Builder Clive May to sue RBS for 'mis-sold' loan - Same miss-selling- same PG- same misery- same bank(s)

 A Flintshire builder whose company went under after he claims the RBS mis-sold him a government-backed loan is to sue the banking group.Clive May's firm ceased trading five days before Christmas 2013 with the loss of 17 staff and 13 sub-contractors from the Mold firm.

There are now calls for a review of the Enterprise Finance Guarantee (EFG), which helps small businesses obtain funding they may not get elsewhere. RBS said they could not comment.

"I left school without any qualifications and built a company with a turnover of £2.6 million, and a first class reputation”

Clive May Mr May's firm, C May Brickwork, had been operating over 30 years before it was forced into liquidation because of cash flow problems.

He blames the bank for advising him to reduce his £245,000 overdraft to £70,000 and replace it with a government-supported EFG loan of £150,000.
He says he understood the terms of the loan meant he would be liable for only 25% of the debt if his company failed and was not told that he would effectively be responsible for the full amount.

"If we hadn't lost our overdraft on the back of a mis-sold loan, we'd still be trading," said Mr May.
"I left school without any qualifications and built a company with a turnover of £2.6m, and a first-class reputation.

 
Mr May's firm was involved in building the Welsh government's Llandudno Junction HQ

Mr May's MP, David Hanson, has written to UK Business Secretary Vince Cable calling for a full review of the scheme and North Wales AM Mark Isherwood has also taken up the case. 

http://www.bbc.co.uk/news/uk-wales-north-east-wales-28853145