secured loan with my mortgage provider

[bunniesimz78]

I have a mortgage with Northern Rock for £41000 and over the 11 years have had two secured loans on top of my mortgage, I have asked for the original documents for the secured loan element of the mortgage to see if there is any way out of these, after two phone calls and three letters, they sent me some documentation which they say is not relevent to the credit consumer act 1974 as they are not regulated by this??

they say if i sent a cheque for £10 then i can have the full paperwork in accordance with the something act 1998??

 

I am confused totally,

can anyone help me on this one?? Please could I have some help responding and also are these write off's with secured loans on a mortgage successful and are there any pentalities?? i really do not think they should have lent me more on top of my mortgage cos at the time i had a 100% mortgage

 

 

any help is greatly recieved!!

 

 

cheers

 

Kelly

[bunniesimz78]

oh and sorry my mortgage is upto £73000

 

kelly

[bluedogx]

They'll be talking about a subject access request which costs £10.

 

What do you mean by write offs?

 

B

[bunniesimz78]

just wanted to know if there are flaws in these agreements, can i claim them back as unenforceable?? I will send the £10 fee with the letter that was recommended and see what happens.

 

just wondered if anyone has been successful in doing this as its on a mortgage?? and what to be looking for.

 

help i am totally clueless, although i have claimed my PPI back and in the process of trying to sort my loans out!!

 

will be grateful for any help given xxxxx

 

 

Kelly

[bluedogx]

The CCA used to only cover debts up to £25,000 which is why most mortgages were not covered.

 

it's hard to find any agreement which is unenforceable these days. You can challenge ppi and unfair terms in contracts but remember that your mortgage lender owns your house and will repossess if you stop payments.

 

I've never heard of a mortgage agreement being unenforceable. Please be careful.

 

B

[Lea_HTH]

... remember that your mortgage lender owns your house and will repossess if you stop payments.

 

Having a mortgage on your property does not mean that the mortgagee owns your house - the mortgagor owns it. But the mortgagee has a charge over it to secure their loan, and because of that, if repayments of said loan are missed, the mortgagee can make an application to the courts for possession in order to sell and repay their charge, note, it is POSSESSION not OWNERSHIP - any shortfall is the responsibility of the mortgagor - and anything left over once any charges on the property are repaid belong to the mortgagor. Transfer of ownership is done on sale - and the transfer goes from mortgagor to the new owner, at no point (usually) does the mortgagee (lender) become the owner.

 

To the OP - what are you hoping to achieve? An unsigned agreement does not negate a contract.

 

When you ask whether there is "any way out of these" is your expectation that somehow you won't be liable to repay the money you had?

[bluedogx]

Lea

 

Phrased that badly

 

X

 

B

[bunniesimz78]

I dont wish to dismiss the mortgage but the two secured loans on it, just wanted to know if these agreements have the same flaws as the unsecured loans from previously?? wanted to see if there was any way out of the secured loans not the mortgage and if the mortgage company would punish me for doing so? x

cheers

[Lea_HTH]

I dont wish to dismiss the mortgage but the two secured loans on it, just wanted to know if these agreements have the same flaws as the unsecured loans from previously?? wanted to see if there was any way out of the secured loans not the mortgage and if the mortgage company would punish me for doing so? x

cheers

 

I'm still not clear exactly what you are asking for help with. So please answer the following questions:

 

1. How much is the mortgage for? Are there arrears?

2. How much is the first secured loan? Are there arrears?

3. How much is the second secured loan? Are there arrears?

4. What unsecured loans are you referring to?

5. What do you mean by 'a way out' - are you hoping to avoid repaying the loans?

6. Clarify what you think the mortgage company could do to 'punish you'?

[bunniesimz78]

I'm still not clear exactly what you are asking for help with. So please answer the following questions:

 

1. How much is the mortgage for? Are there arrears?

2. How much is the first secured loan? Are there arrears?

3. How much is the second secured loan? Are there arrears?

4. What unsecured loans are you referring to?

5. What do you mean by 'a way out' - are you hoping to avoid repaying the loans?

6. Clarify what you think the mortgage company could do to 'punish you'?

 

hi there,

ok here goes

1. the mortgage is £73000 with no arrears, have had some in the past tho but its now upto date paying interest only at the moment because i lost my job last year.

2. first loan was for 12k with no arrears

3. second loan was 15k with no arrears

4. have other debts which are unsecured

5. was hoping if i could prove the secured loans had flaws to avoid paying the loans

6. i was thinking they may ask me to find another mortgage provider or maybe force me to sell the house for this....

 

 

cheers hope this helps a bit

[Lea_HTH]

Okay - well, you're not going to be able to avoid paying those loans. They are secured on your property, and even had the agreements been faulty, it would simply make them voidable - which would mean that you would have to repay the money that you received in the first instance. You may, of course, be able to reclaim any interest/charges that were paid. However, it is far more likely that you will be deemed to have accepted the terms of the loan by conduct, that is, the mere fact that you accepted the money, and then made the repayments in accordance with the agreement that you are now hoping to say is flawed, may be sufficient to make the agreement stand. If the agreements didn't stand on that basis (very unlikely to go in your favour), then the secured loans would become equitable.

 

In short, you have to repay the money you borrowed.

 

The only way they can force you to sell the property to pay the loans (all of them) is if you get into arrears and they take you to court and gain a possession order.

[bluedogx]

You would be better phoning national debtline cccs or payplan about the unsecured debt and try to keep your mortgages paid.

 

B

[iconoclash]

Hi - are you saying that the secured loans are with the same lender - that they are add ons to your mortgage ? Who is this lender, a company that has given you a first charge loan that is unregulated and then two further loans later on??

[bunniesimz78]

the lender is northern rock, i had all the documentation through as requested but dont know what to do from here and I think it is probably best I dont try and contest it??

[dx100uk]

Hi - are you saying that the secured loans are with the same lender - that they are add ons to your mortgage ? Who is this lender, a company that has given you a first charge loan that is unregulated and then two further loans later on??

 

interested in what you are thinking hear camp. i have a £60k mortgage [int only] & a secured £15k loan with the same lender and the secured loan is an add-on [sub account] of the mortgage.

 

dx