FCA Regulator link to reporting "unfair terms"

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

I see - so a first charge mortgage product but unregulated (over 25K) secured on land seems to be the wording the regs tend to use - is not covered as not second charge and not a buy to let mortgage either

First & second charge loans or mortgages differ by regulation only & subsequently are different animals due the way these two are regulated.................when a loan is classified as "unregulated" there seems even from the "regulators" much doubt as to the meaning.

A second charge secured loan signed before April 2008 of over £25K would not normally attract any attention from regulation because of the CCA 1974 2006 regulation changes that were implemented in April 2008.

As I understand there are parts of the CCA 1974/2006 which are lawful in any consumer agreement licensed by the regulator which in my view & others include the CCA1974 140 unfair relationships, this is a potentially contentious issue not yet clarified by the FCA or even acknowledged by the old OFT.

The big question being are "unregulated" loans prior to April 2008 partly regulated or not & why is this information difficult to come by.

[meellis]

Re: FCA Regulator link to reporting "unfair terms"

A first charge mortgage would generally be covered by FSA regulations and MCOB. Generally second charge loans/Mortgages are not covered by FSA or CCA if they were above £25,000 and taken prior to a certain date. When CCA was amended in 2006 it brought about section 140 which gave limited scope to all loans regulated or un regulated prior to this date but it only covers unfair relationships which has yet to be truly defined within the legal system. There has been a big discussion about whether 2nd charge is a mortgage but with them calling it a mortgage you are under the impression you have a different product than a secured loan.

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

A first charge mortgage would generally be covered by FSA regulations and MCOB. Generally second charge loans/Mortgages are not covered by FSA or CCA if they were above £25,000 and taken prior to a certain date. When CCA was amended in 2006 it brought about section 140 which gave limited scope to all loans regulated or un regulated prior to this date but it only covers unfair relationships which has yet to be truly defined within the legal system. There has been a big discussion about whether 2nd charge is a mortgage but with them calling it a mortgage you are under the impression you have a different product than a secured loan.

thankyou to all those contributing, its very helpful - I would like to continue to discuss here; my first charge mortgage is 1998 and over 25K and my discovery so far, after court counterclaim on repossession action, querying charges, unfair terms, unfair relationship,and misselling has been that there are no regulations that can be applied withing the scope of the current regulators, fos, fca, I can find no definitive area of regulation that covers this type of product. I agree there needs to be a very big discussion about this type of product that remains, apparently, unregulated?

I have looked at the eversheds info regarding unfair relationships - it seems that each case varies so much and the judges take different views on how to apply the reg changes. were there any fsa regulations in 1998? I dont think so, unfortunately, but some mcob regs were in place,I understand, so - quoting the very expensive barrister, GE have kindly put the charge for onto my account - 'they are only guidelines'?

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Fred - why is this information so hard to come by - I echo your concerns

[meellis]

Re: FCA Regulator link to reporting "unfair terms"

I am not in greatest frame of mind for this tonight but a first charge mortgage is a totally different beast than second charge. As far as I am aware in 98 to do mortgages you had to have an exemption certificate through section 16 I believe and I am unsure if the council of mortgage lenders had something to do with it all. There is a statute list for all the people who could perform mortgages then so that might be a place to start.

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

Fred - why is this information so hard to come by - I echo your concerns

Partly because of the general public attitude towards sub-prime lending & its complications. Another chunk could & most probably will be attributed to the government delaying regulation to save face in adversity as the cost of genuine "fairness" would beat the the costs of PPI hands down.

Speculation & ignorance have contributed massively to the problems faced by those "trapped" in such circumstance dictated by lenders it beggars belief that when a regulatory body is in full knowledge it is allowed to continue without investigation.

Some consumers push & some push harder because there is good reason & things can not remain as they are.

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

I am not in greatest frame of mind for this tonight but a first charge mortgage is a totally different beast than second charge. As far as I am aware in 98 to do mortgages you had to have an exemption certificate through section 16 I believe and I am unsure if the council of mortgage lenders had something to do with it all. There is a statute list for all the people who could perform mortgages then so that might be a place to start.

many thanks

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Partly because of the general public attitude towards sub-prime lending & its complications. Another chunk could & most probably will be attributed to the government delaying regulation to save face in adversity as the cost of genuine "fairness" would beat the the costs of PPI hands down.

Speculation & ignorance have contributed massively to the problems faced by those "trapped" in such circumstance dictated by lenders it beggars belief that when a regulatory body is in full knowledge it is allowed to continue without investigation.

Some consumers push & some push harder because there is good reason & things can not remain as they are.

many thanks I will be continuing to push

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

specifically the 'unregulated' market makes this possible -
charging £40 monthly and then adding interest despite a continuing and up to date payment arrangement for arrears reduction, interest charge on the arrears balance that is high enough to cancel out the additional sum being paid to reduce the arrears - and all while an arrangement is in place -
reason given by lender -
it was not discussed on the phone, although agreed by a court and by letter, and terms and conditions state any late payment is not considered late unless more than 10 days, and yet, using the 24 hour payment via debit card delay as an excuse to say it is a breach of an agreement, (that also doesnt exist because we are rude ot you on the phone when you try to talk to us) ????!!!

very frustrating, you would think unlawful but guess what, -
lender has racked up an extra 16 thousand for themselves and write to say 'your product is not covered by the FOS and you cannot complain to them'

shamemasdopey:

I digress - maybe I need a new thread for this?

[Ruby]

Re: FCA Regulator link to reporting "unfair terms"

I feel your frustration! For all of us with these kind of loans we are all in the same boat - totally ignored by the regulators ......... utterly disgraceful!!!

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

I feel your frustration! For all of us with these kind of loans we are all in the same boat - totally ignored by the regulators ......... utterly disgraceful!!!

Not enough consumers are using the tools available to them..........they have the information & the motivation but do nothing, my guess is most dare not even try due to the fear of repercussions.

[Ruby]

Re: FCA Regulator link to reporting "unfair terms"

I have already gone down the FCA/FOS route with no luck, just more grey hairs! I hear what you are saying though, there must be tens of thousands of us out there with the same problem. If we all shout out in one voice 'join legal beagles' who knows ? ....... :santa_wink:

[Fred]

Re: FCA Regulator link to reporting "unfair terms"

I have already gone down the FCA/FOS route with no luck, just more grey hairs! I hear what you are saying though, there must be tens of thousands of us out there with the same problem. If we all shout out in one voice 'join legal beagles' who knows ? ....... :santa_wink:

I for one will not stop until they do something.............the lenders are enforcing adverse terms, these people know it & they work for us, has anybody gone as far as a complaint or to the Commissioner yet ?

We can not keep on going settling for their petty "fob off's" the pressure needs to be on now with more questions directed at the system that quite frankly they are struggling to answer at the moment & it can only come from consumers like the the "three thousand plus" who have read at least some of this thread.

There is no "waste of time" these organisations need to decide who they are going to support & that is down to us "joe public" it does not take a genius to further your concerns just follow their own procedures it may be slow but there to be used.

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

hello and thanks, happy new year -

I have met with my MP on this matter, who wrote to my lender, but the lender replied with a lie, I have written again, received copy same reply, 'you have an unregulated product' - I have been in communication with FCA, and OFT while still in that role, FOS, who will not act, and the CEO of the lender, what have I missed, apart from taking them to court again (?) I am happy to follow through if there are other avenues..............masroll:

edit, I have also used DPA to gain copies of information I beleive has been withheld, but not upheld by ICO, as the lender stated they no longer hold information in that format and they had provided all.

[amelia33]

Re: FCA Regulator link to reporting "unfair terms"

Not enough consumers are using the tools available to them..........they have the information & the motivation but do nothing, my guess is most dare not even try due to the fear of repercussions.

you are right Fred, the repercussions usually involve repossession on spurious grounds