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chatham-chamber
chatham-chamber, Advocate
Category: Law
Satisfied Customers: 11614
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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My husband and i took out a secured personal loan in 2008

Customer Question

my husband and i took out a secured personal loan in 2008 and in december 2015 found out that it was a non regulated loan. i have been refused help by the FINANCIAL OMBUDSMAN and FCA because off this. was wondering if you could advise me. we hadnt been getting statements and only found out that our APR has not changed from 2008.
Submitted: 6 months ago.
Category: Law
Customer: replied 6 months ago.
The agreement does not state that its a secured personal loan, how much we would pay over the term and we had been overpaying when it was with firstplus and they kept refunding as they didnt like overpayments. this does not happen with elderbridge. i dont know what the difference is with regulated and non regulated. i was also informed by elderbridge staff that under the european mortgage directive in march 2016 that my loan would change but then i received a letter stating as its non regulated then it doesnt effect my loan. they also informed me that i could take my complaint to FSO which is also incorrect. Citizen advice had looked at this loan back in jan 16 and they stated they they felt something was not right with the agreement and from then i have been trying to get answers. FSO and FCA have advised me to take the legal route
Expert:  chatham-chamber replied 6 months ago.
Is the loan secured on your main residence?Do you have any other loans secured against you main residence?
Expert:  chatham-chamber replied 6 months ago.
Hi,Do you have any evidence that you paid for these items?If so, provided you make good any damage caused when removing these items you should be ok.The issue is that if at the time you rented the property the items in question were provided, you would have to reinstall the landlord items.If you do not have these, the landlord can argue that the items ourchased by you were for the purpose of replacing the landlords items at your own cost.I hope this answers your question. If so, kindly rate the answer and provide feedback.If you have any further questions, please do not hesitate to ask.kind regards
Expert:  chatham-chamber replied 6 months ago.
Please ignore last post. This was misposted.
Customer: replied 6 months ago.
6he loan us secured against my property. We don't have any other property.
Customer: replied 6 months ago.
can you give me advice on what i should do as the loan is secured on my property but we were never made aware that it was non regulated and could you please explain what the difference in non regulated and regulated is. also should our APR/ not have gone down after 8yrs.Thanks
Expert:  chatham-chamber replied 6 months ago.
Hi,Non regalted loans do not fall under the remit if the FSA. These would generally include second charges and loans such as bridging loans.I cannot comment on why yku were not informed as it should have been the job of your financial advisor to inform you of the same.Lenders of unregulated loans usually have greater endorcement powers.With non regulated loans, the interest rate is generally higher.I hope this answers your question. If so, kindly rate the answer and provide feedback.If you have any further questions, please do not hesitate to ask.kind regards

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