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SPML secured loan very high charges help

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I posted another thread but I really need information at the moment, I have spent the last two days now trying to figure stuff out.


I had an eviction hearing yesterday for a secured loan with SPML it was originally taken out through Ocean finance 7 years ago for £6000.


Due to ill health I have fallen way into arrears they stand at the moment at £2300 and the charges are now standing at £9500 yes you read right... they tried for possession for arrears of £11,800.


The judge was horrified at the amount of charges on the account, and said so to their solicitor, but he said that because the loan was governed by the Consumer Credit Act that they were intitled to ask for the whole amount.


The judge said to me that something had to be done about the amount of charges on the account, he gave me breathing room to pay off the arrears at £25 per month but for the next three months, by that time I should have the money to actually pay off the arrears in full.


Now the trawling about....


from what I have read the secured loan comes under the OFT because its under £25K and the date it was taken out...


I have looked at the second charge lending guidance and its rules...


I obviously need to do something about the charges, they are actually standing £3500 more than the original loan was


Now the help, I really dont know what how to start to handle this, I need some help because the MCOB rules dont actually apply here do they?


Is this the same sort of thing as reclaiming credit card charges? are the charges lawfull?


Can somebody please help get me started on this



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As far as i know if the loan is secured on a property then mcobs would apply


here is the letter to reclaim unfair late payment charges etc


you may need to amend it to suit.

HTH (Hope This Helps) RDM2006





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