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Ge Home Finance
Hello All,
This is a bit of a strange one so please bear with me.
Whilst on holiday in Gran Canaria in 2002 me and my then boyfriend (now husband) were foolish enough to be persuaded to buy a timeshare (I know we were very silly). We paid £5000 for it; at the time I paid £3000 on my credit card and when we got home we arranged finance for it. The finance was arranged with First National which has since been taken over by GE Home Finance. A broker dealt with it for us (assigned by Time Share company); and we only found out after all the paperwork went through that the loan was secured on our house. Since November 2002 we have been paying £80 per month; this is for 10 years....!!!
To cut a long story short; we have discovered that what we have bought isnt in existance any more; so we're still paying for it but can't use it. On the advice of TimeShare Council which were very good they suggested trying to claim our money back from the loan company stating the credit consumer act 1974 (can't remember which part as am emailing from work and all my paperwork is at home) and if goods/services purchased are not satisfactory under this act you can claim your money back.
About a month ago, I wrote a letter to GE Home Finance stating what we had purchased etc and that we couldn't use it and could we claim our money back via Credit Consumer Act 1974 etc.... Well, I received quite a curt letter from them today basically saying that we weren't entitled to a refund as it was a personal loan that we took out etc.... I'm quite mad about it really as I know that it's a personal loan, but it was specifically taken out to buy this damned timeshare....!!!!
Has anyone ever experienced trying to get their money back from loan/credit card company for goods/services that were faulty/no good.....?? I don't feel happy paying for something that I can't use; it's so frustrating.... I don't really know what to do...?? The loan has 71 payments remaining.....
Sorry to ramble on but I'm still a bit mad :mad:
Any help will be much appreciated.......
Thanks
K
This is a bit of a strange one so please bear with me.
Whilst on holiday in Gran Canaria in 2002 me and my then boyfriend (now husband) were foolish enough to be persuaded to buy a timeshare (I know we were very silly). We paid £5000 for it; at the time I paid £3000 on my credit card and when we got home we arranged finance for it. The finance was arranged with First National which has since been taken over by GE Home Finance. A broker dealt with it for us (assigned by Time Share company); and we only found out after all the paperwork went through that the loan was secured on our house. Since November 2002 we have been paying £80 per month; this is for 10 years....!!!
To cut a long story short; we have discovered that what we have bought isnt in existance any more; so we're still paying for it but can't use it. On the advice of TimeShare Council which were very good they suggested trying to claim our money back from the loan company stating the credit consumer act 1974 (can't remember which part as am emailing from work and all my paperwork is at home) and if goods/services purchased are not satisfactory under this act you can claim your money back.
About a month ago, I wrote a letter to GE Home Finance stating what we had purchased etc and that we couldn't use it and could we claim our money back via Credit Consumer Act 1974 etc.... Well, I received quite a curt letter from them today basically saying that we weren't entitled to a refund as it was a personal loan that we took out etc.... I'm quite mad about it really as I know that it's a personal loan, but it was specifically taken out to buy this damned timeshare....!!!!
Has anyone ever experienced trying to get their money back from loan/credit card company for goods/services that were faulty/no good.....?? I don't feel happy paying for something that I can't use; it's so frustrating.... I don't really know what to do...?? The loan has 71 payments remaining.....
Sorry to ramble on but I'm still a bit mad :mad:
Any help will be much appreciated.......
Thanks
K
Light bulb moment 18/03/06 Total Debt at light bulb moment approx £40k :eek:
Total Debt now £29,973.82 :j
Snowball date Dec 2010, but hope to clear by June 2010 if not sooner.....
Arrgghhh......!!!
Total Debt now £29,973.82 :j
Snowball date Dec 2010, but hope to clear by June 2010 if not sooner.....
Arrgghhh......!!!
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