Uneneforceable & Voidable loans

pinknico

Sorry I mean loans which have PPI ,
PPI should be a seperate agreement shouldn't it ,with seperate monthly figure and interest and seperate signature ?
Different credit I mean , the credit that HAS to go towards the PPI and the credit that goes to the borrower to do with what they like.

petermb_2

No not necessarily. The premium for the ppi if it is optional forms part of the credit. I know lenders dress up their agreements to look as though there are two arrangements on the same document but this is not so. It is all part of the same agreement in reality.

The sheer fact that PPI appears on your agreement invariably means that you have a potential claim ( not necessarily mis-selling but technical legal issues).

marshallka

petermb wrote: »

No not necessarily. The premium for the ppi if it is optional forms part of the credit. I know lenders dress up their agreements to look as though there are two arrangements on the same document but this is not so. It is all part of the same agreement in reality.

The sheer fact that PPI appears on your agreement invariably means that you have a potential claim ( not necessarily mis-selling but technical legal issues).

Is this to do with the PPI being a total charge for credit and it shouldn't be... .

micko19

I have read the judges full verdict on this many times having downloaded.

Am I the only person in the world that thinks this half way house judgement is entirely wrong.

1. How does Telling someone a commission will be paid between 50p and £5000 negate secrecy.
2. The only way secrecy is negated is by the lender stating up front,at the front of signed agreement the value of the commission.
3. The judge is reducing the crime by awarding brownie points for the use of smoke and mirrors.
5. This is the same level of secrecy negation you would come across on Noel Edmunds Deal or no Deal..

Next time you wonder why Gordon Brown's 30 billion(our tax) dissappeared down a banking black hole.... just remember how the judiciary define negation of secrecy.....and all is clear

wishing you all a happy new year.....

micko19 :T

barryjones99

Brand new to the site, so hi to all!

Just after a bit more info/advice regarding unenforceable or voidable loans, hoping someone can help?

I have a Northern Rock Together mortgage, taken out in July 2005, the 'unsecured' loan part of which was £30,000 - is this something that could potentially be unenforceable?

Thanks,
Barry

morgan8080_2

Petermb, i have a secured loan for 35,000 taken out april 2007. I am about to have it looked at by a claims company, they are no win no fee, just got to pay £10 sar. As it is over 25k and unregulated,do you still think it is worth sending off to be looked into? if its voidable,does that mean its written off?
Also not sure if it complies yet but i am in default with it, arrears, and getting lots of charges a month onit. I looked at something i had signed they sent me and it said broker comission 0 and said admin fee £495 which they added to loan, is that right to do that and how did the broker get any thing for refering meif it says £0?will that be a lie?

homer_j_3

Sorry guys, I have not been around for a while. I will try and answer any questions that I can but please bear with me.

petermb_2

morgan8080 wrote: »

Petermb, i have a secured loan for 35,000 taken out april 2007. I am about to have it looked at by a claims company, they are no win no fee, just got to pay £10 sar. As it is over 25k and unregulated,do you still think it is worth sending off to be looked into? if its voidable,does that mean its written off?
Also not sure if it complies yet but i am in default with it, arrears, and getting lots of charges a month onit. I looked at something i had signed they sent me and it said broker comission 0 and said admin fee £495 which they added to loan, is that right to do that and how did the broker get any thing for refering meif it says £0?will that be a lie?

Hi
Usual questions
How did you get the loan? did you use a broker?
Did you include PPI?

As it is over £25,000 there are slightly different issues.

miamiink

HI there

JUst a few questions if thats ok?

MY partners got a NR Together mortgage with a loan for 18k attached (unsecured) taken out in 06. His flat is now on the market and we are wondering whether to apply for the copy of the CCA as presumably he will have to sign new documents when the flat is sold and we still have the loan outstanding. If this is unenforceable, will this affect the mortgage - will he be asked to leave and pay early exit fees on the mortgage.

Secondly, I have requested a copy of my CCA from my employer (a bank). I borrowed 18k and a staff member no paperwork was sent to me and no paperwortk was ever signed. I have requested a copy of the CCA and they called me up and said no you dont sign anything we can send you a statement and a compliments slip with the term written on. When I questioned the CCA they said they were not covered by the CCA when I took out my loan and have renewed it in the last five weeks so that means they dont have to keep accurate records? DOes this make any sense. ANy idea on what could happen as I cant keep paying this back much longer as my circumstances have dramatically changed?

~Brock~

miamiink wrote: »

Secondly, I have requested a copy of my CCA from my employer (a bank). I borrowed 18k and a staff member no paperwork was sent to me and no paperwortk was ever signed. I have requested a copy of the CCA and they called me up and said no you dont sign anything we can send you a statement and a compliments slip with the term written on. When I questioned the CCA they said they were not covered by the CCA when I took out my loan and have renewed it in the last five weeks so that means they dont have to keep accurate records? DOes this make any sense. ANy idea on what could happen as I cant keep paying this back much longer as my circumstances have dramatically changed?

I take it that they are soon to be your 'ex' employer?