LTV exceeding 125% at Application

[Fred]

Re: LTV exceeding 125% at Application

The FOS is part of the Advanced Dispute Resolution which most licensed providers are signed up for in the event of a complaint that can not be mutually resolved. (ADR)

What LTV breach do you write about, as in what do you believe they (whoever they are) have breached ?

You have tried several times, what did the FOS state ?

[hughesee]

Re: LTV exceeding 125% at Application

Max 125% LTV breach lending 43500 takes it to 130% LTV not the 125% max they would lend.

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FOS states not regulated can't take it on

[Fred]

Re: LTV exceeding 125% at Application

Again, where do you get your 125% (limit) from, why is there a breach & more importantly a breach of what ?

A (standard) second charge consumer loan initiated in 2007 "unregulated" or not falls within the scope of the ADR provided by the FOS.

[hughesee]

Re: LTV exceeding 125% at Application

125% was the max they would lend.
If you claim this why have the FOS refused to take it on

[meellis]

Re: LTV exceeding 125% at Application

I am unsure how any rules have been broken only guidelines. To have a case seriously considered you would have to prove the hardship or unfairness that has been created by them lending the funds. At the moment they will just say that the guidelines for responsible lending was 125% but we assessed the application and decided we would take the risk. That is what non-conforming un-regulated lenders do and charge high interest for doing so. You accepted the funds and had the benefit of using these funds. Unfortunately, for whatever reason the security for the loan has been repossessed and the funds cleared the first mortgage and left little to pay the second charge if anything so know they are out of pocket for lending money for you to spend how unfair is that on them. Like I have said I am a victim of these types of lenders myself so I can certainly understand the position you are in but where is your story of the hardship you have been put under by borrowing too much, where is the story of you being encouraged to borrow more than you wanted because they wanted to make more commission from you or the falsifying of documents so that you could borrow more than they wanted to lend. At the moment it just looks like you were allowed to borrow the amount of money you wanted at greater risk to them and they are left picking up the tab if anybody was to judge upon it.

[Fred]

Re: LTV exceeding 125% at Application

The repossession is why the FOS refused to intervene. They do not have the power to overrule a courts decision, it is nothing to do with the loan being "unregulated".

They (FOS) do however, have the power to deal with matters that were "not" part of the ruling.

[meellis]

Re: LTV exceeding 125% at Application

I don't want people to believe that there is nothing that can be done because I feel this loan, based on the brief facts given, seems hugely irresponsible. But it seems irresponsible to both the lender and the borrower, why would the lender lend so much without the security? The one thing I am sure of though is the establishments view still seems to be that we have borrowed too much not that we have been lent too much so we are always starting from a position of turning some of the blame onto others. This loan must have been requested, assessed, approved and accepted with full knowledge of the position, a lot of processes. I read or hear to often the replies from the various legislators the basic facts that the funds were accepted and spent and payments had been kept up indicating that the borrower had use for the funds and could afford them. All of us need to not just tell the authorities what we think is wrong but really demonstrate it so they cannot use easy excuses to get out of doing their jobs.

[wales01man]

Re: LTV exceeding 125% at Application

Many of us had this high LTV loans and accepted the extra money and used it for whatever We are as much to blame as the lenders and brokers we were all greedy .
when things go tits up some are to keen to blame others where in reality we signed and accepted the loan without a gun being held to our heads so why look elsewhere look closer for a person to blame

Been there got tee shirt lost house lost businesses got depressed but came through without the need to moan just getting on with life

[charitynjw]

Re: LTV exceeding 125% at Application

Many of us had this high LTV loans and accepted the extra money and used it for whatever We are as much to blame as the lenders and brokers we were all greedy .
when things go tits up some are to keen to blame others where in reality we signed and accepted the loan without a gun being held to our heads so why look elsewhere look closer for a person to blame

Been there got tee shirt lost house lost businesses got depressed but came through without the need to moan just getting on with life

Hi wales01man,

I agree with you to an extent.

However, these jokers use every enticement possible to get people to borrow.

It's not the loan that makes money, it's the punitive charges, coupled with compound interest, which pushes the envelope.

The OC then folds the agreement, gets insurance for the bad debt, & even sells the debt on for a modest profit, at no loss to them.

In steps the Debt Purchaser who buys it at a discounted price, & goes for the jugular.

It used to be called usury.........& yes, there was, time back, a law against it.

[Fred]

Re: LTV exceeding 125% at Application

I feel comfortable in writing that most of these type lenders have abused their position at some stage, when you read the SCLG & compare to the nightmares some consumers are going through it becomes far more apparent. You simply cannot have an agreement that is heavily in favour of one side, there are or should be equal rights in any agreement.

Regulation has made matters worse for these consumers not better by lack of transparency & a basic lack of any interest in what are some of the most severe breaches of the guidance at the very least. Consumers with these loans have been left to the mercy of fate. Nobody cares & the lenders know this.

Had I not done what I have to date then, my critically ill partner & myself would have been thrown out on the streets ready for the state to pick up the tab & its certainly not over yet.

The last time I was in front of judge on this subject he said, "an unfair relationship does exist & you have presented this well however, you need to get some professional assistance on this as I, have no idea where this may end up & that, is all I can tell you"

[hughesee]

Re: LTV exceeding 125% at Application

Ah well we will go Bankrupt then so they get jack diddle squat....

[Fred]

Re: LTV exceeding 125% at Application

I know for a fact that some consumers have managed to get or are in the process of achieving some form of agreement that avoids what you mention in your last post.

[meellis]

Re: LTV exceeding 125% at Application

I don't know your full circumstances so take proper advice before bankruptcy but some people fight for years and end up going bankrupt anyway. You might have a way of fighting these things but you will have to prove things.

[hughesee]

Re: LTV exceeding 125% at Application

Not fighting anymore....they couldn't be bothered to address our concerns and just ignored every single complaint we raised...so they repossessed the property and stand to recover zero as its in neg equity..shortfall into Bankruptcy bye bye...

[meellis]

Re: LTV exceeding 125% at Application

If you had real concerns of merit and they ignored them then you might have a case but it really depends on so many things and what you have posted so far obviously isn't full of the right information. I haven't been repossessed but I am getting over bankruptcy. In hindsight there are some things I wished I had fought harder for and some things I let go of sooner so while you have the chance really evaluate everything and make sure you are ready for the decision you make. They cant take what you haven't got but you might lose more than you want depending on your decision.