Northern rock loan over £25,000

claret_mike

I believe that £25k limit was removed in Apr 2008 - even though the act was updated in 2006

Refund_me

Speaking to a legal friend today he seemed to be of the view that the paperwork would not be the golden source and that in fact the CCA guidelines would be the deciding factor - so basically as the CCA rules stated the 25k limit - that is what would decide if the loan was protected or not and the paperwork would not be important. Was an interesting view and not what I expected.

He linked me to a case where someone challenged this - in order to have time to pay but this was denied by the court.

Here is the thread he pointed me to, an interesting read and by no means a definite answer.

As a new user I cannot post links - seems a shame

claret_mike

Thats interesting. Could you post the link in parts with gaps in it so we can put it together?

downhiller

http://www.netlawman.co.uk/info/consumer-credit-act-2006.php

The Consumer Credit Act 2006 came into force on 6 April 2007

Removal of financial limit: The Act will apply to lending (consumer credit and hire) up to any amount that was £25000 before. However, this limit will still be retained for business lending

Refund_me

Not sure if this is allowed but I am not posting spam so hopefully I will not get banned!

need to put www before this

legalbeagles.info/forums/showthread.php?37389-Loan-taken-out-under-CCA-1974-where-lender-is-now-saying-it-is-unregulated

lizards

Thanks!

Linked for others to make it easier to click: http://www.legalbeagles.info/forums/showthread.php?37389-Loan-taken-out-under-CCA-1974-where-lender-is-now-saying-it-is-unregulated

downhiller

No real resolution on that thread, just opinions.

I envisage two scenarios

A) those of us with 25k+ loans get the interest refunded
Or
NRAM refuse to give us the protection the CCA affords borrowers and we then go after them for mis-selling

claret_mike

Agree and a lot of these arguments/challenges are being made by people who have had debt issues as far as I can see..

Could be interesting and I agree with downhiller that these are the 2 outcomes.

downhiller

http://www.bbc.co.uk/news/business-20754265

rmart

looks like our emails did the trick. Lets now see if we can find a lawyer willing to go no win no fee.