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Loan taken out under CCA 1974 where lender is now saying it is unregulated

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  • #46
    Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

    Sorry wrong thread

    Comment


    • #47
      Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

      Hi, just to say that I've been through the FOS process now from beginning to end. Despite the fact the Ombudsman agree we were mislead, he thought it wouldn't have made any difference to our decision (despite me clearly showing proof that CCA coverage was very important) but he felt that despite being mislead into a £250k mortgage, £100 compensation would be fair!!!!

      i have kept all my documentation and I'm happy to post it up on here (there's a lot). What I'm looking to understand now is what the lowest cost / lowest risk avenue is to get a Judge to rule on the unsecured element of the agreement. I still can't get to grips with how an agreement can say "only sign if you wish to be bound by the CCA" and then the lender get away scot free by saying "Sorry, it was wrong". Doesn't seem like justice!

      Comment


      • #48
        Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

        One of the avenues I am considering is the small claims court for breach of contract? However, I've read about this 6 year law and we first took out the mortgage in 2006 does that mean we've lost that option?

        Comment


        • #49
          Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

          Hi all

          As they say loans over £25k pre 2008 are unregulated what happens if one of these loans was signed in 2007 (on regulated paperwork), they then issue a default referring to the CCA 1974 and go to court and obtain a decree?

          On one hand they claim these loans are unregulated but on the other had they implement the CCA to take it to court?

          Any views?

          Comment


          • #50
            Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

            Originally posted by jhill View Post
            One of the avenues I am considering is the small claims court for breach of contract? However, I've read about this 6 year law and we first took out the mortgage in 2006 does that mean we've lost that option?
            No, as this was secured on property, The Limitation period is 12 years not 6.
            "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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            Comment


            • #51
              Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

              Originally posted by Bigjazzy View Post
              Hi all

              As they say loans over £25k pre 2008 are unregulated what happens if one of these loans was signed in 2007 (on regulated paperwork), they then issue a default referring to the CCA 1974 and go to court and obtain a decree?

              On one hand they claim these loans are unregulated but on the other had they implement the CCA to take it to court?

              Any views?
              It would not make it regulated unfortunately, however it would be unfair to mislead a potential debtor that they would have the protection of the act, I think a complaint to the FOS

              Comment


              • #52
                Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                Originally posted by andy58 View Post
                It would not make it regulated unfortunately, however it would be unfair to mislead a potential debtor that they would have the protection of the act, I think a complaint to the FOS
                Could I overturn the decree on the basis I was mislead that I had protection of the act? If I could overturn the decree then then this debt would be statute barred

                Comment


                • #53
                  Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                  Originally posted by Bigjazzy View Post
                  Could I overturn the decree on the basis I was mislead that I had protection of the act? If I could overturn the decree then then this debt would be statute barred
                  I think it unlikely to be honest, the sums would be due under an agreement regulated or not IMO.

                  Comment


                  • #54
                    Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                    Would Evans v Cherry Tree Finance be of use here?

                    Appreciate it may not be directly related, but possibly some use can be gained from its findings?

                    Comment


                    • #55
                      Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                      MASSIVELY IMPORTANT!

                      On the 17th of November "Declaratory Proceedings" take place in the High Court with regards to this whole debacle.


                      I am not a lawyer and so this is purely my opion and take on the matter and should not be considered a statement of fact.

                      NRAM are essentially taking themselves to court to get a ruling on precisely where they stand from a legal point of view.

                      But here's what I consider to be the dark side of things...The defendents in the case appear to be employees of NRAM! The Prosecters are NRAM whilst one of the defendent (according to their LinkedIn profile) is "Head of Unsecured Debt Recovery".

                      How on earth are the voices of thousands of mis-sold NRAM customers liekly to be voiced in such a court? This is an absolute sham!

                      Are there any moderators that can help bring this to greater light and get some heat on this case?

                      I am having to pay £50 to the high court to get the details of the Judge etc and so will update in the comings days. High Court don't except cards you have to pay cash or cheque...leaving me to call in favours from relatives to physcially go to the High Court in London so I can get this info.

                      I don't want to sound dramatical but to me this appears to be some really dark, cover-up.

                      Can anyone help? I have the case number
                      Claim 2014folio507




                      Comment


                      • #56
                        Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                        Hi, Sorry if this is a frowned upon way of bringing something to your attention but can you please read my post below.

                        Thanks!

                        Comment


                        • #57
                          Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                          Good grief

                          Will try and bring this to the attention of Mods

                          Comment


                          • #58
                            Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                            Originally posted by jhill View Post
                            MASSIVELY IMPORTANT!

                            On the 17th of November "Declaratory Proceedings" take place in the High Court with regards to this whole debacle.


                            I am not a lawyer and so this is purely my opion and take on the matter and should not be considered a statement of fact.

                            NRAM are essentially taking themselves to court to get a ruling on precisely where they stand from a legal point of view.

                            But here's what I consider to be the dark side of things...The defendents in the case appear to be employees of NRAM! The Prosecters are NRAM whilst one of the defendent (according to their LinkedIn profile) is "Head of Unsecured Debt Recovery".

                            How on earth are the voices of thousands of mis-sold NRAM customers liekly to be voiced in such a court? This is an absolute sham!

                            Are there any moderators that can help bring this to greater light and get some heat on this case?

                            I am having to pay £50 to the high court to get the details of the Judge etc and so will update in the comings days. High Court don't except cards you have to pay cash or cheque...leaving me to call in favours from relatives to physcially go to the High Court in London so I can get this info.

                            I don't want to sound dramatical but to me this appears to be some really dark, cover-up.

                            Can anyone help? I have the case number
                            Claim 2014folio507





                            Sounds interesting. How do you know about this case? Could you point me to the source please.(forget that I've got it see next post)

                            If it is being heard at the High Court it should appear in the listings the week before (which should give details of Judge etc) so not sure what you are obtaining for your £50 ?

                            How did you find out the date?
                            Last edited by Amethyst; 29th October 2014, 10:26:AM.
                            #staysafestayhome

                            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                            Received a Court Claim? Read >>>>> First Steps

                            Comment


                            • #59
                              Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                              Ok got it - attached file



                              39. Contingent liabilities
                              The Consumer Credit Act ('CCA') regulates certain classes of mortgages and loans including the majority of the unsecured
                              element of the 'Together' mortgage portfolio. As detailed in the Group's 2012 Annual Report and Accounts, NRAM did not
                              comply with the requirements of the CCA in respect of some documentation provided to certain customers with CCA
                              regulated loans. NRAM, therefore, made provisions during 2012 and the current period, for NRAM's best estimate of the cost
                              of providing remediation to those customers (see note 28).
                              Where NRAM made unsecured loans for sums in excess of £25,000 prior to 6 April 2008, the documentation incorrectly
                              stated that these loans were also regulated under the CCA. Having considered all the information available to us, including
                              legal advice and favourable adjudications by the Financial Ombudsman Service, we are of the view that such loans are not
                              covered by CCA regulation and, therefore, do not require remediation or a provision. However, to provide clarity for
                              ourselves and our customers, NRAM has commenced declaratory proceedings in the High Court to determine whether
                              customers who took out such loans are entitled to the same or similar rights and remedies as those customers who took out
                              loans that were regulated under the CCA. We expect this clarity by 31 March 2015. If the Court makes a decision adverse to
                              our position, then NRAM would consider the impact and could be liable for remediation to these customers. Any such
                              remediation would be likely to be through adjustment to customer balances. The current exposure, as at 31 March 2014,
                              resulting from this uncertainty, together with any other potential actions following a judgement, falls within a range up to an
                              estimated maximum of £240m.

                              In July 2013 the Company completed the £400m sale of its standalone unsecured personal loan book, realising a profit on
                              sale of £21.2m. Under the terms of the sale, the Company provided certain warranties. Any claims under the warranties
                              must be made by 12 March 2015. The Group's maximum liability under these warranties is limited to £35m.
                              The Company has provided a number of financial guarantees to other NRAM Group companies. The Directors do not expect
                              any claims to be made against the Company under these guarantees and hence no provision has been made.
                              Attached Files
                              #staysafestayhome

                              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                              Received a Court Claim? Read >>>>> First Steps

                              Comment


                              • #60
                                Re: Loan taken out under CCA 1974 where lender is now saying it is unregulated

                                Also here - Page 163 (attached)

                                NRAM loans
                                Prior to 6 April 2008, NRAM made unsecured loans for sums in excess of £25,000 using
                                documentation which incorrectly stated that these loans were regulated under the Consumer
                                Credit Act (CCA). To provide clarity for themselves and their customers, NRAM has commenced
                                declaratory proceedings in the High Court to determine whether customers who took out such
                                loans are entitled to the same or similar rights and remedies as those customers who took out
                                loans that were regulated under the CCA. Clarity is expected by 31 March 2015. In the event of
                                an adverse decision, then NRAM would consider the impact and could be liable for remediation
                                to these customers. Any such remediation would be likely to be through adjustment to customer
                                balances. The current exposure, as at 31 March 2014, resulting from this uncertainty, together
                                with any other potential actions following a judgement, falls within a range up to an estimated
                                maximum of £240 million.
                                Attached Files
                                #staysafestayhome

                                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                                Received a Court Claim? Read >>>>> First Steps

                                Comment

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