c & g and fsa ccs question

rose28454

Hi can anybody help. I have a number of loans with the C & G and one of my fixed rates has ended. I went in to arranage a new deal today but decided to go on a tracker and wait a month or 2 to see if rates come down. Anyway when he worked out the new payment it was actually more even though the rate was lower. He said it was because all Consumer credit loans have to be renegotiated because all loans are now under FSA rules. He then went onto say that if I had done this in April when one of my smaller loan deals finished it would not be done this time. Please can somebody explain how I can get roun this as I will actually be paying higher repayments on lower rates???

payless

Ben...

Welcome to these boards.. and thanks for adding the signature.. although the conduct was to provide uniform, and as such it was agreed that the other bits should not be there ( although personally I wanted the FSa number)
are you sure thats your number 433368 ... if so I see little in including anyway it as on FSA site says its " Applied to Cancel"

m_c_s

FSA reg 433368 is also registered to someone called David List
I am also a bit wary when people put telephone numbers in their profiles...

payless

fsa numbers are the firm not the individual... not always the same


yes mobile needs removing

m_c_s

payless wrote: »

fsa numbers are the firm not the individual... not always the same

Thanks that useful info.
So a group if financial advisers or mortgage advisers could have the same FSA number? If so how does the average joe check the authenticity of an individual adviser?

payless

investment advisers are listed separately, ( as indivduals connected to the firm, and also via the individual search option) but mortgage and insurance advisers are not usually , ( although many owners of small firms will list their own name as a trading name )

For example I'm actually listed as inactive on the individual search ( as refers to investment work, which I currently don't do ) , but authorised if my name is input into the firm list

To make things even more confusing , -Slightly different rules apply to people who work via networks ( as opposed to directly authorised,) or if the firm is limited company ( directors listed) or large firms when people holding Significant Management responsibilities

So does depend who you want to check - as in some cases to verify employees you might need to speak to the firm on the listed contact number

petermb_2

Consumer Credit Agreements are currently not regulated by the FSA. They are regulated by the Consumer credit Act of 1974 and supervised by the Office of Fair Trading who authorise credit brokers under Consumer Credit Licenses.

If a lender is claiming that all deals have to be renegotiated it will NOT be anything to do with FSA regulation.

In my experience it will more likely to be to do with making more money out of you.

petermb_2

sorry, gramatically as duff as C&G claiming FSA regulation on Consumer Credit Agreements.

rose28454

petermb wrote: »

sorry, gramatically as duff as C&G claiming FSA regulation on Consumer Credit Agreements.

So where do I go from here?

payless

if a straight swap sounds like his given you a duff answer- there's something else... maybe relating to fees added, term, initial interest, change in repayment method , different product type ...

I am assuming by loan you mean mortgage or further advance rather than an unsecured loan.

ask someone for an explanation, or get someone to lok closer at original quotes, annual statements & new illustration

rose28454

payless wrote: »

if a straight swap sounds like his given you a duff answer- there's something else... maybe relating to fees added, term, initial interest, change in repayment method , different product type ...

I am assuming by loan you mean mortgage or further advance rather than an unsecured loan.

ask someone for an explanation, or get someone to lok closer at original quotes, annual statements & new illustration

It is a secured loan that was for 15 years on a fixed rate of 5.99 for which the rate has ended It has gone to Standard Variable Rate and now I have been for a new deal. He explained that as it was a cca governed loan then as the fsa had changed the rules the loan had to be re-negotiated over the remaining term. There are two remaining cca governed loans and these will become fsa loans at the same time. One of the remaining loans was on a fixed rate that finished in April and went onto SVR. I had not re-negotiated this loan as it is only a small loan which I was thinking of repaying. The other is on a rate that finishes in 2011. We are going to change loan 2 to tracker aswell as loan 1. Therefore I cant understand how they can change loan 3 to FSA rules without changing the deal or payments but when they change 1 and 2 to deals on lower rates my payments go up?? Where else can I find out the rules?