Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

[worriedwife]

Brief explanation:
HMRC have filed bankruptcy petition against husband [sole trader] over outstanding vat, he sought legal advice form an insolvency solicitor who put him in touch with broker who has found 'business' [unregulated provider] loan offer [secured by 2nd legal charge on our family home]
fees are extortionate and loan agreement is full of confusing and contradictory statements
I'm not comfortable signing it.

I've read all the comments about Lancashire Mortgage Co on here and Blenaim and Together and Marc Goldberg and I feel there si a connection. Company is based in same area. Same line of business etc

So thought I would ask on here who has any knowledge of Mint.

Can anyone offer any brief financial advice? Do I have to sign for these loans?

We have heaps of equity in the house. Personally I would prefer to attend the bankruptcy hearing and offer to market the hosue for sale immediately with an underatking that payment will be forthcoming from the proceeds of the hosue sale. Does anyone know if HMRC would be likley to accept this please?
Help me! I don't sleep any more

[wales01man]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Is the house up for sale? this will show willing to HMRC Before it all kicks off with more hassle and costs

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

I'd like to market it straight away, but the insolvency solicitor [who I think stands to gain a % regarding the finance ] says that I am not allowed to sell my home whilst there is a bankruptcy petition issued. He was represented by a barrister at the first hearing and was granted 6 weeks adjournemnt . Do you know if it's true - an we sell our home? Im happy for him ti take the equity he needs. He can't get a regular loan because of his credit referemce

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the broker gets around £7500 for introuducing us to the lender. It all sounds very similar to Benaim, Together, LMC etc

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I'd like to market it straight away, but the insolvency solicitor [who I think stands to gain a % regarding the finance ] says that I am not allowed to sell my home whilst there is a bankruptcy petition issued. He was represented by a barrister at the first hearing and was granted 6 weeks adjournemnt . Do you know if it's true - an we sell our home? Im happy for him ti take the equity he needs. He can't get a regular loan because of his credit referemce

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the broker gets around £7500 for introuducing us to the lender. It all sounds very similar to Benaim, Together, LMC etc

[Kati]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

So thought I would ask on here who has any knowledge of Mint.

This company http://www.mintbridging.co.uk ?? If so they have a lot of charges registered against them :tinysmile_aha_t: (https://beta.companieshouse.gov.uk/c...567483/charges)

242 charges registered
237 outstanding, 5 satisfied, 0 part satisfied

I'll tag [MENTION=48934]Debt Camel[/MENTION] for advice and also [MENTION=6]Amethyst[/MENTION] [MENTION=2]Celestine[/MENTION] [MENTION=51026]Ula[/MENTION] [MENTION=85500]Peridot[/MENTION] for input xx

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Yes, that's them, what doe sthe charging info tell us about them? can you help me ot understand that please? is it a good thing or a bad thing?

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

thank for tagging
@Debt Camel for advice and also @Amethyst @Celestine @Ula @Peridot for input
I would really appreciate any comments from any of you that may be able to help me, I'm really struggling!

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Kati, can you tell me what the charges register tells me about the ocmpany? Just so that I can understand that info. Many thanks!

[Kati]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

thank for tagging
@Debt Camel for advice and also @Amethyst @Celestine @Ula @Peridot for input
I would really appreciate any comments from any of you that may be able to help me, I'm really struggling!

no problem :yo: ... I'm sure they will be along soon to help xx

Kati, can you tell me what the charges register tells me about the ocmpany? Just so that I can understand that info. Many thanks!

The charges are debts against the company that they haven't paid

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

If you're not comfortable signing it, stick with your gut, and don't. I don't know about the company but I have a feeling the insolvency solicitor & broker will be making something (a lot) out of it. Sounds like a bridging loan - always going to be expensive - and meant as a very temporary thing. Unregulated means you have no protection at all. What kind of interest rate is it ?

How much approx is the outstanding VAT? Is there a dispute on the amount payable at all ? Has your husband discussed the debt at all with HMRC ? Any other assets in the business ?

Have you spoken to your current mortgage provider about remortgaging (ie using some of the equity to pay off this debt ) ?

What's happening with your husbands business ? He he likely to be able to cover the extra outgoings? or get it paid off within the bridging period?


Some more docs on Mint

http://www.mintbridging.co.uk/docume...of-charges.pdf - Charges ''Please note, the Lender will not always inform the Borrower of the fee to be charged prior to the cost being incurred and the Lender shall periodically write to confirm the fees being charged."

also on the borrowers delcaration ( this doesn't sound very good)

"I confirm that neither I nor any “Connected Person” within the meaning of Section 252 of the Companies Act 2006
or section 96(B)(2) and schedule 11B of the Financial Services and Markets Act 2000, are currently residing or are
permitted to reside in the Property at any time now or in the future.
I understand that the definition of Connected Person includes anyone who is a spouse, parent, brother, sister, child,
grandparent or grandchild; or any other person whose relationship with me has the characteristics of the relationship
between husband and wife."

I think if you went with this you could end up losing your home. I AM NOT AN ADVISOR and this isn't my area at all - but you need to get it looked at properly before signing.

You should take it to a solicitor or to Citizens Advice. You as joint owner of the property should take independent legal advice - CAB or a Law Centre should be able to help.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Thank you [MENTION=6]Amethyst[/MENTION];
i think they did call it a bridging loan, I queried the clause about not being able to reside in the property and they said that because it was a business loan that didn't apply. Although it didn't say business loan anywhere and purpose was " to raise capital"
then they changed the wording a bit for me but still not comfy as its on some docs and others still have the original phrase. We want to sell the house very quickly, it seems ludicrous to take the loan out at all to me but my husband feels this is the only option.

The interest rate says something like 1.5% below "standard rate" - which isn't specified then it says 5% per month.

amount o/s is approx £70k, no dispute, all returns filed.
no he won't talk to HMRC or permit me to. He says it will make matters worse.

There are no other assets. The business is thriving and would stand to perform well this year if we can get over this hurdle, sell the house and begin afresh.

We we can't approach current lender due to the CCJ from HMRC / poor credit file

I agree with you, I think we would lose our home if we go with it - and we have a huge amount of equity which is why I'm so keen to try and protect us.

the broker is putting huge pressure and using scare tactics with my husband and so its creating a rift between us because he thinks I am being obstructive. I'm really not. We have children and I'm keen to protect what other equity we have in the home

Do you think there is a scenario where the HMRC would consider allowing a timescale for the house to be sold - say 6 months - with an undertaking (maybe from a solicitor) to repay from proceeds of sale upon completion?). That's what I'd like to propose but my husband won't let me talk to anyone.

I did try and get legal advice before Christmas but I couldn't find anyone who would look at it for me. I'm not even sure what area of speciality I need. When I have tried to explain it over the phone it starts sounding like a divorce case which it isn't! I do want to help I just don't want a dodgy loan.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Thank goodness this site exists. I'm not sure what I would have done today without it. :tinysmile_hmm_t2::tinysmile_hmm_t2:

[ULA]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

Just to ask whether at any time, prior to HMRC petitioning for bankruptcy, your husband spoke to HMRC about entering a Time To Pay arrangement (TTP) if so did they are agree to one which he has not been able to comply with or did they not agree to one?

If he has not already spoken to HMRC then it may still be worth him trying to do so particularly as a reason for the adjournment is to give him time to find ways in which to pay back the debt or reach a payment agreement with HMRC. Particularly if he can provide them the financial information to show that his business is thriving and he has the ability to pay back the debt over an agreed period of time. Athough it is fair to say they will not expect this to be over a long period of time.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

No he has not spoken to them. We've used the same accountant for years who had all our returns but we now realise had not filed them. He told us not to speak to HMRC or respond , we always faxed letters over and, stupidly, I thought they had things in hand. I really think we should try and speak to them but my husband just won't entertain it at all, he's forbidden me from ringing. He's a sole trader and I am just his wife, I'm not a business partner or anything. Our current returns will show a healthy turnover and the accountant could confirm profit etc. The quickest way we could pay back the debt would be by selling our home, but we could make an offer to pay some instalments on the meantime to show our commitment to sorting it out? I'd be a lot happier if we at least tried this approach. Which dept would we ring, wherever the petition came from? We have so manyletters from so many different offices it's confusing to know where to start.

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Just to add the HMRC carried out a full audit at the accountants offices so the returns were signed off officially and the amount agreed. We don't know what went wrong after that as we thought things were progressing well. It's not clear at what point the communication between the accountant and HMRC broke down. We certainly did not think this was coming at all. We were on holiday when the petition was served and so did not even know

[ULA]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

So from what I understand an amount owing to HMRC was agreed at the time they met with your husband's accountants. Presumably this was a TTP arrangement that they set up and which the accounrant also agreed with your husband?

Did HMRC serve a Statutory Demand prior to the petition?

I am also wondering whether there has been an issue with the accountant. You could ask them for a copy of all correspondence between them and HMRC. I would suggest that they should really have copied you into everything but if not you have the right to ask them to see this.

[worriedwife]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

[MENTION=49370]Kati[/MENTION] can I just double check, the 247 charging orders against them - this can only be a bad thing, right? Is there a scenario where parters in the business take out charging orders that represent their investment in the comapny to ensure they get their capital back should things go pear shaped? Or is that not right? I read this definition online: "DEFINITION of 'Charging Order' A court-authorized right granted to a judgment creditor to attach distributions made from a business entity, such as a limited partnership (LP) or limited liability company (LLC), to a debtor who is a partner of the business entity" - things is from the US so may not be applicable here, I just wanted to be ceratin that it's always a red flag and an indicator that the comapny is not trustworthy? I want to make sure I present the right facts to my husband to help him understand my point of view better if that makes sense?! Thank you for your support and the time you are giving to help me out here, I really do appreciate it.

[Amethyst]

Re: Unregulated Business Loan - Mint Bridging - ne1 heard of them? R they Benaim?

You MUST go and seek some formal advice. You MUST convince husband to talk to HMRC. It won't be easy but this is a massive decision and you should at least look at other ways of getting this sorted. It sounds like your accountant has done you absolutely no favours whatsoever. Try speaking with your mortgage company about releasing some equity through a normal mortgage - it's worth a try at least.

You should also look into having the house split so that the charge is only over your husbands half ( assuming you own it jointly ) You will need advice on that.

I've been having a look through some of the charges, particular looking at the law firms / and lawyers who have signed off on them. It is worth doing some homework on that side too.


(crossed posts with you - it's not always a red flag but it is worth looking into, particularly the terms of the charges - it seems to be a privately funded scheme and those charges I believe ( I don't know though, you need to have a solicitor look at them ) give the funders rights over the charges placed on borrowers properties )