FISA Question please

[andrew1]

Hi.

 

Can anyone tell me if Lender is a FISA Lender, would their documentation in their numbered leaflet they send out when someone takes a 2nd charge secured loan be valid if the loan is Unregulated?

 

I was under the impression FISA related to regulated Agreements only, not Unregulated, as Lenders argue they can do anything they like (almost) when the loan is Unregulated.

 

The lender supplied both regulated and unregulated loans and were a FISA Lender as they suggest, but claim they sent out a fisa booklet (which nobody ever seemed to get from my knowledge of speaking with other account holders), but they are now quoting from that booklet when the loan in question was Unregulated.

 

My argument is that the FISA booklet only relates to regulated agreements - am I right or am I wrong....?

 

 

Thanks

[sequenci]

Who is Fisa?

 

Do you mean the FSA?

[andrew1]

Hi sequenci, no, I don't mean FSA, this is the Finance Industry Standards Association.

 

Lenders send out a booklet laying out guidance like this one:

 

[ATTACH=CONFIG]46622[/ATTACH]

 

A1

[lookinforinfo]

Hi Andrew-how are you?

 

I guess you know that FISA closed down/merged back in 2009 or so? I did manage to find their financial booklet here -http://www.colonialfinance.co.uk/stationery/Borrower_Info_Guide.pdf but not sure

if it is the same booklet that your lender is referring to. No mention of unregulated loans -just secured or unsecured ones. [i note your old friends at Swift Advances were members of FISA..........].

 

Here is another website that explains the unregulated market a bit and where you might be able to challenge them on UTTCR. http://www.jgrweb.com/downloads/JGR-Short_term_lending.pdf

 

FISA appeared to have merged with the Association of Finance brokers so you might get some help there.

[andrew1]

Hi Andrew-how are you?

 

I guess you know that FISA closed down/merged back in 2009 or so? I did manage to find their financial booklet here -http://www.colonialfinance.co.uk/stationery/Borrower_Info_Guide.pdf but not sure

if it is the same booklet that your lender is referring to. No mention of unregulated loans -just secured or unsecured ones. [i note your old friends at Swift Advances were members of FISA..........].

 

Here is another website that explains the unregulated market a bit and where you might be able to challenge them on UTTCR. http://www.jgrweb.com/downloads/JGR-Short_term_lending.pdf

 

FISA appeared to have merged with the Association of Finance brokers so you might get some help there.

 

Wow, where u bin? LOL

 

I just popped an email off to AFB before coming back on so we are still in tune and I downloaded that booklet from the same site ....

 

Thankfully I'm out of Swift now for good and good riddance too, nasty feckers they are.

 

I just need to find out if there is some dividing point in their (FISA) operation because if you read the AFB website it stresses CCA loans, but I really need to split hairs here. FISA was really for Lenders and brokers as companies rather than splitting loans into separate categories, but I am doing what I do and splitting hairs again.

 

Anyone from a brokerage or having had dealings with these people might know.

 

What are you up to these days?

 

Good to hear from you anyway and I trust you keep well?

 

A1

[sequenci]

I've never heard of FISA or the Association of Finance Brokers. Considering I work in the industry I find that amazing.

[andrew1]

I've never heard of FISA or the Association of Finance Brokers. Considering I work in the industry I find that amazing.

 

I have 30 yrs in financial recruitment sequenci, I'll pop over my email address and perhaps you can send me your cv.?

 

A1

[sequenci]

I have 30 yrs in financial recruitment sequenci, I'll pop over my email address and perhaps you can send me your cv.?

 

A1

 

Haha!

 

I learn something new everyday in this gig. I assume they don't really have much authority in anything?

 

There really should be greater regulation for secured loans + the recent changes to the financial limits of CCA regulated agreements goes a long way to achieving that.

 

It still doesn't help people with older secured loans though.

[andrew1]

I couldn't agree more.

 

I don't think many have heard of fisa either tbh, but these lenders are happy quoting from their brochures when it suits them. There's nobody I knew with sub-prime loans who have said they received one of the brochures, but they are all apparently numbered and it is quite a convincing argument for the lender. Difficult when in court trying to say you hadn't received one when the document is sequecially numbered.

 

But I still need to know the answer to the original question so if you have any colleagues who might know, I'd appreciate it....

 

Thanks, enjoy your evening.

 

A1

Edited September 27, 2013 by andrew1

[sequenci]

I'll ask about for sure

[lookinforinfo]

Wow, where u bin? LOL

 

I just popped an email off to AFB before coming back on so we are still in tune and I downloaded that booklet from the same site ....

 

Thankfully I'm out of Swift now for good and good riddance too, nasty feckers they are.

 

I just need to find out if there is some dividing point in their (FISA) operation because if you read the AFB website it stresses CCA loans, but I really need to split hairs here. FISA was really for Lenders and brokers as companies rather than splitting loans into separate categories, but I am doing what I do and splitting hairs again.

 

Anyone from a brokerage or having had dealings with these people might know.

 

What are you up to these days?

 

Good to hear from you anyway and I trust you keep well?

 

A1[/quote ]

Hi Deidre,

Yes, I'm fine thanks. Just waiting for my divorce and sale of the house to go through and I'll be as right as rain.

 

Anyway I read this about FISA and it said this

Finance Industry Standards Association - FISA

What does FISA mean?

 

FISA stands for Finance Industry Standards Association it was founded in 1988 mainly for regulating financial adverts for secured loans. Now days[sic] it's main purpose it to serve as a bridge between the public and the financial sector. Also FISA informs of any news considering the financial times. Regulating rates and such.

 

For example your [sic] not clear with some financial terms then you can turn to this association and they will explain and make sure your [sic] cleared[sic] about your doubts. Also brokers can register with FISA and and receive membership. Once a broker receives it then he must stand by all times with the standards what FISA provides.

 

Pity no one seems to have told them the difference between your and you're [lol].

 

 

.

[andrew1]

This was obviously written by one of the more intelligent brokers or sub-prime lenders, Grammar being high on their requirements in the job spec!

 

I spotted that article when I hit the google searches earlier, but it still doesn't cover the question I asked. The brochure is quite telling, but I need someone in the know to answer this so I can throw it back at the company concerned (as I have a want to do! LOL)

 

A1

 

Deidrie indeed, I told you before, it's Sarah

[andrew1]

This is related but a different point and now I have some experience on here maybe I can define this problem I have a little more.

 

I found out in 2011 that the lender had paid my broker an additional broker fee of over £3k without it being disclosed - not in any transparent way anyway. I paid the broker £3.5k, but this was in addition. I just wrote and asked for it back.

 

In the loan documentation, actually the Additional Information, Authorities and Declarations sheet they stated " If your loan was introduced to *** by a broker it is likely that **** will pay the broker a commission"

 

 

It didn't say it 'did' or 'will' or how much it just said 'it is likely'.

 

This loan was taken out in Feb 2006 by the way.

 

Before we get into Wilson v Hurstanger etc on secret commissions, this FISA booklet and any validity of any claim I might have, there is one query I have which I need to sort first:

 

Time barred: In response to my enquiry the company have come back and stated that

 

"...should you have a cause of action, which for the avoidance of doubt is denied, it is time barred"

 

Now I didn't find out until 2011. Isn't something only time barred 6 years from finding out there was an alleged offence rather than 6 years from the time of the offence? We went through all this with bank charges didn't we?

 

I presume they are trying to kid me it's 6 years from Feb 2006 and this is a qualified solicitor telling me this or is he trying to pervert the course of justice by deliberately deceiving me whether I have a valid argument or not?

 

Limitation Act? states 6 yrs or 12 years if the contract was created by deed. Would a second charge secured loan be deemed a contract created by deed?

 

My thoughts?

 

Fraud:

 

within six years;

 

time does not begin to run until the fraud has, or with reasonable diligence would have been, discovered if the defendant deliberately conceals any fact relevant to the cause of action.

ta

A1

Edited September 28, 2013 by andrew1

[sequenci]

It's a 12 year limitation period for secured loans, sadly (although they can only charge you interest for the last 6 years).

[andrew1]

Thanks, that takes me to 2018 then I dropped their solicitor a line asking him on what basis he believes this to be time barred. Be interesting to see what he comes back with...I'll let you know.

 

Thanks Sequenci

 

A1