Tweet
HI, I hope someone can help me with a matter that i consider serious enough to try take legal action but i am not sure how to go about it or what to do.
we took out a secured loan with ge money in 2007 for 50000 to be repaid over 20 years, this time period is written in our credit agreement with them.
we have been informed that this debt is now passed on to prestige finance.
since 2007 we have paid regularly and never missed a payment, and it is since we were told this was getting passed on to prestige that we have discovered that the loan has not come down hardly at all, with payments of 659.00 a month the balance still stands at 48.134. this is nearly 8 years into our repayments, at this rate it would take nearly 50 years to pay it off.
it also made us realise that we have never received a statement from them during all this time, we foolishly never thought about it, believing the payments were bringing it down, and left it at that
if our agreement was to settle in 20 years surely they can't make us pay it for nearly 50 years?
we are in the process now of contacting prestige finance and ge money, but who is now responsible for our complaint?
what governing bodies regulate these companies so that we can write to them about this, and what type of solicitor would i need and which court would this go through.
does this sound likely that have broken rules and we have been misled?
we are requesting all documents relating to this matter and why the statements were never sent out.
any advise and help would be much appreciated, and thanks for taking the time to read this post.
we took out a secured loan with ge money in 2007 for 50000 to be repaid over 20 years, this time period is written in our credit agreement with them.
we have been informed that this debt is now passed on to prestige finance.
since 2007 we have paid regularly and never missed a payment, and it is since we were told this was getting passed on to prestige that we have discovered that the loan has not come down hardly at all, with payments of 659.00 a month the balance still stands at 48.134. this is nearly 8 years into our repayments, at this rate it would take nearly 50 years to pay it off.
it also made us realise that we have never received a statement from them during all this time, we foolishly never thought about it, believing the payments were bringing it down, and left it at that
if our agreement was to settle in 20 years surely they can't make us pay it for nearly 50 years?
we are in the process now of contacting prestige finance and ge money, but who is now responsible for our complaint?
what governing bodies regulate these companies so that we can write to them about this, and what type of solicitor would i need and which court would this go through.
does this sound likely that have broken rules and we have been misled?
we are requesting all documents relating to this matter and why the statements were never sent out.
any advise and help would be much appreciated, and thanks for taking the time to read this post.
