I need advise please.
I took out a 6 year repayment loan in April 2008 with ASDA Loans (GE Capital Bank Ltd)
and it stated in the terms and condition that I could repay the balance at any time with out any penalty charge or early payment interest charge.
However, during the course of the loan Santander took over the loan from GE Capital without my knowledge.
The payments going out of my account were the same so I had no reason to believe any change had occured.
It was only when I called them to clear the balance that I realised the loan had been taken over.
They said that a letter had gone out to all former GE Capital customers offering them to either clear the balance or to continue the loan with them.
The terms had also changed, in that if I wanted to clear the balance early I would have to pay early payment charge.
After complaining to serveral members of staff I was finally put through to the complaints department.
They said that although a letter had been sent out they did not have a copy on their system and offered £122 off the balance.
Despite their offer they would still be charging me an early payment charge.
My question is that due to the fact that I never received any corespondence from Santander and they have no record of sending it out, are they in breach of statutory duty.
Should I not have had the opportunity to read the terms and condition and the opportunity to settle the loan early by finding another loan company with a more favorable terms.
If I do have a case what should I do and what am I entitled to?
Any advise would be greatly appreciated.