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Btl Failure Denial Is Strong In The Uk Today

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http://www.bournemouthecho.co.uk/news/11731600.Eddie_Mitchell_s_company_has_luxury_properties_seized_as_receivers_are_called_in/?ref=ar

SANDBANKS property magnate Eddie Mitchell has seen receivers called in to seize some of his company’s upmarket Poole homes.

Mr Mitchell – the high-profile former chairman of AFC Bournemouth – has voiced his “disappointment” after Nationwide Building Society stepped in to take back the properties.

But he insisted his company Seven Developments would continue trading and had never missed a payment on the mortgages involved.

Companies House records show Nationwide has appointed receivers to sell two flats at The Clock in Sandbanks Road, Lilliput. Mr Mitchell said the same situation applied to four more properties on which the company had loans, originally with the Derbyshire Building Society.

“It’s a commercial loan we took out some seven years ago. It was with a commercial bank who were swallowed up by another commercial bank, which were then swallowed up by Nationwide.

“Nationwide changed the terms of the loan from making it renewable to repayable within a finite period of time,” he said.

He said when the business took out the loans with Derbyshire Building Society, there had been verbal confirmation that the loans could be renewed after five years. Nationwide had extended the terms of the loan once.

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Verbal confirmation......

and only viable if no repayments made.

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Gordon brown had given verbal confirmation that the taxpayer would have been on the hook to help hard working rentiers out

And then they changed government

Edited by Si1

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