Bradford & Bingley

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Could someone please tell me if a Partley Regulated Loan endowment is the same as a Mortgage Agreement.

After several requests for copies of any Mortgage Agreement documents, I have been supplied with a copy of a partly Regulated Loan??

I am somewhat confused again !!!

-- (lisa_foxy@yahoo.com), October 06, 2002

Answers

Hi Lisa,

The whole issue does become confusing!

If the paperwork has a section which states 'security' and has your house address as the details then you have a regulated mortgage.

Regulated is reference to the Consumer Credit Act 1974. This act includes additional protection for you when borrowing money. Any loan or mortgage regulated or partly regulated by this act requires the lender to follow strict protocol and if the agreement is not in the proper prescribed form or was improperly executed (signed) the regulated part of the agreement may only be enforced by order of the court. It may be that this part of the agreement is not enforceable at all (subject to the discretion of the court).

It is highly likely the reason for this partly regulated agreement is due to further borrowing after the original lend and means that only part of the amount you borrowed is covered by the act.

If this is the case then your lender should have also provided your original regulated paperwork too.

Did you borrow extra money from this lender at a later date?

Also the amount is dependant on the date of last borrowing and the maximum the act permits : -

From 1974 to May 1998 the maximum amount regulated was 15,000 From May 1998 to present the max amount reg is 25,000

The following is a basic indication but gives you an understanding: - If you borrowed 10,000 in 1992 and borrowed a further 20,000 in 1999 the figures would be: -

Last borrow was 1999 and therefore Max reg amount is 25,001 Amount owed 30,000 Regulated amount 25,000 Unregulated 5,000

Hope you followed this and that it helps

Regards,

Paul

-- Paul Adamson (paul.adamson@btclick.com), October 11, 2002.


Hello Paul

Thank you for your reply: According to the paperwork which was supplied to me

The amount borrowed was 30000 of which 14000 was Regulated and 16000 which was Unregulated. What if anything does all of this mean?

Thanks Lisa

-- (lisa_foxy@yahoo.com), October 13, 2002.


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