Funds4Business court win
A Bedfordshire businessman has won a court case against loans facilitator Funds4Business.
Paul Duncan, from Luton, was awarded the £350 "administration fee" he paid to the company after they failed to provide him with a loan.
Duncan now says MA readers waiting on similar refunds should follow his lead and head for the Small Claims Court.
"Going through the courts is the only way," he said. "It's the only way to stop these people from fleecing the public."
Duncan won a County Court Judgement against Funds4Business two weeks ago and is now ready to send in the bailiffs to recover his money.
"I haven't received a penny," he said. "Now I'm going to issue a warrant of execution to get the bailiffs in - you can bet they would do the same to me and they need to pay their debts."
Duncan had problems when he tried to a buy a Northampton food outlet and went to Funds4Business for a loan.
After the money failed to materialise he asked for the return of his admin fee. The firm said he had failed to respond to calls from lenders so they had closed the file. The court disagreed and awarded Duncan £412.81 after factoring in interest on the debt.
Steve Reed via email, 29/03/2006I won a similar judgement against Gateway Finance but was unable to get the bailiffs to get funds from the Company. They were sent to the address on 2 occasions only to be rebuffed as no longer on the premises.They were still trading but the bailiffs were easily thrown off. I would be pleased to see an update ..did the bailiffs succeed or do the owners of Funds4Business continue to strip publicans of their money?
If you have had delaings with Fund4Business, or Gateway Finance. Were they helpful to you or do you have a similar story to Paul Duncan?
We'd like to hear from you and share your story with other publicans Click here to email us your comments.
