Repossession/ Loan from London North Securities

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Loan from London North Securities of 5,400. We have repaid over 21,000 in ten years. LNS has a repossession order, which the obtained six years ago and was suspended. AT the time of the order he were owing three months, which we agreed to pay at an extra 100 per month. LNS never informed the judge there were default interest added to the payment that was in error. We Cleared the errors thinking that was all we had to pay. at the end of the term of the loan. LNS informed us that the amount no need to clear the loan is 26,000. I have been fighting this for the last four years, LNS has now requesting 97,700 or repossession in twentyeight day and interest is being added everyday. My question. Is the repossession order valid, because default interest was not mention at the time of the order? which would of given us time to also make payments toward these, and we have finished paying this loan. Please help Urgent reply needed. The lawyer acting on LNS behalf is "Blatchfords Solicitors.

-- Monica Williams (monica.williams1@ntlworld.com), June 21, 2004

Answers

Go see a good solicitor pronto about this. It may be possible to get the contract altered as being an extortionate rate of interest. A call to the Office of Fair Trading might also help as may also an expose in The Sun or whatever tabloid you read!!!!

Get professional help quickly!!

-- David J. Button (davidjohnbutton@supanet.com), June 21, 2004.


Monica,

Sounds like legalized robbery to me. I have spoken to a NACAB solicitor about this and he said the following:

"This is not unusual I am afraid.

The amount claimed is so high almost certainly because of default interest and charges.

The possession order is valid - it doesn't matter that it was not mentioned that contractual interest would continue to accrue.

Someone needs to check out the agreement. It is regulated by the Consumer Credit Act and has to comply with all the CCA formalities. There is a possibility that it doesn't comply and as a result, may be unenforceable. If this is the case, application can be made to set aside the possession order. I would be happy to look at the agreement but obviously need to see a copy.

It is definitely worth having the agreement looked at."

Monica, If you wish to contact the solicitor just email me and let me know. Good Luck whatever you decide.

Mark.

-- M Amos (idgroms@hotmail.com), June 28, 2004.


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