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BearyBear

Ruined property tycoon, 63, goes on a hunger strike against bank for £10million 'mis-sold' loan after being evicted and made bankrupt

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https://www.dailymail.co.uk/news/article-6791199/Ruined-property-tycoon-63-goes-hunger-strike-against-bank-10million-mis-sold-loan.html

 

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A property entrepreneur who has been made bankrupt and faces eviction from his family home of 30 years is planning to go on hunger strike as he pleads with a bank boss to save him and his wife from ruin.

John Guidi, 63, says he will camp around the corner from the Glasgow head office of CYBG – the owner of his former bank, Clydesdale – until its chief executive, David Duffy, the Government or financial authorities step in to help.

The former small business owner, who lives near Glasgow with wife Ingrid, 49, says he will take only a tent and a sleeping bag and will eat nothing until action is taken.

Mr Guidi blames Clydesdale Bank for the collapse of his residential property business, which at its peak had annual revenues of £800,000 and owned 150 properties.

He claims bankers mis-sold him £10 million worth of loans, which came with crippling interest rate payments. He says that despite never missing a repayment, he was cut off from credit by the bank and chased for the balance at the end of his loan term.

Unable to find another lender to take on the debt, his company was put into liquidation in 2015 and, due to a personal guarantee, he now faces losing his home.

‘I am desperate,’ said Mr Guidi. ‘I’m in the last quarter of my life. I’ve been stripped of everything I worked for. And the Government, the financial authorities, and Clydesdale Bank are saying, “That’s OK.”

 

 

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Posted (edited)

Pure greed.

I never knew that they would charge me load of interest and ask for £10m of loans back, they should have rolled it over wahhhhh.

Edited by Majorpain

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If your entire business plan consists of perpetual loans you're not a businessman in my eyes, but just another cancerous product of low interest rates.

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Clydesdale were a bit unfair here. They lent a lot of small businesses money and then also sold fixed rate swaps for the duration of the loan on top. They then decided to get out of the market and called in all the swaps and expected the business owners to pay the MTM (which had soared in value in the bank’s favour). 

I guess the moral of the story is the bank is not your friend.

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47 minutes ago, leonardratso said:

cunt

Over leveraged cunt.

And the banks who lent him the money.

Commented on this on TOS.

Idiot takes on 10M of IO BTL laons for 10-15 years.

Surprised when the banks wont let him re-mortgage.

Retail banks should not be doing nay io/non amortising lending.

 

 

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4 minutes ago, Castlevania said:

Clydesdale were a bit unfair here. They lent a lot of small businesses money and then also sold fixed rate swaps for the duration of the loan on top. They then decided to get out of the market and called in all the swaps and expected the business owners to pay the MTM (which had soared in value in the bank’s favour). 

I guess the moral of the story is the bank is not your friend.

No.

If I borrow money from a bank, as a consumer, then I am more than protected.

I I borrow for commercial reasons - and IO BTL are commercial loans - then tis a different story. The law sees the transaction as between two peers. The law expects a business owner, be it Mr Patel corner shop or IBM, to seek and obtain paid for, professional advice.

Any person making a stand about unfair lending is an idiot. 

The terms of this cunts mortgages were simple - IO for 10-15 years. Then pay the money back.

 

 

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4 minutes ago, spygirl 🏆 said:

No.

If I borrow money from a bank, as a consumer, then I am more than protected.

I I borrow for commercial reasons - and IO BTL are commercial loans - then tis a different story. The law sees the transaction as between two peers. The law expects a business owner, be it Mr Patel corner shop or IBM, to seek and obtain paid for, professional advice.

Any person making a stand about unfair lending is an idiot. 

The terms of this cunts mortgages were simple - IO for 10-15 years. Then pay the money back. 

Completely agree, a manufacturing company with £10m of "assets" would normally be heading into medium sized territory with 100+ employees.  That it was all smoke and mirrors is completely his fault.

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3 hours ago, BearyBear said:

 

Mr Guidi blames Clydesdale Bank for the collapse of his residential property business, which at its peak had annual revenues of £800,000 and owned 150 properties.

Slumlord, average monthly rent £444.44 over the portfolio, the bloke is scum.

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Posted (edited)
8 minutes ago, stokiescum said:

small buisness yet has 10 mill in debt ffs lol,he is to old i surpose to learn to code.

His name does not appear on company house either.

Real fucking business man.

 

Edited by spygirl 🏆

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Does this mean 150 lucky young working class families will now be able to benefit from the cunts misfortune and buy these homes for a reasonable price from the bank?  Yeah nah, thought not...

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4 hours ago, kibuc said:

If your entire business plan consists of perpetual loans you're not a businessman in my eyes, but just another cancerous product of low interest rates.

Don't ever look into the finances of tech startups then.

O.o

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Posted (edited)
7 hours ago, BearyBear said:

He's never worked for anything, he's a speculator.

He's not an entrepreneur, he's a speculator.

Let him die on the street like others he has locked out of housing for his own gain.

jj

22 minutes ago, spunko said:

Don't ever look into the finances of tech startups then.

O.o

VCs are kind of parasites. In a fairer system they'd never be able to amass the huge capital gains that then allow them to dip further into worker's pockets.

Edited by georgist

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Hope the Mail will be covering the progress of this hunger camp each day. Would be nice to see his slow decline and eventual realisation that he’s a complete moron.

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12 hours ago, Option5 said:

I was hoping this thread was about fat Fergus.

No, thin Mr Guidi...and getting thinner by the day!

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On 11/03/2019 at 18:42, Option5 said:

I was hoping this thread was about fat Fergus.

Better hope Fungus doesn't try this when he eventually goes bust. Would last years.

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On 11/03/2019 at 11:27, Castlevania said:

Clydesdale were a bit unfair here. They lent a lot of small businesses money and then also sold fixed rate swaps for the duration of the loan on top. They then decided to get out of the market and called in all the swaps and expected the business owners to pay the MTM (which had soared in value in the bank’s favour). 

I guess the moral of the story is the bank is not your friend.

I'm not convinced these highly leveraged chancers are particularly a public good..   but if he had never missed a payment and just came to the end of the term I'm surprised there was no other bank willing to take over the loans.  If nothing else, a period of grace to off-load the assets would have seemed beneficial for all concerned. I can't believe the properties are worth any less than he paid for them.

 

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1 hour ago, Libspero said:

I'm not convinced these highly leveraged chancers are particularly a public good..   but if he had never missed a payment and just came to the end of the term I'm surprised there was no other bank willing to take over the loans.  If nothing else, a period of grace to off-load the assets would have seemed beneficial for all concerned. I can't believe the properties are worth any less than he paid for them.

 

Not convinced ..????!!!!????

These are fucking. But not so much as the fucking idiots in the banks and the BoE who oversaw it all were fucking idiots.

The story of UK 2008 has yet to be written. It will thought, as the losses and affect are going to be kicking around for another 30 years.

Ive heard from multiple people that, when a concern was raised about the expansion of banks lending 2002-2008, wqs raised in the BoE or treasury, the concern was literally beaten down by Brown and Ball i.e. they very much were active in blowing this huge fuckign bubble.

Put 2008 i context - at their most bloated, US bank assets were sill smaller than the US economy.

In 2008 RBS 'assets' were 3x the size of the  UKS economies.

MMR is a long overdue change.

Forget HTB, thats just some idiots buying shitholes in London.

I see MMR everyday - lowest number of sales.

The IO BTL have had 10 years to sort themselves out and exit. Now the gloves are off - S24.

 

 

 

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Posted (edited)
5 hours ago, spygirl 🏆 said:

Not convinced ..????!!!!????

These are fucking. But not so much as the fucking idiots in the banks and the BoE who oversaw it all were fucking idiots.

Well, yes I completely agree,  the housing/debt bubble was a complete scandal only proving that institutional and government leaders are no more resilient to group think and stupidity than Joe down the pub. In fact seemingly less so. 

My point in this case was simply that it seemed to make more sense for both parties to liquidate assets slowly rather than force a fire sale and all lose out.  I don't particularly have sympathy for Mr Garibaldi.. more surprise nobody was prepared to take on the loan. I presume the issue was him being late to the party and leveraging up at peak insanity in 2007/2008.

Edited by Libspero

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20 minutes ago, Libspero said:

Well, yes I completely agree,  the housing/debt bubble was a complete scandal only proving that institutional and government leaders are no more resilient to group think and stupidity than Joe down the pub. In fact seemingly less so. 

My point in this case was simply that it seemed to make more sense for both parties to liquidate assets slowly rather than force a fire sale and all lose out.  I don't particularly have sympathy for Mr Garibaldi.. more surprise nobody was prepared to take on the loan. I presume the issue was him being late to the party and leveraging up at peak insanity in 2007/2008.

https://www.ft.com/content/bbb81d10-5514-1

Ukar selling another trance of mortgages. NR n BnB. Both went bust over 10 years ago.

If tgeyd sold normal, 25year mortgages then thered be no issue - 50% equity, little ongoing loan risk.

Oh no.... IO mortgages....

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