Tweet
Wrote to GE Money regarding a First National Tricity Loan, this was their response.
''The concerns you raised have now been investigated. I understand you are of the opinion we are not entitled to charge the fees specified in your credit agreement. Please find below a list of default charges leied to your First National Loan.
Date....................... Description.......................Value
xxxx.......................Late Payment charge.......£15.00
xxxx.......................Late Payment charge.......£15.00
xxxx.......................Unpaid Direct Debit..........£10.00
xxxx.......................Unpaid Direct Debit..........£10.00
xxxx.......................Late Payment charge.......£15.00
When you were issued with the above first National loan agreement you agreed that the account would be subject to GE moneys standard terms and conditions of business. Those terms included fees, which would be applied to the account for two types of default: late payment or returned payment.
the fees you refer to in your letter have been applied to you account in accordance with our standard terms and conditions.
GE Money i currently reviewing the OFTs recent publication of its findings into defaul fee charges. Our view remains that we are entitled rto charge these fees (which is inconsistent with the OFTs view)
As the OFTs ruling did not include loan products, unfortunately the fees to which you refer are vaid and will not be removed.
etc etc
So thats a no then. for now.
This was one of these buy now pay next year loans which ex OH took out and forgot about, was for £100 originally and now stands at over £500 !
Just getting these fees refunded isnt really going to swing it so I am going to request the credit agreement and go from there.
Think its looking at a payment arrangement realistically but he will have to deal with that himself.
''The concerns you raised have now been investigated. I understand you are of the opinion we are not entitled to charge the fees specified in your credit agreement. Please find below a list of default charges leied to your First National Loan.
Date....................... Description.......................Value
xxxx.......................Late Payment charge.......£15.00
xxxx.......................Late Payment charge.......£15.00
xxxx.......................Unpaid Direct Debit..........£10.00
xxxx.......................Unpaid Direct Debit..........£10.00
xxxx.......................Late Payment charge.......£15.00
When you were issued with the above first National loan agreement you agreed that the account would be subject to GE moneys standard terms and conditions of business. Those terms included fees, which would be applied to the account for two types of default: late payment or returned payment.
the fees you refer to in your letter have been applied to you account in accordance with our standard terms and conditions.
GE Money i currently reviewing the OFTs recent publication of its findings into defaul fee charges. Our view remains that we are entitled rto charge these fees (which is inconsistent with the OFTs view)
As the OFTs ruling did not include loan products, unfortunately the fees to which you refer are vaid and will not be removed.
etc etc
So thats a no then. for now.
This was one of these buy now pay next year loans which ex OH took out and forgot about, was for £100 originally and now stands at over £500 !
Just getting these fees refunded isnt really going to swing it so I am going to request the credit agreement and go from there.
Think its looking at a payment arrangement realistically but he will have to deal with that himself.