Default Notice for uunregulated loan

[transformer999]

Does anyone know if a default notice has to be served if someone has an unregulated secured loan agreement? or does the issuing of a default notice only apply to regulated agreements?

[Deepie]

Re: Default Notice for uunregulated loan

http://www.oft.gov.uk/shared_oft/bus...dit/oft140.pdf

This may help

[garlok]

Re: Default Notice for uunregulated loan

Hi T999,

If the agreement is unregulated (definitely) then I would assume that the terms and conditions as signed up to would apply. Certainly the requirements of CCA1974/2006 would not apply I would think.

However how is the agreement certainly not regulated? There were very few exceptions to the Act and even some of the more unscrupulous lenders (like all of them if they could get away with it) would try to say unregulated when it cannot be so.

Limited companies, over £25000 initial value ex interest etc are basic exceptions.

Garlok

[transformer999]

Re: Default Notice for uunregulated loan

Thanks guys, agreement is definately unregulated as it was taken out in Sept 2007 and was over £25k.

I have tried to read as much info as I can and trust me I have gone partially blind trying to get the answers lol....................BUT I am not giving up.

I have a court hearing coming soon and I up seeing if I will get sent to the gallows or not but before I go down I need to know I went down fighting.

I was served with a DN for my agreement and it does not comply with the DN regs............then again if the loan is unregulated the lender is not obliged to send a DN on an unreg loan..................but what if he does send a DN?

That would make someone assume they had a regulated agreement would it not?

[transformer999]

Re: Default Notice for uunregulated loan

Hi garlok, there is no mention of the word default in the agreement at all or in the terms and conditions. TBH I don't even know what type apart from that it is unregulated............what type of agreement I have.

Hi T999,

If the agreement is unregulated (definitely) then I would assume that the terms and conditions as signed up to would apply. Certainly the requirements of CCA1974/2006 would not apply I would think.

However how is the agreement certainly not regulated? There were very few exceptions to the Act and even some of the more unscrupulous lenders (like all of them if they could get away with it) would try to say unregulated when it cannot be so.

Limited companies, over £25000 initial value ex interest etc are basic exceptions.

Garlok

[garlok]

Re: Default Notice for uunregulated loan

Hi T999,

The loan is unregulated as such as far as I can tell then. The "agreement" will therefore be a "contract". Any case you have or being brought against you will I would think, stand or fall on the small print of those terms and conditions. You might get something from the Consumer Protection from Unfair Trading Regulations 2008 and a chat with Trading Standards might not come amiss.

The problem with all unregulated stuff is that they are just that, unregulated. In general, contract law allows anyone to put anything they like into a contract as long as they can find some fool to sign it, (no derogatory intent here bt the way just the way it has been put to me in ths past) hence CAVEAT EMPTOR always applies.

Just recently Niddy has been looking in on a thread which also has an unregulated agreement. I'll go and have a look around to find it if I can. Mught be worth a read.

Garlok

[Deepie]

Re: Default Notice for uunregulated loan

Hi T999,

The loan is unregulated as such as far as I can tell then. The "agreement" will therefore be a "contract". Any case you have or being brought against you will I would think, stand or fall on the small print of those terms and conditions. You might get something from the Consumer Protection from Unfair Trading Regulations 2008 and a chat with Trading Standards might not come amiss.

The problem with all unregulated stuff is that they are just that, unregulated. In general, contract law allows anyone to put anything they like into a contract as long as they can find some fool to sign it, (no derogatory intent here bt the way just the way it has been put to me in ths past) hence CAVEAT EMPTOR always applies.

Just recently Niddy has been looking in on a thread which also has an unregulated agreement. I'll go and have a look around to find it if I can. Mught be worth a read.

Garlok

http://forums.all-about-debt.co.uk/s...06&postcount=1
Was it this Garlok ?

[garlok]

Re: Default Notice for uunregulated loan

Thats the one mate. Many thanks.

regards
Garlok

[transformer999]

Re: Default Notice for uunregulated loan

Thanks guys I will have a look and see if I can get any help....

[BBoo]

Re: Default Notice for uunregulated loan

Is section 3 onwards of this link any use?

The Consumer Credit Act 2006 and the New Regulations

[transformer999]

Re: Default Notice for uunregulated loan

Thanks BBoo I think I have enough points and arguments for the unfair relationship test but wanted to get as mush together as possible...in case one is not enough then I need to make sure that I something else up my sleeve.

[Never-In-Doubt]

Re: Default Notice for uunregulated loan

http://forums.all-about-debt.co.uk/s...06&postcount=1
Was it this Garlok ?

Yea but no good as unregulated so cca doesn't come into things sadly.

[BBoo]

Re: Default Notice for uunregulated loan

Is it possible to post up the T&C's for us to read?

[Never-In-Doubt]

Re: Default Notice for uunregulated loan

Is it possible to post up the T&C's for us to read?

I can't as attached to form and I'd need permission. Plus they're not relevant - I guess you're asking transformer?

The one I looked at was an unregulated fixed sum contract!

[transformer999]

Re: Default Notice for uunregulated loan

Thanks guys but I belive my contract comes under contract law..........so many bloody acts, rules and regulations that you forget your head from your arse at times.

I have been reading up on some very good case law which fingers crossed will be very helpful to my situation.