Unfair relationship - second charge lender

[miliitant]

Re: Unfair relationship

its a clear case of breach of fiduciary duty

you need to inform your loan company this with the amount they owe you over the term of the loan and to release the charge on your home

you need to quote wilson v hurstanger and breach of fiduciary duty

ask them how they intend to deal with this to avoid legal action and head the letter

complaint pursuant to your complaints procedure

[figaro123]

Re: Unfair relationship

The underwriting sheet just says that the lender paid a commission to the broker of around 3000. I was not aware of it

[miliitant]

Re: Unfair relationship

The underwriting sheet just says that the lender paid a commission to the broker of around 3000. I was not aware of it

thats all the evidence you need

[Ruby]

Re: Unfair relationship

I had just got my papers back from my second charge lender (after a DSAR request) and the income we stated to them meant that together with our mortgage payments we were paying over 60% of our income on mortgage/secured loan payments! The lender was fully aware of the payments we were making to our mortgage company.

Do I have a case for an 'unfair relationship'?

[figaro123]

Re: Unfair relationship

did u do an income and expenditure on your application form and was it through a broker

[Ruby]

Re: Unfair relationship

Not a detailed income and expenditure however details of how many children we have, photo copies of mine and hubbies pay slips and details of how much we paid our mortgage company on a month basis. Photo copies of pictures of our home?! Yes we did use a broker.

In today's world it would definately qualify as irresponsible lending, however this is going back to 2007. No wonder we fell into arrears!

I do wonder if they were hoping to repossess us and make money on our home.

[figaro123]

Re: Unfair relationship

did they pay any brokers fees either hidden or otherwise

[Ruby]

Re: Unfair relationship

I am still 'digesting' all the paperwork received - will report back asap......

[darkstar1959]

Re: Unfair relationship

Hi everyone, new to this forum. Yes we are having trouble with BF, and our local Citizens Advice Buraeu are looking into it.
One thing they said to us was that some law came out that ifa loan was taken out after 2007 then Brokers fees cannot be added to the loan, and that the agreement would be unforceable. I will let you know more when we see them next.

[figaro123]

Re: Unfair relationship

any news

[miliitant]

Re: Unfair relationship

Hi everyone, new to this forum. Yes we are having trouble with BF, and our local Citizens Advice Buraeu are looking into it.
One thing they said to us was that some law came out that ifa loan was taken out after 2007 then Brokers fees cannot be added to the loan, and that the agreement would be unforceable. I will let you know more when we see them next.

you are talking of wilson v first county trust

this was where an application fee was added to the amount of credit and not the total amount of credit

the brokers fee would run in comparison to the application fee in this regards

the brokers fee can be added to the loan as long as it is included on the agreement and not hidden

[figaro123]

Re: Unfair relationship

whats the difference between amount of credit and total amount of credit

[miliitant]

Re: Unfair relationship

the amount of credit is the price of the goods say £1000 for a car
the total amount of credit would be the price of the car with interest, any insurance ppi,acceptance fee etc

you cannot inflate the price of the initial sum £1000 for the car, that stays the same as if you do change it then it will alter the figure for termination rights etc

in this case, if a brokers fee was added to the original loan amount without telling the debtor, the debtor would then be paying the brokers commission by underhand means. the lender would also benefit as well by a higher repayments

a brokers fee is totally acceptable, as long as as the debtor is informed and it is not kept covert

[figaro123]

Re: Unfair relationship

they got judgement set aside, now there will be a hearing

[suffering]

Re: Unfair relationship

i've got loads against blemain but i keep ading to the list firstly, just looking at my loan agreement with Lancashire Mortgage Corporation / Blemain it states in the terms on the first page:
The borrower acknowledges that the lender may refuse to allow the borrower to draw down the loan facillity without giving any reason and without liability on the part of the lender to reinburse the borrower any costs or liabilities that the borrower may have incurred in relience on this agreement in any relation to the property, the security or otherwise.
Sounds unfair to me

Also when i was arranging the loan i was told the signing of the agreement must be witnessed by a solicitor which of course turned out to be advised by a solicitor, Which they use in every argument "you had independent legal advice". my loan was unregulated and to be given the advice needed to understand the implications, it would take a two or three day law course explaining everything from the financial side to the law of property act. Are solicitors financial advisers, i am aware there is much talk in the legal profession about this. in reality you are told its not as good as a high street lender would offer (stating the obvious)