning me the money at huge interest which I am n fact investing in th business as if he was the one risking the money he is lending me. In reality it is a loan rather than an investment in my business and there seem to be some confusion between the two -loan or venture capital - to my detriment and to his advantage. Is this legal?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Did you have any form of contract to say what would be done etc please?Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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Customer: replied 1 year ago.
Yes I have had several Agreements but the I am being held to ransom under the last Agreement dated July 2010.My telephone number is *****
Expert:  Ash replied 1 year ago.
I will call now.Alex

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