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Ben Jones
Ben Jones, UK Lawyer
Category: UK Law
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I entered into a sale/leaseback agreement with a finance company

Customer Question

I entered into a sale/leaseback agreement with a finance company as,having already spent over 500 000 pounds on equipment for a restaurant,i needed another 100 000 to finish the works.They gave me an offer of 'finance' as they put it,but asked me to sign a sale and leaseback agreement.I also gave them a charge on a 185 000 pound unencumbered property,and a cross company guarantee from my property company.I was told categorically that when all the payments had ben made all the equipment would be back in my title.Why else would I give up so much for a lot less.Eventually the business ran into difficulty and closed.However i payed the remaining payments in one lump some.As soon as I did that the finance company gave title of all my fixtures and fittings and equipment to my landlord.I was never led to believe that those items,effectively the whole business,would never be mine again,and for such a small amount.I would have been mad to sign up for anything like that.Whats more,the agent who
Submitted: 1 year ago.
Category: UK Law
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Was the Landlord party to the finance agreement?
Did the finance agreement say you would take title to the goods?
Kind regards
AJ
Customer: replied 1 year ago.
The landlord was not party to the agreement.As for the agreement I need to scrutinise it but you must understand as a non professional in law I my understanding of the finance agreement was that we were lending money which had to be paid back over three years with interest. And that at the end of the period we would go our separate ways.That is categorically what I was told on a number of occasions,in front of witnesses(one of them is their agent who sold the product to me and agrees that in his understanding I was to get the fittings and goods back.What person in their right mind would borrow 100 000 against initially 500 000 worth of works,machinery,and fittings,pay all the money back after three years,and then have their business given away to somebody else.What would be the point in even starting it.I believe that I have been misold this finance,and so does the representative of Armada Finance who sold it to me,and will be a witness to these facts
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
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Customer: replied 1 year ago.
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Customer: replied 1 year ago.
Why have I not received a reply to my reply.I answered your questions yesterday

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