first charge mortgage GE

[amelia33]

Re: first charge mortgage GE

(7) Nothing in this section affects the application of sections 137 to 140 (extortionate credit
bargains).

is it fair to say the old extortionate credit bargain arguments are harder to prove

[Guest]

Re: first charge mortgage GE

(7) Nothing in this section affects the application of sections 137 to 140 (extortionate credit
bargains).

is it fair to say the old extortionate credit bargain arguments are harder to prove

As said in theory it is up to the creditor to prove there was not an unfair relationship, but the court is bound to ask why the fairness was not questioned before, if the agreement has been running a time before it was defaulted.
Peter

[Guest]

Re: first charge mortgage GE

Hi
Seems to me that a first mortgage on a building under 25k and before 2004 would be regulated under the act, unless anyone else can explain why it would be otherwise.

Peter

[amelia33]

Re: first charge mortgage GE

48.Section 140A does not apply to agreements that are exempt under section 16(6C) of the 1974 Act. Section 16(6C) exempts consumer credit agreements secured on land that are regulated by FSA under FSMA. -

[Guest]

Re: first charge mortgage GE

48.Section 140A does not apply to agreements that are exempt under section 16(6C) of the 1974 Act. Section 16(6C) exempts consumer credit agreements secured on land that are regulated by FSA under FSMA. -

Pre 2005 agreements are not regulated by the fsa and the FSMA 2000 didnt exist in 1998.

THe definition used in section 16 6c refers to the ammendment SI introduced in 2006 2383 which came into force in 2007.

It reads

63F.

—(1) Entering into a regulated home purchase plan as home purchase provider is a specified kind of activity.

(2) Administering a regulated home purchase plan is also a specified kind of activity where the plan was entered into by way of business on or after 6th April 2007.
(3) In this Chapter—
(a) a “regulated home purchase plan” is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into—
(i) the arrangement is one under which a person (the “home purchase provider”)
buys a qualifying interest or an undivided share of a qualifying interest in land
(other than timeshare accommodation) in the United Kingdom;
(ii) where an undivided share of a qualifying interest in land is bought, the interest is held on trust for the home purchase provider and the individual or trustees mentioned in paragraph (iii) as beneficial tenants in common;

Section 2 is the relevant part

Peter

[amelia33]

Re: first charge mortgage GE

Pre 2005 agreements are not regulated by the fsa and the FSMA 2000 didnt exist in 1998.

THe definition used in section 16 6c refers to the ammendment SI introduced in 2006 2383 which came into force in 2007.

It reads

63F.

—(1) Entering into a regulated home purchase plan as home purchase provider is a specified kind of activity.

(2) Administering a regulated home purchase plan is also a specified kind of activity where the plan was entered into by way of business on or after 6th April 2007.
(3) In this Chapter—
(a) a “regulated home purchase plan” is an arrangement comprised in one or more instruments or agreements, in relation to which the following conditions are met at the time it is entered into—
(i) the arrangement is one under which a person (the “home purchase provider”)
buys a qualifying interest or an undivided share of a qualifying interest in land
(other than timeshare accommodation) in the United Kingdom;
(ii) where an undivided share of a qualifying interest in land is bought, the interest is held on trust for the home purchase provider and the individual or trustees mentioned in paragraph (iii) as beneficial tenants in common;

Section 2 is the relevant part

Peter

Hi Peter and thanks, above underlined, is this a ref to the business exemption catergories then?

I am a bit thick so you will have to spell it out - I understand that in law their is no such thing as a morgage (?) only agreements as such hene all the variations yes no such thing as fsma so wouldnt that mean 'such agreements' made prior to that are unregulated and as such are not exexmpt?

[Guest]

Re: first charge mortgage GE

No It mearly means that this is a commertial transaction by a bank buildig society etc.
Yes in my opinion
The exemption says regulated by the FSA which it isnt or under the definition of the fsma which it isnt because it is to early.
If it is under 25K in my opinion it is regulated under the act in any case i would argue that section 140 applies.
Peter

[amelia33]

Re: first charge mortgage GE

No It mearly means that this is a commertial transaction by a bank buildig society etc.
Yes in my opinion
The exemption says regulated by the FSA which it isnt or under the definition of the fsma which it isnt because it is to early.
If it is under 25K in my opinion it is regulated under the act in any case i would argue that section 140 applies.
Peter

thanks, I hope we get some definitive answers on this on the forums as it is an area that the courts at county level anyway, needs airing properly

[Guest]

Re: first charge mortgage GE

thanks, I hope we get some definitive answers on this on the forums as it is an area that the courts at county level anyway, needs airing properly

HI

I dont thik there is one to be honest. I have been looking and asking around and everyone sems to have a different opinion.

I still believe that section 140 should cover first mortguages before 2004 but i am open to debate on the matter.

As far as the court is concerned i think it is about who argues the best case on the day as far as i can see.

Regards
Peter

[amelia33]

Re: first charge mortgage GE

HI

I dont thik there is one to be honest. I have been looking and asking around and everyone sems to have a different opinion.

I still believe that section 140 should cover first mortguages before 2004 but i am open to debate on the matter.

As far as the court is concerned i think it is about who argues the best case on the day as far as i can see.

Regards
Peter

Yes, I too am more and more convinced that it should, but barristers do put up a pretty good argument. Having said that, well done to those who have successfully argued in such circumstances!!, keep up the good work!!