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GE Capital - Now Santander Fixed Loan for Car


tr7girl
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Hi,

 

Just received a copy of CCA from the above:

 

Everything seems to be there, however what I have noticed is that it clearly states;

 

"you have NO right to cancel the agreement under the Consumer Credit Act 1974, the Timeshare Act 1992 or the Financial Services ( distance Marketing) regulations 2004"

 

However reading on another site I have found for financial products and services marketed by an intermediary or broker (even where this is face to face) you are afforded a 14 day cooling off period. Surely signing a fixed sum car loan at the garage/showroom fall into this category?

 

Also the full amount repayable seems to include insurance / warranty loan, admin fee, acceptance fee etc - should these be seperate ?

 

Due to circumstances beyond my control I have been unable to pay, did offer to try to come to some sort of agreement, ( I am 4. 5years into a 5 year agreement) they said no, have defaulted me, default notice stated remedy by 28th October but envelope stamp seems to say 14th October? They have now terminated the agreement and are now saying that they will take court action

 

Anyone have any experience of this or could comment on the the "no right to cancel" aspect. And if so what should my next step be?

 

Thanks

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Not an area I am familiar with, although I seem to recall that a 'cooling off' period would not apply to an Agreement taken out 'on premises'.

 

Hopefully this reply will 'bump' you up so that other with more knowledge in this area will take a look for you.

Every journey begins with a single step :):)

 

Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.

 

If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You

 

The only person entitled to your Personal Finance details is a Judge not a DCA

 

Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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Hi,

 

Just received a copy of CCA from the above:

 

Everything seems to be there, however what I have noticed is that it clearly states;

 

"you have NO right to cancel the agreement under the Consumer Credit Act 1974, the Timeshare Act 1992 or the Financial Services ( distance Marketing) regulations 2004"

 

However reading on another site I have found for financial products and services marketed by an intermediary or broker (even where this is face to face) you are afforded a 14 day cooling off period. Surely signing a fixed sum car loan at the garage/showroom fall into this category?

 

Therefore a consumer has no right to cancel a distance contract:

 

  • Which relates to a financial service where the price depends on fluctuations in the financial markets which are out-with the control of the supplier

Also the full amount repayable seems to include insurance / warranty loan, admin fee, acceptance fee etc - should these be seperate ?

 

Due to circumstances beyond my control I have been unable to pay, did offer to try to come to some sort of agreement, ( I am 4. 5years into a 5 year agreement) they said no, have defaulted me, default notice stated remedy by 28th October but envelope stamp seems to say 14th October? They have now terminated the agreement and are now saying that they will take court action

 

Anyone have any experience of this or could comment on the the "no right to cancel" aspect. And if so what should my next step be?

 

Thanks

 

Hi

 

Unfortunately it seems that as your loan was at a fixed rate it is exempt from cancellation

 

From what you say about the DN it sounds as if it's faulty by not giving enough time to remedy the situation for as I understand it there should by a date given that allowing for postage means that a clear 14 days must be allowed

 

There are one or two that are well versed in the contractual going ons with Car Finance so I'm sure you'll get some really good advice

 

Good luck

 

R

Got thrown by your ref to Distance Selling and after reading HS's reply I tend to agree and will try to look up some more info

Edited by Revenant
Added comment to the end

[sIGPIC][/sIGPIC] I asked them to wait whilst I got my Bank card :violin:

------------------------------------------------------------------------------------------

 

Information that may help if a CCA request is refused due to the lack of a signature . . http://www.consumeractiongroup.co.uk/forum/showthread.php?248863-Signature-demands-fight-back-possible-!&highlight=

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Thanks again for the info, but looking for a little extra help, more a general CCA question now. I spoke with a very helpful man at Consumer Direct this morning, who confirmed due to then nature of the loan there really is no cooling off period....you were both correct.....unfortunate!!! ....

As Santander have now terminated the agreement and have said that they will start legal proceedings, what I have noticed is in the copy of the CCA they sent, the front two pages with the prescribed terms etc are GE Money, but pages 3 and 4 " the other terms and conditions" which they have made look like a continuation of this actually refer to my agreemet with not GE Money but Santander. The man at Consumer Direct said that by law they should provide the original "other terms and conditions" and that I should request these giving them 30 days to supply. If they do take me to court will the fact that they have sent GE Agreement and Santander Conditions have an effect on their case, and on this basis should I keep this info for a later date, or will it have no bearring and I should just requet this now? Many Thanks

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Hi Mr W, thanks, have they taken you to court as yet, and also did they give you orignal agreement with new T&C's? How far down the line are you with them.....sorry for all the questions, just would like to know what to expect.

 

Many Thanks

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Hi, for me it was a fixed loan sum and signed on premisies which I now have had confirmed by Consumer Direct that there is nothing I can do about this, however when I CCA'd them they sent me a copy of the original agreement which was with GE Money, pages marked 1/4 and 2/4 but the "other terms and conditions" they have sent which are numbered pages 3/4 and 4/4 and made to look like a continuation are from the new contracts with Santander which I have never signed. So now that they have said that they will start legal proceedings unless I make immediate payment ( no date specified), my question really is now that they have sent GE Agreement with prescribed terms, signatures etc but Santander other Terms and Conditions, how would this stand up in court?

Consumer Direct have advised that they are legally bound to give me the original "other terms and conditions", should I request them now or see what their next move is? Many Thanks

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Hi Mr W, thanks, have they taken you to court as yet, and also did they give you orignal agreement with new T&C's? How far down the line are you with them.....sorry for all the questions, just would like to know what to expect.

 

Many Thanks

 

Hi tr7

 

They have said that they are taken me to court 1 week ago, they returned my cca request ( wrong section ) so I sent it again yesterday, awaiting more news? I am over 3 quaters through contract. with approx £500 arrears.

 

Mr W

Regards..Mr Worried :)

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I am 4.5 years into a 5 year loan and thought they would be ble to come to some sort of arrangement - I called them and they refused, I emailed them with the same information offering to come to some sort of arrangement, so hopefully if this does go to court the fact tht I have made an attempt will look better. Obvioulsy the email is printed off, ready for the next step !! Also their default notice, dated the 4th October with a remedy date of 24th, but the post mark on the envelope which I have kept looks like the 14/10????

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Hi postggj,

 

My loan is a fixed sum loan which is effectively the same as a personal loan covered by CCA 1974 so there is no reposession option on this, my understanding is that the reposession option for a creditor is when the the agreement is a Hire Purchase agreement. This opinion is based only on what I have read on this site and interpreted from what I have read, so I hope I am correct. Regards

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Yes, thats my understanding that my loan is treated as a personal loan, so will go through the normal channels, so have no worries in the reposession process, they don't have that option.

My query as above is on the mix and match Agreement and T&C's they have sent. Just wondered how this would stand in court if it got that far, and also should I make them aware of this at this stage.

Regards

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with a cca request the t&c must be provided with the agreement

that were current at the time of signing of the agreement

 

if they start court action you can request a strike out for failure of

 

PRE ACTION PROTOCOL

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Thanks, thought this would be the case. Just one other question, they have sent me a default notice dated 4/10 but also added a late payment fee that day, is this allowed? Also DN was dated 4/10 with a remedy date of 24/10 but the envelope with their what I think must be the internal stamp seems to be stamped 14/10 ? Thanks in advance

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Thank you so much, so should that mean then that they are unable to enforce it given dodgy DN and not original T&C's ?

When I knew I was in difficulty I contacted them to hoefully set up an arrangement for the remaining 5 months of the loan, they refused, also emailed them the same poropsal that day, again they refused so I also have the copy of that email !!!

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