A bridging loan turned into a nightmare for Polly Arrowsmith: 'they are high risk products,' she said.
A bridging loan turned into a nightmare for Polly Arrowsmith: “they are high risk products,” she said.August 29, 2023 6:00 am
She had already bought her partner out of the business that they had created, buying up his shares over a four-year period. But when the taxman investigated this, they treated her new shares as income and billed her for hundreds of thousands of pounds worth of tax. Arrowsmith finished work on a Friday evening, was told on the Monday that she had lost the business and never went back to the office again. “It was so sudden,” she said.She had a mortgage worth more than £1m, and needed help to pay her bills, so took out a £75,000 bridging loan – a short-term deal, usually secured against a property.
She was then hit with another tax bill. Arrowsmith said that after her ex-partner’s allegations, she had been treated as individual that was at risk of tax evasion, and HMRC ruled that a historic pension transfer had resulted in a tax liability worth £28,000. “I tried to strike a deal with the lender that a friend could buy them out of the loan, but they wouldn’t go for it. I paid off what I could over the course of this time – £40,000 here, £25,000 another time – but it didn’t help.”
Arrowsmith, who has been seeing a psychiatrist to help her deal with the stress of the last few years, would also warn against taking out a bridging loan unless you have a “guaranteed out”.
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