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Paid way over the odds for a loan
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Hi
Basically, I took out a loan for 10 years in 1998 for £865 which meant (when I added it up) that I paid back £2250!!!!!!!
We were told that we could repay the loan sooner - we were moving house within the month - and it would save us money. The sale of the house meant that we had the finances to pay it off. When I enquired, the balance was way OTT, all interest, PPI, admin charges had been lumped on - something that we were not made aware of at the time - young and niave then I suppose, and very much coerced into it at the time
So, when it became apparent in the media etc about reclaiming £, being mis-sold I started making enquiries. This has been a grudge with me for ages...
GE (who financed the little loan) state that because they did not directly sell the product to me, they are not responsible for how it was sold (or more appropriately mis-sold) to me. They state that the profit they made on this was over 100% is Ok.
Does anyone else have any advice, or heard something similar happen?
Thank you
Basically, I took out a loan for 10 years in 1998 for £865 which meant (when I added it up) that I paid back £2250!!!!!!!
We were told that we could repay the loan sooner - we were moving house within the month - and it would save us money. The sale of the house meant that we had the finances to pay it off. When I enquired, the balance was way OTT, all interest, PPI, admin charges had been lumped on - something that we were not made aware of at the time - young and niave then I suppose, and very much coerced into it at the time
So, when it became apparent in the media etc about reclaiming £, being mis-sold I started making enquiries. This has been a grudge with me for ages...
GE (who financed the little loan) state that because they did not directly sell the product to me, they are not responsible for how it was sold (or more appropriately mis-sold) to me. They state that the profit they made on this was over 100% is Ok.
Does anyone else have any advice, or heard something similar happen?
Thank you
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