Chapters 1-5

Under the Net begins with protagonist James "Jake" Donahue returning to England to find his friend and almost constant companion Peter "Finn" O'Finney waiting to tell him the sad news that the two of them have been asked by Jake's current girl-friend, Magdalen "Madge" Casement, to leave their apartment. The two men have been living there for free. Madge has found a new boyfriend, Samuel "Sacred Sammy" Starfield, who has promised to make her famous.

Jake protests to Madge, but she insists that not only do they have to move, they must take everything with them that day. When Jake asks where he is supposed to go, Madge suggests he contact Dave Gellman, a philosopher friend of Jake's. The two men begrudgingly depart, taking almost every article they possess with them and wandering through the streets of London in search of a roof and a bed...