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Would Meaf Have Been Charged On A Secured Loan?
k1mmie
Posts: 833 Forumite
I had a secured loan on my property - would I have been charged a MEAF when this was discharged?
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Comments
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Was the secured loan a second charge?
If so, it would come under the Consumer Credit Act and not subject to the latest FSA regulations.
Under the consumer credit laws, the maximum ERC that can be charged for secured loans below £25,000 is one months interest.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
An ERC is different to a MEAF, but I'm sure you're aware of that.Scott0
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