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do second charge mortgages fall under CCA 1974?


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Hi I'm sorry but have just been reading through my so called "agreeement for a second charge mortgage with First Plus and there is no mention whatsoever what act the "agreement" applies to, is there anyone who can tell me or can they just make up whatever terms just to please them selves?

 

 

Depends on how much the loan was for and when it was drawn down.

 

Consumer Credit Act 2006 - BERR

"6 April 2008: the Office of Fair Trading’s (OFT’s) new strengthened licensing regime was introduced, the Consumer Credit Appeals Tribunal (for appeals against the OFT’s licensing decisions) was established, the financial limit (of £25,000) was removed so all new credit agreements (unless specifically exempt) are regulated, and the Unfair Relationships Test was extended to all existing credit agreements."

"all new credit agreements" (not exisiting)

 

 

If drawn down before 6 April 2008 and over £25,000 - no (except unfair relationships)

 

If drawn down after 6 April 2008 - yes

 

However, some caggers have been know to translate it differently to the OFT

Edited by cagger80
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1st credit agreement 32k plus 7.8 k PPI may 2006 second loan 56.5 k 13.5 k PPI loan June 2007 now before i discovered CAG i used a company to reclaim PPI and accepted an "enhanced rebate" from FP for approx £6000 for second loan not realising i would still be paying interest on the PPI (have since told said company to F.O.) for reasons best left to ourselves... and suceeded!) anyhow now have complained to FOS and First Plus saying am refusing to pay interest on ppi and withholding payment but paying approx £80 per month into seperate bank account and 500 per month towards loan , have told FP of this but still red castle are threatening me with reposession until they answer my query, I realise this is all long winded and if you need further clarification please ask... I'm going to take this all the way... please point me in the direction of "unfair relationships" have read on CT online that First Plus have lost a similar case

 

many thanks

 

am not afraid............

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mind u.. I may seem to be rambling here after reading the guidelines.... the main crux of my complaint with first plus is i beleive they have done me an injustice by not divulging the full details of their offer..... I'm going to have them on this one.....otherwise i'll just emigrate... I'm an Australian citizen and my wife is a newly qualified nurse,..... will let you know... so far my complaint was lodged 20/10/09 delivered 21/10 (signed for) and so far ignored but red castle and whatever legal department they use!

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