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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 6426
Experience:  Solicitor
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I have applied for a secured loan which is unregulated and

Customer Question

I have applied for a secured loan which is unregulated and have been asked to sign to state that I have not taken the opportunity to obtain advice
Assistant: Where are you located? It matters because laws vary by location.
Customer: London
Assistant: Has anything been filed or reported?
Customer: no
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: if depends on what she will need to know
Submitted: 8 months ago.
Category: Law
Expert:  Jamie-Law replied 8 months ago.

Hello my name is ***** ***** I will help you with this.

What is it you would like to know about this today please?

Customer: replied 8 months ago.
I have applied for a secured loan on a property and the product is unregulated, I have not sought independent legal advice and have now been asked to sign a statement that I have not taken the opportunity. What should I be concerned about with this product, the fees look high but the other terms look ok to me,?
Customer: replied 8 months ago.
I would prefer the answer in writing, if possible thank you
Expert:  Jamie-Law replied 8 months ago.

You know it doesnt carry protection if you want to redeem early etc.

That means that if there is an early redemption charge, you are stuck with it.

Also their fees are not regulated and likely to be higher than a regulated agreement.

In addition if you breach the agreement, the requirements that they have to follow are different. Regulated there are certain steps, non regulated they just give you warning and apply for possession for an order for sale.

Those are the main differences.

Can I clarify anything for you about this today please?

Expert:  Jamie-Law replied 8 months ago.

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