I own a flat, while I was ill and then having to stay away due to shielding, extremely clinically vulnerable and all that, the freeholder of my building sent a bill to an email address I couldn't access and then got a county court judgement registered in April. I didn't even know about it until 10 days ago. They had already started a separate action for the same amount which I did know about. Before this my credit was perfect for 7 years. They are trying to force me to sell my flat for a debt of a few thousand pounds which I had disputed. As I have had to shield (although I do admit to going out a few times to the park as I was going crazy indoors) and I was a contract worker my income has disappeared and I have been living on savings, and now a CCJ means that I can't borrow. So I can't pay the debt off. So I have been offered a bridging loan but I am told it is a private bridging loan, via a broker. I would be paying ?2890 in fees and 1.1% fixed rate simple interest on the loan per month that I kept it, exit at most in 12 months. Does that sound right? Obviously it is a high rate of interest and they are charging 3% arrangement fee. They will put a charge on the property obviously, it would be a secured loan. This would at least allow me to sell the property myself. The freeholder is a shark and a crook. Could anyone advise please, how a private bridging loan works? I simply cannot afford to pay a lawyer to look into this, and there is just nowhere I can get advice from. I will soon be a pensioner and the flat represents everything I have earned over my entire life. If there is a forced sale that the shark freeholder has control of, they will sell it at huge undervalue to I guess their contacts or themselves indirectly and I will be left with next to nothing. I have no way at this time of life that I can possibly recover from this. Although renters are protected at the moment, and mortgage payers, leaseholders who have even small service charge debts are just not protected, and this was done completely behind my back while I was first very ill and then shielding. Leaseholders can have their property repossessed. If there are any knowledgable financial advisors or lawyers out there who could possibly give me some advice I would be enormously grateful. Very exhausted and stressed and really in need of sound advice. Please PM If you can help. I realise it would be totally informal advice and not given in any professional capacity.
