Thread: Help,Advice please on missold loan,with G.E.Money

Hi all,i'm new to this,so would realy appreciate any advice that anyone could give me.
I originally had a secured loan of £15,000 with ocean Finance,(who i had no problems with.)this was fixed rate,(if i remember correctly) .Then out of the blue i recieved a phone call from a company called G.E.Money,who said that they could offer me a better rate on my loan if i was to join them,they also said that i wouldn't have to make any repayments on the loan until February 2007,this was in October 2006.
I took up their offer as the payments where cheaper,but even before my first payment was due they put my rate/payments up.The rates continued to go up:16/08/2006 - 9.8500%, 13/11/2006 - 10.1000% , 13/01/2007-10.3500%, 12/05/2007 - 10.6000%, 06/07/2007 - 10.8500%, 20/09/2007 - 11.7000%,

I also noticed recently that on my statement (attached) i had been charged interest for the period that i was told i wouldn't have to make any repayments, Oct 2006 to Feb 2007 (surely interest is a repayment?).

I am now paying £60.00 per month more than i was with Ocean Finance,& due to recent short time work i have missed a payment with G.E.Money,i contacted them to tell them of my circumstances,& they have agreed for me to make up the difference over 3 months + my regular monthly payment
(they have also charged me because of this).

I also noticed on the statement that i was charged an acceptance fee for the loan £150.00, & an insurance (personal protection) charge of £2272.00,although i do not know the name of the company who supplies this for me,if different to G.E.Money.(surely i could pay this directly to the company monthly,rather than pay interest on it with G.E.Money,i questioned this with them,but was told it was included with the loan, i have claimed with them,when i was hospitalised in 2007).

Although i originally signed an agreement with G.E.Money,i do not appear to have a copy of the agreement myself.
Could someone please advise me?,was this loan missold to me,are all of their actions legal?

Hi all,i'm new to this,so would realy appreciate any advice that anyone could give me.
I originally had a secured loan of £15,000 with ocean Finance,(who i had no problems with.)this was fixed rate,(if i remember correctly) .Then out of the blue i recieved a phone call from a company called G.E.Money,who said that they could offer me a better rate on my loan if i was to join them,they also said that i wouldn't have to make any repayments on the loan until February 2007,this was in October 2006.
I took up their offer as the payments where cheaper,but even before my first payment was due they put my rate/payments up.The rates continued to go up:16/08/2006 - 9.8500%, 13/11/2006 - 10.1000% , 13/01/2007-10.3500%, 12/05/2007 - 10.6000%, 06/07/2007 - 10.8500%, 20/09/2007 - 11.7000%,

I also noticed recently that on my statement (attached) i had been charged interest for the period that i was told i wouldn't have to make any repayments, Oct 2006 to Feb 2007 (surely interest is a repayment?).

I am now paying £60.00 per month more than i was with Ocean Finance,& due to recent short time work i have missed a payment with G.E.Money,i contacted them to tell them of my circumstances,& they have agreed for me to make up the difference over 3 months + my regular monthly payment
(they have also charged me because of this).

I also noticed on the statement that i was charged an acceptance fee for the loan £150.00, & an insurance (personal protection) charge of £2272.00,although i do not know the name of the company who supplies this for me,if different to G.E.Money.(surely i could pay this directly to the company monthly,rather than pay interest on it with G.E.Money,i questioned this with them,but was told it was included with the loan, i have claimed with them,when i was hospitalised in 2007).

Although i originally signed an agreement with G.E.Money,i do not appear to have a copy of the agreement myself.
Could someone please advise me?,was this loan missold to me,are all of their actions legal?

Hi all,i'm new to this,so would realy appreciate any advice that anyone could give me.
I originally had a secured loan of £15,000 with ocean Finance,(who i had no problems with.)this was fixed rate,(if i remember correctly) .Then out of the blue i recieved a phone call from a company called G.E.Money,who said that they could offer me a better rate on my loan if i was to join them,they also said that i wouldn't have to make any repayments on the loan until February 2007,this was in October 2006.
I took up their offer as the payments where cheaper,but even before my first payment was due they put my rate/payments up.The rates continued to go up:16/08/2006 - 9.8500%, 13/11/2006 - 10.1000% , 13/01/2007-10.3500%, 12/05/2007 - 10.6000%, 06/07/2007 - 10.8500%, 20/09/2007 - 11.7000%,

I also noticed recently that on my statement (attached) i had been charged interest for the period that i was told i wouldn't have to make any repayments, Oct 2006 to Feb 2007 (surely interest is a repayment?).

I am now paying £60.00 per month more than i was with Ocean Finance,& due to recent short time work i have missed a payment with G.E.Money,i contacted them to tell them of my circumstances,& they have agreed for me to make up the difference over 3 months + my regular monthly payment
(they have also charged me because of this).

I also noticed on the statement that i was charged an acceptance fee for the loan £150.00, & an insurance (personal protection) charge of £2272.00,although i do not know the name of the company who supplies this for me,if different to G.E.Money.(surely i could pay this directly to the company monthly,rather than pay interest on it with G.E.Money,i questioned this with them,but was told it was included with the loan, i have claimed with them,when i was hospitalised in 2007).

Although i originally signed an agreement with G.E.Money,i do not appear to have a copy of the agreement myself.
Could someone please advise me?,was this loan missold to me,are all of their actions legal?

With regards to the PPI question it may be better if you asked it in Payment Protection Insurance (PPI) - The Consumer Forums where you should get more specialist advice.

Now with your loan, you could send a CCA request which will enable you to determine whether the agreement is in fact enforceable, send the letter below enclosing a £1 postal order recorded delivery. When you receive it back scan it removing any identifying details and post it back here where we will be able to check it out for you & then advise from there;

Dear Sir/Madam

Re:- Account No: XXXXXXXX/Your Reference Number: XXXXXXX

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

I enclose a postal order in the sum of £1.00, which is the statutory fee.

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

Yours faithfully,
Print name do not sign

well for a start get the PPI cancelled and reclaim it + interest

dx

Hi,
amongst other issues i have P.P.I. cover with my loan who is with G.E.Money,when i initially took out the loan i was charged a fee of £2272 for my P.P.I, this amount was added to my loan.I now realise that i have been paying interest on this amount.When i contacted G.E. about this issue, to tell them i would try to get my P.P.I. myself, as i would probably be able to get it cheaper( & without interest) & pay a monthly direct debit instead of a lump sum,they told me that the P.P.I. was included in with the loan.(Though they did not make me aware of this at the time of taking out the loan,& i don't appear to have a copy of the loan agreement .)

They will not give me the name of the company that provides my P.P.I.,nor do i know what the cover actually covers,though i have made a claim when i was off work due to hospitalisation.
Anyone who could provide me with some help or guidance on this matter,it would be much appreciated,thanks.

Also, when you get a copy of the agreement, it could be a multiple agreement.

Have a read of this thread

http://www.consumeractiongroup.co.uk...ng-within.html

As far as the PPI is concerned it would have worked like this :

You borrowed £2272 from GE Money for a single premium insurance. This meant that GE Money have paid a lump sum to the insurer for insurance for a period of time. This is usually 5 years. So you may only have 2.5 years insurance left. As this was £2272 was borrowed as part of the loan you will be paying interest. So basicly you are unable to go direct to the insurer and offer monthly payment as it has already been paid for.

I would suggest you shop around and find a pay monthly insurance that covers your needs and then go for mis selling. You may get a bit of money back as soon as you cancel the insurance. The rest will come later if you win
I have just won my mis selling case as I had the same sort of thing as you,just a different company.

olives xx

hello ssshooter,

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another Useful article on Single Premium PPI and why the FSA say it was unfair.
Payment protection insurance (PPI) – Refunds of single premiums : FSA Money made clear – Unfair contracts


Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

Having made a claim on your insurance it is likely you will be unable to claim the PPI was mis-sold

Have a look through the above links and see if you believe you could have a case.

aa

I recently requested the C.C.A. from Monument Visa cards,along with my £1 postal order this was there letter i received back from them (surely this can't be correct):-


MONUMENT CUSTOMER RELATIONS
51 Saffron RD
Leicester
LE18 4US

Tel:********

MY ADDRESS HERE
15 April 2009

Customer ref:*****
SECTION 78 OF THE CONSUMER CREDIT ACT 1974
MONUMENT VISA card: *****

Dear Mr *****
I write further to your recent letter regarding your Monument account.

The agreement we have enclosed with this letter is a copy of your credit agreement which we are providing to you in accordance with our obligations under the requirements of section 78(1) of the consumer credit act 1974 (as ammended) (the C.C.A.).Section 78(1) requires that we provide you with a copy of your executed agreement within 12 days of receiving your request for such a copy & upon payment of £1.

It is perhaps worth us explaining a little about the "copy of the executed agreement" section 78(1) require us to provide to you."Copy" for the purpose of the C.C.A. does not refer to an exact copy of the agreement you signed.We are therefore not required by the C.C.A. to provide you with a photocopy of the agreement showing your signature.Section 78 requires us to provide you with a copy of your agreement which looks like the one you signed but which has been updated to contain the terms & conditions which currently apply to your agreement (rather than those which applied at the time you signed the agreement).Importantly,th e copy is not required to include your name or signiture.

We hope you are now satisfied with the documentation we have provided & that you will continue to make payments on your account.

The balance on your account is at todays date is ****.Statements will usually be sent to you on a monthly basis.You must make a minimum payment of 3% of the amount shown on your monthly statement,or £10.00,whichever is more or the entire amount if less than £10.00.You must make the minimum payment for the payment date due date shown on your statement.This will normally be 28 days after your statement date.

Yours sincerely ****

I have attached the relevant document they have sent me,please could someone look at it (& advise me),the addresses are different to the monument one (now says Barclays agreement) & also who are/what is the heading :RAPID REPLY CARD?
This agreement looks as though it has been put together by means of cut & paste .The dates on the agreement are also date stamped before Barclays took over Monument...i think?

ANY ADVICE WOULD BE MUCH APPRECIATED,AS I DON'T KNOW WHAT TO DO NEXT ,THANKYOU FOR YOUR TIME.

If that's all they have sent you it is unenforceable under section 127(3) of cca as it has no prescribed terms within the "agreement" if it could be classed as an agreement.

dpick

I'd be tempted to send them Scots letter below & see what their response is;

Re: my request under the Consumer Credit Act 1974

Thank you for your recent letter sent to me, the contents of which are noted. I appreciate your quick response to my original letter. However, the reply received by me does not fulfil your requirements under the Consumer Credit Act 1974.

The Act demands that I be supplied with a true copy of any properly executed credit agreement that exists in relation to the above account. I may ask for this on demand providing that a fee of £1.00 is paid. This fee was sent with my original letter.

My request remains outstanding. The items you sent in your reply, does not constitute a true copy of any credit agreement that may or may not have been signed by me on the opening of this account. It neither confirms that I am liable for any alleged debt to you, nor gives me any chance to evaluate whether any original agreement was ‘properly executed’.

I still require you to send me a true copy of the original credit agreement that you allege exists. As you will know, under the Consumer Credit Act 1974, a judge is not permitted to make any enforcement order unless the creditor can provide a true signed copy of the original credit agreement. This means that unless you can produce such an agreement, this alleged debt is not enforceable in law.

You had until XX/XX/2008 to provide me with the true copy I requested. You are now in default of my request. Any account I hold with you is now in legal dispute. Whilst the account remains in dispute, you are not permitted to ask for any payment, nor am I obliged to offer any payment to you. Furthermore, whilst the dispute remains, you are not entitled to charge any interest on the account, nor make any further charges to the account. Additionally, you are not entitled to register any information on this account with any credit reference agency.

To register information with a credit reference agency, you must have written consent from the customer to collate and share such information. This consent is given in the form of a signed credit agreement, so until you produce such an agreement, you may not do this.

The requirement for consent to share data is a clear requirement of the Data Protection Act 1998. any such attempts to share my data without my consent will be met with a complaint to the Information Commissioners Office

To sum up, I will not be making any further payments to you until you provide me with the document I have requested. Whilst you remain in default of my request, you are not permitted to take any action against this account. This includes adding further charges and passing any information to the credit reference agencies.

Should you not have any signed credit agreement in relation to this alleged debt, please confirm this in writing to me.


I look forward to your reply.

Yours faithfully


**amend to suit your circumstances.**