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Secured Loan

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Comments

  • whipped
    whipped Posts: 49 Forumite
    edited 16 December 2010 at 7:24AM
    My loan agreement stated in the terms and conditions that once I signed the agreement I have no right to cancel.
  • hellnearth
    hellnearth Posts: 208 Forumite
    I thought they were now regulated by the FSA, but maybe your loan was taken out before this was the case?
    I have an issue with them re: PPI and they have just sent me a copy of their complaints procedure - write and ask them for a copy.
    In it it says:

    " If your loan is not regulated by the FSA or CCA, we believe that the Financial Ombudsman Service may not be able to look at your complaint. Therefore, you may want to refer your complaint to the Finance & Leasing Association (FLA) instead:
    FLA,
    2nd Floor, Imperial House,
    15 - 19 Kingsway
    LONDON
    WC2B 6UN
    Tel: 020 7836 6511
    www.fla.org.uk

    You have my sympathies. Three years into my repayments and they claim that I still owe them more than I borrowed :-(
    New CC starting balances for 2014: BC: £2780.00 (2717.45) MBNA: £2185.72 (2160.72)
    Repayment a/c: £112.50
    Weekly grocery spend:
  • whipped
    whipped Posts: 49 Forumite
    Does anyone know that if you have a secured unregulated loan that you have to be served with a default notice? and if so does that DN have to be compliant the same as a regulated loan under the CCA Act 74?
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