Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
Mortgages normally are not regulated by the Consumer Credit Act 1974.
However, Francis Bennion, who was the author of the CCA1974 points out that second mortgages, top-up loans and other products offered by mortgage companies and secured on property may well do.
In his paper on Section 18 (which covers 'multiple agreements'), he specifically includes the example "A mortgage company (M) wishes to float a Scheme under which it would offer its existing borrowers a further advance facility combined with refinancing. M wants to call this a ‘Topup Loan’."
He goes on to explain that the part of the loan covering the further advance (if it is less than £25000) is regulated by the CCA 1974 and must comply fully with that Act. Furthermore, the two parts of the loan agreement must be treated as seperate agreements. If this is not done, the agreement covering the further advance would be unenforceable.
This fact could obviously be of great interest to people having problems with mortgage and other loan companies and may well provide a route to prevent repossession, etc.
I have started a thread in the Mortgage Companies forum but there are companies offering such products that are not just morgage companies. If you have a second mortgage or top-up loan with one of these, have a look at the thread http://www.consumeractiongroup.co.uk...ml#post1920626
I have closed this thread here to keep discussion in one place.
Using CAG Toolbar will generate much needed income - Download Here
Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial
My Wins
GE Money Won unconditionally May 2007 NatWest Won unconditionally August 2007 BrighthouseWon unconditionally August 2007 GoldfishWon unconditionally April 2008 (including CI on the basis of Sempra) Clydesdale Financial Services (now BPF) Won unconditionally February 2008
Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.
Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.
Second Mortgage?Top-up loan? You should read this
companies and secured on property may well do.
