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riz96

Advise needed on a Satandear loan

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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.

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Hi riz

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

 

Please let us know how your problem has been resolved, it could help fellow Caggers.

 

Thread has been moved to the correct forum.


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Hi

 

In my view the absence of any documents received by you and the absence of any copies being on their system indicates that the original T&Cs are still valid.

 

How odd that something as important as an amendment to T&Cs is suddenly not available.

 

If it were me I would be getting them to put that in writing to you as it is a piece of ammo you may well be able to use in the future if it comes to it.

 

Did you actually clear this account and did you get a written calculation as to how the settlement figure was worked out?

 

ims


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Hi,

 

I think they have T&C's but they don't have any record of sending it out to me.

 

I tried to clear the account but they said I either had to pay the total sum including the early payment charge or to continue the monthly payments. I chose not to pay until I clear up the mess because I'm annoyed that they have taken over the loan without my knowledge. If I had known at the time they were taking over the loan and that the T&C's were changing I would have paid off the loan in full. Based on this do you think I have any legal standing against the loan company?

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Hi riz

 

You could send them a SAR request, it will cost £10, they have 40 days to send you all the data under that account number. Template in the library.


Welcome to Consumer Action Group

 

'Challenges are what makes life interesting; overcoming them is what makes life meaningful.'

Joshua J. Marine

 

1) CLAIM BACK ALL PENALTY CHARGES CLICK HERE

2) CLAIM BACK ALL MIS-SOLD PPI CLICK HERE

3) COMPOUNDED CONTRACTUAL INTEREST CLICK HERE

4) REQUEST CCA FROM CREDITOR CLICK HERE

5) OFT- UNENFORCEABLE AGREEMENTS CLICK HERE

6) CAREY V HSBC (2009) CLICK HERE

7) DON'T BE BULLIED BY CREDITORS / DCA's CLICK HERE

8) IN DEBT DON'T PANIC CLICK HERE

9) FULL AND FINAL SETTLEMENT CLICK HERE

10) SALE OF GOODS ACT-EDUCATE YOUR RETAILER CLICK HERE

11) DISTANCE SELLING-EDUCATE YOR RETAILERCLICK HERE

12) SOGA SUMMARY CLICK HERE

13) WHICH? TEMPLATES [/url]CLICK HERE

14) DOES YOU BANK TREAT YOU FAIRLY BCOBSCLICK HERE

15) EVERYTHING HOUSING CLICK HERE

16) UTILITY BACKBILLING CLICK HERE

17) OFGEM - COMPLAINTSCLICK HERE

18) OFCOM - COMPLAINTS CLICK HERE

DON'T GIVE UP, THIS SITE WILL PROVIDE YOU WITH GUIDANCE AND EMPOWERMENT

 

Don't forget to donate to this site

 

Please let us know how your problem has been resolved, it could help fellow Caggers

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Hi guys,

 

Thanks for the great advice. I've just received a letter from Santander confirming that they are unable to locate a copy of the new loan agreement so they have agreed to waive the additional interest as a goodwill gesture.

 

I'm still not satisfied because I believe I should have had a consumers right of choice to take out a loan with a bank of my choice. To be honest if I had known that Santander were taking over the loan I would have immediately paid off the loan.

 

As they did not inform me that they were taking over the loan and also that they have now confirmed that they don't have any record of sending me a new loan agreement; Do you think I have any kind of legal case against Santander?

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