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Nicola-mod
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Category: Law
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I have a £40000 second charge on my property; the agreement

Customer Question

I have a £40000 second charge on my property; the agreement was dated October 2006. I believe that as it is a second charge, it falls under Consumer Credit Act by virtue of FSMA 2000; my lender insists that as it is over £25,000, it falls outside the Act. Can anybody help?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
If its a consumer borrowing and it was signed in October then it is caught by the CCA 2006 because it came into force on 30th March 2006 and applies to loans above £25k
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.
Alex, CCA 2006 received Royal Assent on 30 March 2006, but was wasn't bought into force until April 2007.
Expert:  Ash replied 1 year ago.
Let me just get onto Hailsbury's!
Alex
Expert:  Ash replied 1 year ago.
What are the details of the loan that leads you to believe it falls under Financial Services and Markets Act 2000?
Customer: replied 1 year ago.
Because it's a second charge; my understanding is that the FSMA 2000 moved regulation of first mortgages to the FSA, and anything else to OFT, ie it falls under Consumer Credit Act. There is no mention of size of loan in FSMA 2000.
Expert:  Ash replied 1 year ago.
That may apply if the OFT was still going, but it is not. It closed in April of 2014. However in your case having looked at the Regulations then as you say there is no mention of size and therefore should fall under the CCA.
Does that clarify?
Alex
Customer: replied 1 year ago.
Not really. I know the OFT has closed, I mentioned it for completeness, in that it fell under their remit at the time the contract was signed. What I need is a definitive answer or case law examples that either support or defeat my argument . All you've done here is repeat back to me what I've already told you.
Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Please continue to search. The previous "professional" was a joke, firstly giving me completely incorrect information, and then repeating back to me what I had already told her, which she wanted to pass off as her answer.
Expert:  Nicola-mod replied 1 year ago.
Hello,
I am sorry you are not satisfied so far. We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Nicola

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