havent been on here for a long time but here goes

My father in law took a loan out in 1990 with consumer loan company ( now defuncked) for £50k interest only.

the loan was fully repaid after 5 years and transfered onto another loan ( Repayment) which had a charge on his property.

After quite a few years when the loan had gone down to about 10k

I took the paperwork down to a solicitor

who told me that although the loan agreement was not legal

the fact that it was over 25k meant that he could not claim against C/ loans.

He started to get calls from CEO asking if we wanted to make a small paymet to clear the dept.

At this point I smelt a rat as I have never known a bank to except a lesser amount.

Just as we were about to start sniffing as to why they were trying to do a deal Consumer loans then disappeared.

Last year he got a letter from manchester building society saying they had taken over the loan and they wanted to arrange a payment plan.

I took some advice verbally from a solicitor to say that they were probably time barred and that unless we acknoledged the dept they would not be able to claim.

but that didnt get over the fact there was a charge on the property that needed lifting.

three letters later

the last one threatening legal action with a copy of an agreement dated 1990 and for 5 years makes me think

A they dont have a legal agreement and are trying it on and hoping we are stupid enough to pay them.

B dont realise that maybe we have a potential claim.

The fact that they have sent this agreement says to me there is something fishy going on.

Somepnes thoughts please.

is the charge in their name?

A confusing post....

" the loan was fully repaid after 5 years and transfered onto another loan ( Repayment) which had a charge on his property.

After quite a few years when the loan had gone down to about 10k "

If it was fully repaid why was it transferred onto another loan?

Because it was over 25K the agreement was unregulated..why do you think its not legal?

The charge would have been placed as security at the time of the advanced (unregulated secured loan) it can never be statute barred as they already have security with the charging order on the property?

Regards

Andy

Above is the agreement they sent.

My Questions are

! is the document legal?

2 is there anything that can be claimed?

3 Have they got all the legal right to claim back what they are asking?

yes the charge is their name but one of them has sadly passed away.

no is the legal charge in Manchester BS's name on land registry.

nice bit if PPI to reclaim there too..

I dont know but but Manchester building society have only just come on the scene, so the answer would be that no they wont be on the charge. Ther is something very funny going on, which make me think it isnt straight forward for them.

its called fleecing.

if their name is not on the charge then tough luck on them.?

dx

If the debt has been legally assigned to Manchester BS then they are entitled to pursue the debt ...the Charging Order secures the debt as its a secured loan and was placed at the time of the advance and therefore part and parcel of the debt and assignment.

If you could answer my previous post then we will try to resolve the queries you have with the agreement.

Andy

Hi Andy,

it was originally interest only

then I think it was changed to repayment

but we dont have any paperwork,

they only just sent the interest only agreement through.

Not the agreement after.

I suppose I need to SAR them ??

About 10 years ago I took the second agreement to a solicitor who said that he didnt feel that the paperwork was right but that because it was over 25k the was no way to fight it.

But I now know that that 25k has risen?

Yes do a DSAR...may be tricky though as you state the OC is no longer.

sorry OC???

Original Creditor = Consumer Loan Company

Where do I find the library to get a SAR template?? not been on here for a long time.

Also is there PPi on this agreement??

Cheers

the £5k consumer protection plan plus insurance of £250, were they paid?

If so reclaimable if not fully explained.

get a copt of the house deeds from the Land registry (£3 online download) and see if there is a charge and whose name is on it.

If it isnt the people asking for money then they need to show a proper assignment and then explain why FiL and the LR werent properly informed.

It may well be that they have got it wrong and the debt has gone with CLC

Where do I find the library to get a SAR template?? not been on here for a long time.

Also is there PPi on this agreement??

Cheers

http://www.consumeractiongroup.co.uk/forum/showthread.php?387306-Full-Subject-Access-Request-**Updated-January-2015**

What does seem funny was there was a second agreement signed which was repayment and they havent sent that agreement which is the one that is current. the one that they did send has been fully repaid!!!!

Just got this back because it was under the 1974 credit agreement is it enforceable???

Why would it not be ?

Did you get land registry record regarding charge ?

Do you have a full list of all transactions on the account ? If the oustanding balance is £12k ish, then payments have been made over the years. When did they stop paying ?

The chrage is for consumer loans

and yes I have all transactions the last payment being in 2008

but the loan is agreed with no interest at all nil.

and it did have 250 pounds of ppi included in the loan.

so from what your saying then I will have to pay a negotiated amount.

So the charge includes this loan that is outstanding ?

If so, whether you pay depends on what was agreed previously with the lender.

If you agreed to make repayments and you are in breach, are they threatening action ? Or are they prepared to wait ?

Why not write to Manchester BS, just saying that you are very confused about the current position and would they write back with a full detailed explanation.

so the charge is not in their name then

interesting...