Any advice would be appreciated.
My daughters took out a together mortgage with Northern Rock in November 2006. They took a £93,000 mortgage and then a £28,000 unsecured loan.
The loan document says ‘Fixed loan agreement regulated by the consumer credit act 1974′ on the front of it.
also inside it says ‘this credit agreement is regulated by the consumer credit act 1974. sign it only if you want to be legally bound by its terms’
and ‘ The consumer credit act 1974 lays down certain requirements for your protection, which should have been complied with when this agreement was made. If they were not, we cannot enforce the agreement against you without a court order’
The loan was taken out in Nov 2006 and at this time loans above £25,000 were not covered by this act. Only loans after April 08 were covered if over £25,000.
They are not protected by the CCA 1974 and yet they were told they were, therefore is this loan written incorrectly ? Can it be claimed that it was mis sold ?