Unregulated Loans Campaign

[Ruby]

For ALL of us on this forum who have had their lives made a misery by these sub-crime lenders with unregulated secured loans can we not get together and perhaps sign some kind of petition to No. 10 to have something done about this situation? I am thinking on the lines of the mess Equitable Life left their customers in.

If I had ever been explained the pitfalls of an unregulated secured loan, I would not have touched it with a barge pole, but like many thousand of others we were mis sold these products one way or another.

The Financial institution has obviously in recent times realised that unregulated loans are unfair and that is why all loans are regulated these days. However there should be much better protection for those of us who have these loans from pre 2008. Why should we be exempt from protection??

- With Equitable life it was to do with pensions
- With Unregulated secured loans it is to do with our homes

Both are extremely important in anybody's life

[Ruby]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

As mentioned on many occasions I am a techno-phobe. With the permission of Amethyst and other senior members of the site can we set some kind of petition up? Perhaps we could log onto a secured page and sign our names? I would be happy to draft a letter to Mr Cameron and have it approved prior to postage.

If anyone else has a better idea please say, I don't have much of an ego

[Amethyst]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

I think that is a good idea, although I am a little cynical over petitions, this is a bug bear of mine too, am quite fed up watching peoples lives being destroyed because of secured unregulated loans that were totally missold.

First job is to treble check the actual rules regarding unregulated and regulated debts pre and post 2008 and the current position ref the FCA with the unregulated lending market. We also have contact with an MP who is very interested in the area which could be of use.

[FlamingParrot]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

As mentioned on many occasions I am a techno-phobe. With the permission of Amethyst and other senior members of the site can we set some kind of petition up? Perhaps we could log onto a secured page and sign our names? I would be happy to draft a letter to Mr Cameron and have it approved prior to postage.

If anyone else has a better idea please say, I don't have much of an ego

Anyone can start an e-petition here: http://epetitions.direct.gov.uk/petitions/check You are required to check to see if there is no existing e-petition dealing with the same subject, once you go past the search, you can proceed to create your own. :nerd: You can then post a link to the e-petition wherever you want: you can promote on FB, Twitter, etc. as well as add it to your signature on here and you could ask others to do the same.

If you ask nicely, Ame could create a sticky as well. :typing:

[Ruby]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

I am not a big fan of petitions either to be honest but it worked with Equitable Life ( I was affected by that too). People are now getting compensation back. I am a firm believer in power in numbers.

I know obviously there is no other comparison between the two situations.

Ame, you have given me homework, which is to be expected. With regard to actual rules between regulated and unregulated loans pre 2008, you don't have nearly as many people on this site complaining about their regulated secured loans and being treated unfairly? Those with regulated loans have a better peace of mind to know that they are protected better by Authorities and that regulated lenders have no choice but to tow the line. I would rather keep things as straight forward in the first instance.

[Amethyst]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

With regards the differences, I meant simply why does a loan being unregulated mean it is detrimental, what are/were the rules as to whether a loan falls into unregulated pre and post 2008.

We also need a couple 'human interest' case studies. (there's plenty on here but would need permission off OP's) If we do this we do it properly as a campaign to have as much affect as we can.

Possibly move these last few posts into the campaigns section to work on it ?

[Ruby]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

We also need a couple 'human interest' case studies. (there's plenty on here but would need permission off OP's) If we do this we do it properly as a campaign to have as much affect as we can.

I couldn't agree more. I would be happy to 'donate' my own story. I am sure others on here would too.

The reason why these unregulated loans were popular with brokers to sell to customers was because (and this is in my experience) there were not as many checks done into for example, affordabilility (self certified) and the terms and conditions were 'tailored' to the company. Why could you only get an unregulated loan from a broker and not direct with the company? Answer is so that the company was not held 'liable' . I could go on and on. You could not walk into a branch of a bank or building society and ask for an unregulated loan could you?

Sub-crime lenders preyed on the vulnerable and desperate a bit like pay day lenders today however much worse because the loans were secured on a persons home.

[Ruby]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

Possibly move these last few posts into the campaigns section to work on it ? Good idea

[Amethyst]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

[I] You could not walk into a branch of a bank or building society and ask for an unregulated loan could you?

Well, you could if you walked into Barclays (sorry, you'd walk into Barclays to ask for a normal loan, but get passed on to a broker, who then sold you a sub prime unregulated secured loan - all without leaving the branch - such joy)



I'll shift posts to campaigns and will try get some bits together properly later on.

Original thread http://www.legalbeagles.info/forums/...to-unregulated

[Fred]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

Possibly move these last few posts into the campaigns section to work on it ? Good idea

I can go for that, it is all in one spot & easy to find..............so much work to do on this much is currently ongoing with myself especially :tinysmile_twink_t2:

[Fred]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

I think that is a good idea, although I am a little cynical over petitions, this is a bug bear of mine too, am quite fed up watching peoples lives being destroyed because of secured unregulated loans that were totally missold.

First job is to treble check the actual rules regarding unregulated and regulated debts pre and post 2008 and the current position ref the FCA with the unregulated lending market. We also have contact with an MP who is very interested in the area which could be of use.

Is the MP from the North West by any chance ?

[Amethyst]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

Is the MP from the North West by any chance ?

Nope, the South, do have have another interested?

Sorry just haven't had five minutes to sort anything out on this yet.

And the Beeb were a little overwhelmed and won't do anything....... yet

[Fred]

Re: Lenders are abusing exemption clauses to make loan agreements fit into unregulat

Nope, the South, do have have another interested?

Sorry just haven't had five minutes to sort anything out on this yet.

And the Beeb were a little overwhelmed and won't do anything....... yet

There has been two MPs involved that pushed our complaints to the PHSO, my MP is currently looking into what else he/she may be able to do to help with my ongoing enquiries especially with the silent FCA which/who are now in receipt of a complaint over doing nothing basically, they have the statutory five days to acknowledge. :tinysmile_twink_t2: It would be great if they would get their heads together on this (MPs) that is.

The BEEB get a mail at least every month from yours truly......you never know

[Ruby]

Re: Unregulated Loans Campaign

The BEEB get a mail at least every month from yours truly......you never know

I have started too.

Maybe they will get so sick of us that they will eventually sit up and take notice :tinysmile_aha_t:

[Fred]

Re: Unregulated Loans Campaign

This topic is going to cause the "untouchables" a bit more than just a headache, in fact......................