Who regulates our loan?

[andrew1]

Simple one for you empowered and enriched Caggers...

 

I had a 10k loan back in 1989,

it came with a letter saying there would be interest payable in advance and that they were obliged to inform me of that in accordance with the Consumer Credit Act.

 

I asked the lender, a High St bank, who regulated this loan - simples eh?

 

I'm told it is for me to go and seek legal advice upon the regulation of my loan.....

 

Now pray tell me who it should be who tells me who regulates my loan?

 

1)The Regulators,

 

2) A solicitor or

 

3) The lender?

 

I'd appreciate anyone answering this simple question to say why they give me the answer they do....

 

Thanks

 

A1

[caro]

Er. Surely the lenders know who regulates them.

 

And how can you pay interest in advance?

[renegadeimp]

I thought it was only loans like mortgages that had front loaded interest?

[dx100uk]

no most fixed sum loans have a fixed rate of int

 

and that sum is front loaded.

 

sri have I miss read your question?

 

dx

[caro]

Sorry but I think I muddied the water referring to interest. In post 1 the question is who regulates the loan.

[dx100uk]

if it says consumer credit act 1974 at the top

 

then the CCA regulates it.

 

dx

[andrew1]

if it says consumer credit act 1974 at the top

 

then the CCA regulates it.

 

dx

 

Thank you folks.

 

As you might have guessed from me this is not quite as straight forward as it seems. This is worthy of a thread believe me, but I need to split the hairs first one at a time so,

 

At this stage, all I need to know is who exactly is responsible for telling a customer who regulated a loan and I'll try and fill you in as to why I need to know this later.

 

The loan is not set out in quite the normal way as an Agreement document with who regulated it across the top, that's all I can say at this point.

 

The CCA is referred to thus in a letter provided the day of the 'Additional Loan', the cheque was sent for the loan amount:

 

"A repayment of £**.** is now due to meet interest which will not be met by payments made prior to 31st December this year. We are obliged to request payment of this amount in order to quote an exact mortgage term as required by the Consumer Credit Act. If you do not make this payment, the balance of your account at 31st December may be greater than the amount borrowed and the term may be consequently extended"

 

Now this is a further advance on a 1st mortgage and the payments spread over the mortgage term and attracted variable rates alongside the mortgage and always shown in their statements as a separate loan with reducing balances etc..so you can see where the complications arise.

 

Section 16 CCA exempts the 1st mortgage from CCA regulation and remember this was 1989 so before RMC's., but this is a 10k further advance initially on a totally separate account number.

 

Why quote CCA ?

 

The lender won't tell me who regulated the 10k loan, in fact they flatly refuse to tell me and refer me to get legal advice....I have, but I want the opinions of you learned people too...

 

Thanks

 

A1

Edited November 8, 2013 by andrew1