Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

[bigdave368]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

Just reading a few other threads I'm getting more confused( not hard for me ) about what cca 1974 actually regulates. It states something about it only regulates loans upto a limit of £5000. So my loan of £29500 clearly can't be regulated by cca 1974 but its on all the credit agreement forms even in the box that I signed stating only sign here if you which to be legally bound by its terms.

[gravytrain]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

In 2005 the consumer credit act only regulated loans up to 25k,(except first charges and exempt agreements) this "upper limit" was removed by the 2006 CCA, this came into force in April 2008.

So if your loan was for over 25K and taken out in 2005 it could not be regulated under the act.
This refers to the total amount of credit of course not the total amount repayable including interest/charges etc.

[bigdave368]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

In 2005 the consumer credit act only regulated loans up to 25k,(except first charges and exempt agreements) this "upper limit" was removed by the 2006 CCA, this came into force in April 2008. So if your loan was for over 25K and taken out in 2005 it could not be regulated under the act. This refers to the total amount of credit of course not the total amount repayable including interest/charges etc.

The actual cash advance was £25000 the PPI of £4080 was added plus £500 brokers fees added also.

[gravytrain]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

The actual cash advance was £25000 the PPI of £4080 was added plus £500 brokers fees added also.

It depends on how the loan was structured in this case. If the brokers fee was part of the charge for credit and the PPI was a separate(linked) agreement, it may well be regulated.
Really we could do with having a look at the agreement.

[PlanB]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

The actual cash advance was £25000 the PPI of £4080 was added plus £500 brokers fees added also.

Have you explored whether this £4k PPI was missold and could be reclaimed

[bigdave368]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

Have you explored whether this £4k PPI was missold and could be reclaimed

Ive already got a claim in for the PPI as im in the Forces dont need or ever will need it. But the broker was Freedom Finanance(Wilmslow financial services) which is indefault so it is with Deloittes via FSCS.i will post up the agreement later today.

[PlanB]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

Ive already got a claim in for the PPI as im in the Forces dont need or ever will need it. But the broker was Freedom Finanance(Wilmslow financial services) which is indefault so it is with Deloittes via FSCS.i will post up the agreement later today.

If this product was sold to you by a broker I would say your complaint is against the broker if the ERC wasn't made clear to you. I predict that GE Money would (quite properly) pass the buck to the broker since GE Money wasn't involved in the conduct of the sale.

If the ERC was spelt out in a Key Facts Illustration document then you may have limited success. Having said that the FSCS would be easier to convince than the FOS since there will be no broker to offer any "defence" to your complaint

[bmwman]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

Which one of the GE Money Companies Please?

[bigdave368]

Re: Early Repayment charges on secured loan with GE Money HELP!!!!!! Please

GE Money home lending/I Group