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Thank you for your question and welcome. My name is ***** ***** I will assist you. Did the adviser explain to you the risks associated with the bridging finance? Is the additional sum a result of penalties incurred? Does the broker have indemnity insurance? Kind regards AJ
Thank you. The problem here is you need to mitigate your loss. The debt is in your name and no one is going to pay it for your. I would start by exiting the arrangement as soon as possible. You can then quantify your losses - you would likely have a claim against the broker for negligence- Supply of Goods and Service Act 1982 - failure to provide the service with reasonable care and skill. I would get details of his indemnity cover as it is likely the insurer will have to pay out on his behalf. Do you have the means to pay out the loan or exit is?
Thank you. To bring a claim against the broker for breach of contract (which I either negligence or S.13 of the 1982 Act) you need to quantify your loss and mitigate it. You only need to take reasonable effort to mitigate - so even if you only have any expensive solution available - take it, because you can pursue the broker for this loss. But you wont be able to go to court until the loss is fully quantified. Does the broker have any solution for you? Also did you receive your advice in writing?
Could I trouble you to take a moment to rate my response so far?Kind regards AJ
Thank you. ***** can assist any further please do not hesitate to contact me. Kind regards AJ