Unregulated loans

[Peter Irons]

I sought a loan from a firm called Together, principally to buy a small piece of land in Cumbria. (loan for £30,000) They say that they offer auction finance. They were slow in processing my loan and made many demands (e.g. that I should get public liability insurance for the land which they were using for security as well as a house that I own. On the final day of completion someone telephoned me from Together and as a result decided to withdraw the loan. I managed to save the purchase by paying the seller an extra £1000 for another 14 days time to complete. I found another lender and completed a week late. My solicitor also more than doubled her fees. And she told me I have no legal redress against Together because it wasn't a contract. The FCA have been unhelpful, they suggested I should approach moneywise and the Citizen's Advice Bureau. I said who is the 'regulator' you or the CAB? But it seems it was an unreglated loan. To me it seems wrong that the FCA permits financial products to be unregulated. What recourse might I have. Can I sue Together for damages?

[Peter Irons]

Clearly no one cares

[des8]

Hi and welcome

Sorry. but not a case of non caring.
Unfortunately some cases are missed by posters who might have advice, but assistance on this site is from individual volunteers.

I suspect you received no responses as it seems to me there was no advice to be given, other than what you have received professionally already.

Unless you had a firm unconditional offer of a loan I don't see what you could possibly do, and even if you had such an offer one would need to see the terms & conditions before commenting.

What was said in the telephone conversation that caused them to withdraw the offer?

And I'll not be on for a couple of days so someone else might pick this thread up.

[Peter Irons]

Dear DES8

I'm afraid I have been quite stressed and angry about what happened. Yes they promised me a loan if I changed solicitor a week before the final deadline. So I reluctantly changed my solicitor.

But following that was a slow trickle of demands and further forms from them, including a DDM, culminating in a so-called security call from someone called Kyle on the final day, when I expected the money to be agreed as I had been told it would.

Kyle wanted to know more details about where I voted and if I owned my home, questions that they should have asked in the application form (as other lenders do). Two hours later I heard from the solicitor that Together were withdrawing their offer and that I have no legal redress against their decision, late though it was and involving financial loss to me.

Actually Scott said that they withdrew because of FCA rules, but was unable to state which rule. No one knows what this rule is, although I gather it's something about where I live or intend to live at some hypothetical point in the future. The FCA said I should consult the CAB or Moneywise. They said that being an unregulated loan it is beyond their remit. I suspect the financial ombudsman will say the same eventually: that it's beyond their remit.

Can you see how frustrating this is?

I will probably need further legal advice, which I will get if my complaints are rejected,as seems likely.

Peter

[Peter Irons]

I signed what I understood to be the loan agreement at the solicitors office. But if this is not a contract, bearing in mind that they intended to lend and had said they would and that it stated the loan value and what would be taken off in advance and what and when my monthly repayments would be, what is it described as? And isit impossible to construe it as a contract? Why did my solicitor not supply me with a copy of what I signed in any form?
What is section 140B of the Consumer Credit Act 1974?

[Amethyst]

Unfair relationship - do you have a copy of this loan agreement ?

[Amethyst]

Section 140b https://www.legislation.gov.uk/ukpga...9/section/140B

[Amethyst]

I wonder if you might have got flagged under money laundering rules as that might explain the utter vagueness of Together's change of mind

might be worth submitting a SAR under GDPR to Together.

[Peter Irons]

Unfair relationship - do you have a copy of this loan agreement ?

Yes I just got a copy. It is entitled Bridging Loan Agreement, but the text does say that they may make a loan.
Section P says 'By signing this agreement you request and authorise us to deduct the Acceptance fee (£800) and the costs (Title insurance £250), charges and expenses referred to above ....'

I ask them for the SAR do I?

Thanks

[Peter Irons]

Why should an agreement that binds me (by virtue of P above), not bind them also?

[Peter Irons]

I'm still fighting them and my solicitor who charged me ther full fee for the withdrawn loan.
The agreement used the words 'Together may lend' thus it's not a contract until they do lend at which point it becomes binding on me.
FCA not interested, although it's their rules that caused Together to withdraw

[Sickofbullies]

Together the worst company in the universe.

I sought a loan from a firm called Together, principally to buy a small piece of land in Cumbria. (loan for £30,000) They say that they offer auction finance. They were slow in processing my loan and made many demands (e.g. that I should get public liability insurance for the land which they were using for security as well as a house that I own. On the final day of completion someone telephoned me from Together and as a result decided to withdraw the loan. I managed to save the purchase by paying the seller an extra £1000 for another 14 days time to complete. I found another lender and completed a week late. My solicitor also more than doubled her fees. And she told me I have no legal redress against Together because it wasn't a contract. The FCA have been unhelpful, they suggested I should approach moneywise and the Citizen's Advice Bureau. I said who is the 'regulator' you or the CAB? But it seems it was an unreglated loan. To me it seems wrong that the FCA permits financial products to be unregulated. What recourse might I have. Can I sue Together for damages?