A family that has worked the same hillside farm for five generations was yesterday forced to hand over their land to an ‘ aggressive ’ loan company . Mary and Alun Williams , who produce beef and lamb for supermarkets , say their lives have been destroyed after they were tied to crippling interest rates that dragged them into millions of pounds of debt . Llangefni County Court yesterday ruled they would have to hand over the 600-acre Rhyngddwyafon Farm in Snowdonia National Park , North Wales , which the family has farmed for a century . Mary and Alun Williams ( pictured ) , who produce beef and lamb for supermarkets at their 600-acre farm in Snowdonia National Park , North Wales , have ordered by a court to hand over their land to a loan company . Mary Williams , 55 , ( pictured outside Llangefni County Court following the ruling ) said it was 'the worst day of our lives ' and claimed the couple had been 'duped by a firm that is asset-stripping farmers of their livelihoods ' Last night Mrs Williams , 55 , said : ‘ It has been absolutely heartbreaking , the worst day of our lives . We have been totally duped by a firm that is asset-stripping farmers of their livelihoods . ‘ My family and especially my sons , Iwan and Rhodri , who farm the land , face an uncertain future . I think the fact nothing has been done to stop this company is a national disgrace . ‘ I can ’ t believed we were so stupid as to believe them and trust them. ’ The Williams family say they were advised about four years ago to take a short-term commercial bridging loan to cover their mortgage – starting at rates of up to 22 per cent with the understanding a domestic mortgage rate of around 4 per cent would follow . As it did not materialise they took out further bridging loans and saw their £1.24million loan rocket to £3.1million due to fees , interest and other charges . When they were unable to pay , the firm – Somerset-based UK Acorn Finance – started legal action to repossess the farm . Farmers across the UK are being driven to the wall by lenders using lax regulation to seize properties and livelihoods , say MPs , who accused Acorn of ‘ reckless , if not fraudulent ’ practice . The couple initially took out a short-term commercial bridging loan to cover their mortgage four years ago but saw the amount they had to pay back soar to £3.1million due to additional loans , fees , interest and charges . The family has farmed on the 600-acre estate in North Wales for the last century . Pictured : Three generations of Williams in 1995 : Iwan , the son of Alun ( left ) , with his father Alun ( centre ) , who is the son Robert ( right ) Dismissing Mrs Williams ’ application for permission to appeal against the forfeiture of the farm , Mr Justice Guy Newey said : ‘ I haven ’ t been persuaded an appeal would have a real prospect of success . ' I appreciate the thoroughly unenviable position Mrs Williams and her family find themselves and I very much sympathise with them. ’ As commercial lending is unregulated , most of Acorn ’ s activities are not overseen by the Financial Conduct Authority . Elfyn Llwyd , a Plaid Cymru MP and barrister , said Acorn and associated companies had exploited farmers for more than two decades in what he called ‘ one of the worst scandals ’ he had seen . Dozens of farmers have complained to Avon and Somerset Police , saying they were victims of an organised sting with conspiring lenders , brokers and solicitors . Mrs Williams ( pictured right on the farm in 2007 ) said : ' I can ’ t believed we were so stupid as to believe and trust them ' after being dragged into debt by the loans . Pictured left : Her husband Alun working on the farm in 1986 . The couple said their lives have been destroyed by the crippling interest rates that dragged them into debt . In response to complaints it had not tackled Acorn , the force said it accepted the lender was ‘ aggressive and unpleasant ’ and had caused significant distress . It said the firm exploits a ‘ loophole ’ and called for tighter regulation . Now the Financial Conduct Authority , the Solicitors Regulation Authority and the Government are scrutinising Acorn ’ s activities . Outside court , the firm said : ‘ UK Acorn Finance has repeatedly invited Mrs Williams to enter into a constructive dialogue with it to achieve the repayment of her loans but Mrs Williams has chosen not to take up those invitations . 'That has left UK Acorn Finance with no option other than the enforcement of its loan security . ’
Mary and Alun Williams forced to hand over their beloved farm to loan firm . Couple fell into millions of pounds of debt after taking out commercial loan . Score: 6