Is this a debt?

Have you signed a contract to confirm your willingness to supply the said funds?

If you have, bearing in mind that it could have been a covenant of the lease for the shared freehold areas, then you have an obligation to pay.

That said, the previous owners will have had to provide their £250 - ask them if they have had these funds returned to them. If they have, you really have not got much of a choice! If not, ask the developer to hand over the rights for the £250 previously paid to yourselves. You will probably have to pay the previous owners though once you bring it to their attention......

MC

Passing debts onto a debt collector is usually more of a threat than anything else. I suggest you speak to the debt management company and explain that you don't owe the money, and should they wish to go to court over this you will happily tell the judge your side of the story. At the end of the day most debt collectors won't touch a debt under 300-500 as it's not economically viable. A little bullishness on your part should have them stop chasing IMHO.

btw. why on earth would they need a 'float' as you put it of 25,000. Sounds like a scam if ever I've heard of one.

In message , poncho & lefty writes

Is the word 'float' your word or theirs?

If using this company and the terms of their contract were part of the covenants on the property then your solicitor should have picked this up.

I was made aware of the arrangemnt by my solicitors but then learned that this nice little earner is being brought to an end later this year.

The agents describe is as a "float, held in guarantee for payment of fees attributed to your development".

I realise that I should have sent this on a while ago but was asking if this contribution to the float was a debt that they could pursue in the usual way because the debt collection agency have bumped 62.50 in fees onto it.

I will be reluctantly be sending the 250 on tuesday.