London Mortgage Co

[lilylis]

Hi,

I have reading with avid interest about the 'delightful' London Mortgage Co and wondered if any of you could possibly help me with my current predicament...

My ex husband left the marital home in 2005 leaving me and our three children in a house with a huge mortgage and two secured loans on top. I was unable to work as two of my children are disabled, subsequently all repayments fell into arrears (despite my desperate attempts to get help..) and the house was repossessed. Unfortunately the house sold with a shortfall, barely covering the mortgage so left the two secured loans unpaid. At the time, the third charge on the property (welcome finance) agreed to transfer their outstanding balance to a personal joint loan between my ex and i which my ex (at the time) agreed to pay. London personal loans (as they stated as their company name) battled for months for their shortfall.

I offered to pay them the princely sum of £10 per month (which was accepted by a rep arriving unannounced at my door) but my ex neither offered nor made a payment towards it. Unknown to me he also stopped paying the loan to Welcome Finance. To add insult to injury he declared himself bankrupt last year and i have now become solely liable for both debts, totalling approximately £40,000 now.

I have sent a CCA request to Welcome but have received no response, i sent the same to London Mortgage Company and they responded stating they were not regulated by the Consumer Credit Act 1974 and that they require a £10 fee and a letter signed by both myself and my ex requesting a copy of information they hold under the data protection act 1998.

I am at a loss with this company, i have no idea what the figures were from the repossession of the house as it was such a traumatic time.

I cannot ask my ex to sign the letter firstly because he'd refuse anyway and also as there is no communication between us anymore.

Any help you could give would be great

Lily

[Last of the Mohicans]

I have sent a CCA request to Welcome but have received no response, i sent the same to London Mortgage Company and they responded stating they were not regulated by the Consumer Credit Act 1974 and that they require a £10 fee and a letter signed by both myself and my ex requesting a copy of information they hold under the data protection act 1998. Lily

 

 

Hi Lily, I'm not going to be much help here, but the phrase "not regulated by the Consumer Credit Act" rang a real bell with me, because this seems to be a mantra with London Mortgage Co. They even rattled it off as a reason why they could charge me 6 months interest as a redemption fee when I asked them yesterday.

I was always under the impression that if you supplied credit to the public, you HAD to come under the CCA - but I might be wrong, and I wouldnt mind some clarification on that point.

 

(Sorry, thats no help to you, but I'm a n00b here myself )

[lilylis]

Thank you for your reply, i have today written back to them asking exactly 'whom' they are regulated by??? and also to bring them up to speed on my ex's bankruptcy as they seem totally unaware of it..

I was under the impression that as the debt in question is shortfall from a house repo, and that house is no longer in possession, surely it automatically becomes 'unsecured'?

 

I shall eagerly (or not) await their response, and good luck with yours!

Lily