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Help !!! Is my personal loan agreement enforceable ?


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I'm remortgaging away from Northern Rock and currently have "Together" mortgage and associated personal loan. I've just discovered that once I repay the mortgage the loan interest rate increases by 5% to c.13%. In my view this is completely unfair but as a first step I wanted to check whether the loan agreement is OK and is definitely enforceable.

 

Does anyone have any views ? Many thanks for any help.

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?action=view&current=nrcktogetherloanpg2.jpg

 

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All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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When was agreement taken out and how i.e. at creditor premises, home or elsewhere?

You may receive different advice to your query as people have different experiences and opinions. Please use your own judgement in deciding whose advice to take.

 

If in doubt seek advice from a qualified insured professional. Any advice I have offered you is done so on an informal basis, without prejudice or liability.

 

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Hi Josie

 

This dates from Sep 2004 and was taken out remotely - ie. I applied over the phone, they sent me documents for signature and return. I think there was a 5 day cooling off period in which I could cancel.

 

Thanks for your help.

All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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I may be missing this as I can't read some of the small print (it could be your scan or the fact I'm not wearing my glasses) but I don't see the monthly payments or the total charge for credit.

 

I also assume they have not provided you with the t&c's they refer to.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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I may be missing this as I can't read some of the small print (it could be your scan or the fact I'm not wearing my glasses) but I don't see the monthly payments or the total charge for credit.

 

I also assume they have not provided you with the t&c's they refer to.

Hi Rory

 

Thanks for looking in. I do have the t&cs. For monthly payments, there is a section just below the heading "APR 6.6% (variable)". This section states;

"Monthly Payments:

(a) Amount : such equal amount as is calculated by us and notified to you from time to time as will resullt in the then outstanding balance under this agreement together with interest at the Interest Rate being repaid during the Period of the Agreement.

(b) When Payable: On the same day of each successive month commencing on the first day of the month following 28 days after the first drawdown of any amount

© Change of Monthly Payments: Will be notified by us giving at least 7 days notice in writing following a drawdown, change of interest rate, reayment of principal or any other change which affects the Monthly Payment Amount."

 

I cant see total charge for credit either but I dont know if this is because the interest rate is variable and is therefore not required ?

 

Thanks again.

All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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Sorry to sound negative on this one. The first line of the declaration is the key. Basically while you are on the "together" mortgage both the mortgage and loan are secured on your property. If you take the mortgage elsewhere then Northern Rock will take the entire security off your deeds, hence they will charge an unsecured loan rate of 13% instead.

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Thanks Activ - I'm just trying to find out where I stand and try and if possible try and negotiate the rate, if the agreeement is OK then I obviously dont have anywhere to go.

All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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