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Thread: Unregulated Secured Loan

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  1. #26
    Brandy1234's Avatar

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    Default Re: Unregulated Secured Loan

    Quote Originally Posted by meellis View Post
    Okay unfortunately Brandi you have made to may assumptions based on what must be limited experiences.
    1 The OP's loan was made for over £25,000 before April 2008 hence still un-regulated.
    2 The majority of people caught in this trap borrowed over £25,000 to do things like home improvements and consolidate other finances, in fact sometimes your were encouraged to consolidate existing debt to be able to get the finance you required which coincidentally took you above the £25,000 limit.
    3 These second charge secured loans were called second mortgages but were outside mortgage regulations because only first charge was covered by regulations and because of the £25,000 limit were not covered by CCA
    4 As stated before forget the business aspect as in point 2 these loans are not for business purposes and of course business loans are loans not mortgages.
    5 Technically mortgages are all regulated after a point in I believe the 80's, see point 3 on what is a mortgage.
    6 Self certs I will say again are proving you can afford the mortgage /loan so when you bought a property to live in (not for business again) and you were maybe self employed you would have self certify that you were earning enough. You could self certify a first mortgage hence it would be regulated, you could self certify a loan under £25,000 which would be regulated and after April 2008 and you could self certify a loan above £25,000 which would be regulated (in fact at that point it couldn't be un-regulated because you cant opt out)

    7 You are making it far too simple, maybe for a reason?
    Well, what can I say? Clearly I'm far too simple I s'pose.

    You touch on 'experience', I wonder whether your 'experience' matches mine on this subject?

    I am so tempted, so very tempted to say more, but, with respect to you I am more than happy to refrain.

    I can see exactly where you are going with this and I admit, I am far, far, far, too experienced to allow You to attempt to undermine my knowledge on an open forum.

    I will leave you and the OP with this 'titbit' though:

    http://www.legislation.gov.uk/uksi/2...ticle/50A/made

    The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

    You have yourself a nice day ; )

  2. #27
    meellis's Avatar

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    Default Re: Unregulated Secured Loan

    You clearly are way to experienced I certainly cannot see a link between un-regulated secured loans and being a self certified sophisticated investor apart from the words self certified. Please nobody else respects me so share your vast experience and actually help the people who come on this open forum for that reason. There are a lot of people trapped in the same position as the OP who need guidance and you are indicating that you have some so please share.

  3. #28
    Brandy1234's Avatar

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    Default Re: Unregulated Secured Loan

    Quote Originally Posted by meellis View Post
    You clearly are way to experienced I certainly cannot see a link between un-regulated secured loans and being a self certified sophisticated investor apart from the words self certified. Please nobody else respects me so share your vast experience and actually help the people who come on this open forum for that reason. There are a lot of people trapped in the same position as the OP who need guidance and you are indicating that you have some so please share.
    I have shared.

    It is here for you, the OP and for all those people you speak of, trapped in the same position to follow through.

    You have a solicitor and Tom Brennan who you can turn to moving forward.

    I can assure you, once you get your heads around it, it is really quite simple.

    What I can say, quite openly and without fear is, IDEM would not be getting any money from me, regardless of whether they are registered with the FCA as a trading name of Paragon or not..

  4. #29
    meellis's Avatar

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    Default Re: Unregulated Secured Loan

    I have turned to people to move forward personally but haven't received replies, probably busy.

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