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hello, hoping someone can help and point me in the right direction. In hindsight I wish i had done some reaesrch beforehand and found this site 10 years ago as now i wouldnt be in the mess that i am in so in 2008 i was in desperate need of funds. I approached a broker who introduced me to lancashire mortgages. initially i went for a bog standard mortgage but due to my circumstances and being self employed it was turned down at the initial stages. they did however offer me a secured loan. i should have seen it then that it was a trap. i took out a secured loan in august 2008 for 26k adding in fees etc it came to 30k. my payments were set @ £310 per month for 300 months in the agreement. I was stupid and desperate and didnt fully understand what i was getting myself into Having re read the agreement now (as i recived a letter a few days ago, more below) it stated in a clause that i understood that this agreement was not to be regulated by CCA. had i done my due diligence and was not so desperate i would never in a day have signed something like that. The first year went fine. all payments made. then in 2010 my employment became erratic and i started to miss payments. the usual threatening letters and calls followed and they put the £35 charges on to the account more than a few times. i always made the arrears payments as soon as i could. over that year and a half i got in total 44 call charges of £35 each and 5 £150 for letters sent for initiating proceeding and 3 for sending letters advising possession proceeding starting @ £500 a pop. It was a bad time. However i paid all the arrears off etc (not the additional charges they popped on) Since then i have always paid on time. for the last 7-8 years i have never missed the agreed payments always in the hope that i can save and pay off the damn thing (I can hope cant i?) the other day i get a letter with a break down of my payments since 2008. I was horrified that i have paid near enough £30k since then (the total loan amount) and there is still 15 years left which means ill end up paying over 90k if i continue!!!! that wasnt the worst however, they have said that my plan isnt on schedule and i have to pay £12k by mid august (given literally 2 weeks notice), to give them a call to discuss options. I literally broke down. no outline as to what that £12k consisted of and no breakdown. letter just says that i had failed to keep to the agreement (well the agreement was to pay £310 a month for 300 months which is what i have been doing) . The agreement was to make 300 payments of £310 per month which i have been doing on a regular basis for 7-8 years now with no missed payments. the APR has always stayed the same with no change even the payment breakdown shows this. Yet the interest accrued was now at £380 per month. looking at the outstanding balance its at £38k!!!! i literally broke down and haven't managed to get out of bed until now I have read all the other posts and know that it changed they from blemain to together. I need to get out of this bad situation. I always knew that i would have to make the payments each month and id have to pay the initial loan amount which was inevitable with such leaches. I was bidding my time to pay as low redemption as possible. started off at 5% and now its only 1%. also with the hope that my fortunes would turn and i would have the funds to pay the leeches off in one go. However the outstanding balance is now £38k and they want an additional 12k and thats not even redemption figures. To top it all off they have registered themselves on my property with land registry. No where on my agreement does it say thats its regulated by the CCA in fact there is a small clause on the first page which states that i understood that it wouldnt be regulated by the CCA and stupidly without understanding the consequences i signed. I thought after april 2008 that the 25k limit was lifted for such agreements to be regulated by the CCA as its what i have read on other posts on the forum? and thus am i right in thinking that my £30k loan is regulated regardless of the tactic they used to insert that clause? is my agreement regulated? can they be adding the interest like they are without even once notifying me that its increased and to advise me to increase my payments? the interest rate has always been the same since day one.. never have they contacted me to say i need to increase payments(why would the i know).. So stuck... they are ripping me off left right and centre and i dont have the will to live. bleeding me dry like leeches. What can i do?? i have to call them in the morning to discuss options but i wont say much or agree to anything as surely this must be illegal or downright immoral. i must have some type of recourse? Can some one help? shed me some light? Thank you...
Please advise. Been ripped off good and proper. Bolier broke down. Called out these people. Got told engineer would call between 9-11am, engineer turned up at 13.20 late. Carried out a 15 minute inspection. I then signed a worksheet, he then left. I realised later that there had been a charge on the sheet which I hadn't spotted. £60 labour £12 Vat. I have since paid someone else to repair the boiler British Gas. Checked my bank £ 72 gone from account. Had to leave my bank details to confirm booking. Phoned these people to ask for a refund and they said phone tomorrow and speak to a manager. The company in question are HQ based in Essex.... Please advise:mad2::mad2::mad2:
Hello Caggers, I'm trying to help a friend who has asked me for advice but I'm completely stumped. In fact I'm not even sure I'm posting this in the correct section. Friend has/had a bridging loan with Lancashire on a commercial property which was let out as an art shop. The intention was to switch to another lender but then there was the crash and she stayed with Lancashire longer than she thought. A year or so later the Tenant becomes unreliable with rent and in the end Lancashire appoint a LPA Receiver. LPA Receiver seems really friendly and states he is working for her and will take the rent and manage the property until the arrears are cleared (the rent is about 33% in excess of the monthly payment), Friend is reassured and doesn't question it. Then last week she receives a letter stating that the property has been sold! That's it. No notice of sale. No letters or calls stating their intentions. There is some money due to her but I feel she will have been gouged by 1001 people for surveys, commissions and charges. She's waiting to see how much she will get and hopefully a breakdown of charges. Any advice?