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Lancashire mortgage corporation

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  • Lancashire mortgage corporation

    I had a bridging loan with LMC taken out in 2005 for a 6 figure sum in joint names with my wife. It was for a business that failed. Since its inception we have never received any correspondence except the original offer letter. No annual statement, no nothing. Even emails I have sent with queries go unanswered. The debt has now been reduced substantially by me selling assets and cashing in a pension pot.

    I asked for a settlement figure at the begining of 2014. I was told £75k however I was not able to settle then. I asked again for a settlement figure in March 2015. Nothing came from them for 3 months. Eventually I was quoted a figure of £120k

    I eventually had a face to face meeting with a senior person there asking how it can change in such a short period of time. They denied having quoted £75k but I had an email confirming from them. They were not happy at that. They reduced it to £65k but only valid for 2 months. They know I cant pay it n 2 months and have no means to settle it so quickly. I asked if interest could be frozen, could the loan be capped, could the interest be capped....could you do anything so I can make monthly payments that would allow me to reduce and clear the loan. They proposed a ridiculous monthly figure that I could not afford. I made a suggested figure that they said would only go to interest payments and would reduce the loan.

    I secretly recorded this meeting. I asked what interest rate was being applied and was told it would only be a nominal amount. I have now found out the rate being applied is 12%pa. They refused to look at my income and expenditure details and bank account details I bought with me.

    I asked for confirmation of points from meeting in writing, they refused. The loan is secured as a second charge on my home. At the monthly payment they want I will be 78 years old when its paid off. I'm 56 now. Of course I will not be able to make those payments anyway after about 65 years old, if that

    Any suggestions? The FCA do not investigate indivdual complaints. How can i get them to freeze everything and let me pay the debt down over 5 years which I can do
    Tags: None

  • #2
    Re: Lancashire mortgage corporation



    • #3
      Re: Lancashire mortgage corporation

      Hi Welcome to LB,

      Lancashire again, so many stories like this, no contact, no statements and no contract.

      You can send the FCA a report on the conduct of Lancashire and I think you should do so.

      Do you know if this loan was stated to be "unregulated"?

      Have you raised the matter in the for of a Formal Complaint with them?

      A Formal Complaint obliges the recipient to full investigate and respond to
      your complaint within 56 days.
      If the Formal Complaint results in a Final Response letter then you are open
      to complaining to the FOS.

      Detail what you want, a copy of the contract, statements of the account from inception
      to the present day, and a full breakdown of the charges applied to the account.

      The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

      Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

      If you receive messages from anyone offering advice for a fee please report it to the site team.

      Animo et fide.


      • #4
        Re: Lancashire mortgage corporation

        Would all that actually change anything ?

        The offer letter does not mention if regulated or not but I suspect it isnt


        • #5
          Was the offer letter actually signed by Lancashire Mortgage. If not a recent case against them may help you.


          • #6
            This thread is 2 1/2 years old


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