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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3890
Experience:  Solicitors 2 years plus PQE
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My broker has not got a an exit for a bridge finance and now

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My broker has not got a an exit for a bridge finance and now I owe £143k than ordinal agreement
Customer: replied 5 months ago.
There has been numerous attempts to cover up this trial and error to get myself finance but I have only until 30th March 2018 to successfuly exit this bridge loan agreement

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

Customer: replied 5 months ago.
Good Morning AJ
My broker has not explained the risks at all, merely focused getting a mortgage but again exit.
I have said for the brokers Indemnity insurance and i will chase up middle of this week.
The additional sum are a result of penalties incurred. Original borrowing £225k rose to £257k but now I'm asked with exit fee a staggering £393k.

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?

Customer: replied 5 months ago.
Thank you not the most ideal situation when I relied on a broker but at present I am searching lenders who can assist me in this exit. But so far have not found an exit.

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

Alex J. and 3 other Law Specialists are ready to help you
Customer: replied 5 months ago.
AJ I need to get bridge paid then eil l take it further on broker so I shall be in touch asap
Kind regards

Thank you. ***** can assist any further please do not hesitate to contact me. Kind regards AJ

Customer: replied 5 months ago.
That is great. But I hope legally I will be able to recover this money
Very scrupulous.
Kind regards