end of term GE/Prestige - We have paid 89k already on a 30k loan!

[harris1997]

Evening

 

Can anyone offer any advice. My secured loan is due to end on the 4th July 2016, it was originally with GE money who sold to Prestige finance. Original loan was unregulated 30k, to date paid back 89k. There is still a balance of 10k made up of charges and additional interest.

 

I will continue to make payments but wondered what will happen now, can they charge whatever interest rate they like because the original agreement has/will end?

 

Any advice greatly appreciated before I ring them to negotiate.

 

Thanks in advance

[dx100uk]

well you were told last year to get reclaiming harris

so did you?

[harris1997]

well you were told last year to get reclaiming harris

so did you?

Yes I tried only got back a measly few when i ended up getting the ombudsman involved.

 

No where near the amt I have paid.

 

To be honest i do not have the time to keep battling with these people

 

i have a terminally ill father who i wld rather spend time with when not working.

 

My loan has now expired and the balance left is 10k all made up of charges that were added to arrears. We have paid 89k already on a 30k loan!

[harris1997]

Therefore i was asking what the other post meant and wondered if GE may be one of those! Prestige are just the same! We have tried with them to negotiate a reduced figure but again they only offer a couple of 100 even though they can see how GE handled the account

[martin2006]

The only way you will get anywhere with the likes of GE and Prestige is to issue a court claim for all the charges and additional interest on the charges, plus compound restitutional interest at the same rate you were charged, or a fair average over the term.

It might not be what you want to do but the alternative is simply keep paying them blindly.

[harris1997]

Which one would i issue a court claim against? And is it correct i can only claim for the past six years. GE sold this to Prestige a year ago

[martin2006]

Whomever added the charges, it could well mean 2 claims, 1 to each if both charged you unlawful fees.

You will need the statements from both companies so a sar to each will be necessary if you dont already have them.