Additional Mortgage Loan and the CCA? Help Pls

[tomterm8]

they would strike out the response to your counter claim (which would have the effect that you would win the case), but it is much more likely that the judge would offer them the opportunity to file an app to ammend it.

[andrew1]

Thanks Tom, I think I know what I will do now given everyone's advice, will let you know how it progress. Thanks everyone you have been very supportive. I am pealing the orange slice by slice and it is refreshing to have your views which make the picture clearer and the decision making process a finely tuned operation.

 

Enjoy your weekends whatever you are doing..

[Bona]

Personally I would be prepared for whattom said to happen it will depend on the judgewith arguments why they should not be given more time ask for your costs

[andrew1]

Can anyone tell me if this snippet from s.16 on Exempt Agreements under CCA relates to both a 1st charge mortgage Further Advances which pays off arrears on a mtg for which the original purpose was to purchase land ie: the mtg we bought our house with

 

...as well as applying to a loan taken from an alternative lender which carries a 2nd charge (in the case where your mtg Company won't give a further advance to clear arrears, but another loan company does) which also partially went to pay off arrears on the 1st Charge mortgage?

 

What I am getting at here is, this section '©' it below states I believe that ANY loan taken and used in part to pay against arrears on a Mortgage becomes exempt from being a regulated CCA Credit Agreement. Or should I say, the element of that loan that goes to pay the arrears, not the whole loan, would be deemed exempt...What does anyone feel this actually means exactly?

 

Section 16: Consumer Credit (Exempt Agreements) Order 1989 2(2)©

 

Exemption of certain consumer credit agreements secured on land

2.—(1) The Act shall not regulate a consumer credit agreement which falls within section 16(2) of the Act, being an agreement to which this paragraph applies.

 

(2) Where the creditor is a body specified in Part I of Schedule 1 to this Order, or a building society authorised under the Building Societies Act 1986[3], or an authorised institution under the Banking Act 1987[4] or a wholly-owned subsidiary of such an institution, paragraph (1) above applies only to—

(a) a debtor-creditor-supplier agreement falling within section 16(2)(a) or © of the Act;

(b) a debtor-creditor agreement secured by any land mortgage to finance—

(i) the purchase of land; or

(ii) the provision of dwellings or business premises on any land; or

(iii) subject to paragraph (3) below, the alteration, enlarging, repair or improvement of a dwelling or business premises on any land;

© a debtor-creditor agreement secured by any land mortgage to refinance any existing indebtedness of the debtor, whether to the creditor or another person, under any agreement by which the debtor was provided with credit for any of the purposes specified in heads (i) to (iii) of sub-paragraph (b) above.

 

 

Does that make sense?

 

Sarah

[andrew1]

Bumpedy, bumpedy, bumpedy, bump...

[OLIVE.FAMILY]

Hi andrew1, Sorry I cant answer your question above . I just wanted to show my support. I cant go into detail but I am also fighting the same sort of fight. Good Luck

 

olives xx

[andrew1]

Further Advance on a mortgage:

 

£10k taken the day I took the mtg out in '89 - immediately set up as further advance and a separate documentation, but lumped into the mortgage, so not a regulated CCA agreement for a £10k Loan. Documentation states reason for loan " Home Improvements" so not for other debt or purchases.

 

Anyone see any reason why I cannot state this should have been a CCA Regulated agreement?....mtg still running with same bank...

[JonCris]

Did you use the funds openly to settle other oustanding balances with the same lender

[andrew1]

No, this was a further advance I must have asked for like a 'top up' for some spare cash to do a few things to the house when I bought it. It was a new build, I didn't have debts then I was on a good salary ( even then!), but the house cost a fortune for those days and it stretched me. I really don't remember what I used it for, but it wasn't to pay this mortgage lender or any other arrears or anything like it. What I was concerned about was that if it was for a 'home Improvement' whether the type of use of the money reflected upon the fact that as a mortgage is an unregulated/exempt of CCA finance as it's for the purchase of land, would this home improvement be classed as something similar as far as a further advance on the mortgage is concerned, rather than an additional loan for say debt consolidation which would be a regulated CCA transaction.?

 

I am looking at the possibility along with some other arguments I have over another further advance, in raising this £10k that was taken way back when I took out the mortgage and stating that it should , in addition to all the other crap the bank put me through, this loan/further advance should also have been a regulated agreement and if they want I can include this in my claim against them - I am looking to squeeze every last angle out of this bank because they have not been too kind ( to put it mildly!)

 

Thanks