Loan charges - can they be reclaimed like Bank charges?

Alysie

I have two loans with GE Money at terrible, terrible rates (14.75%)! They were taken out some time ago when I was struggling aand no one else would give me a loan. I am now selling my flat to clear these loans off - yipee!.
However, I got into a lot of difficulty paying the monthly payments last year and several were late. Subsquently I have been charged a fee of £40 as an admin fee for each late payment - in some cases I have been charged a further £10 for a credit advisor to call me and discuss the late payments/arrears.
Does anyone know if I can get these charges back the same way you can with the bank charges? Any advice would be helpful. Thank you.
Alysie

natrab

hey!

i am also interested to find this out!

thanks
x

spurs_nut

NO!

Difference is you entered into a contract and signed it agreeing to be charges if you missed payments.

So there well within their right and it's all perfectly legal and you wouldn't have a hope in hell in claiming those charges back.

Same goes for mortgages and credit cards.

natrab

i was under the impression that you could reclaim credit card charges??

i am sure i have read that it is possible???

spurs_nut

natrab wrote: »

i was under the impression that you could reclaim credit card charges??

i am sure i have read that it is possible???

From what I know credit card charges where deemed unfair by the fsa and have now been altered to a more realistic level.

However, people shouldn't be able to claim these charges back as in affect they are borrowing money and enter into a contract. People are aware of these charges before they sign and should decided whether they are going to be able to afford the repayments. So it's their own fault if the get charged as they know the consequences.

Zeusie

spurs_nut wrote: »

From what I know credit card charges where deemed unfair by the fsa and have now been altered to a more realistic level.

However, people shouldn't be able to claim these charges back as in affect they are borrowing money and enter into a contract. People are aware of these charges before they sign and should decided whether they are going to be able to afford the repayments. So it's their own fault if the get charged as they know the consequences.

The fact that someone entered into a contract is irrelevant if the charge is a "penalty charge", as such charges are unlawful regardless of whether or not they form part of a contract.

Which in the case of the OP, is the case.

Please take your preaching elsewhere. It is neither helpful nor wanted.

Zeusie

Alysie wrote: »

I have two loans with GE Money at terrible, terrible rates (14.75%)! They were taken out some time ago when I was struggling aand no one else would give me a loan. I am now selling my flat to clear these loans off - yipee!.
However, I got into a lot of difficulty paying the monthly payments last year and several were late. Subsquently I have been charged a fee of £40 as an admin fee for each late payment - in some cases I have been charged a further £10 for a credit advisor to call me and discuss the late payments/arrears.
Does anyone know if I can get these charges back the same way you can with the bank charges? Any advice would be helpful. Thank you.
Alysie

here's a forum with some good advice in this connection:

http://www.consumeractiongroup.co.uk/forum/other-institutions/

spurs_nut

:rotfl: :rotfl: :rotfl:

Zeusie wrote: »

The fact that someone entered into a contract is irrelevant if the charge is a "penalty charge", as such charges are unlawful regardless of whether or not they form part of a contract.

Which in the case of the OP, is the case.

Please take your preaching elsewhere. It is neither helpful nor wanted.

Stop being so naive.

If you can't manage to make the repayments you shouldn't take the debt on in the first place.


should everyone be encouraged to take on extra debt and not bother making the payments because they won't get charged penalties for doing so because they're "UNLAWFULL"? :rotfl: :rotfl: :rotfl:

:T IDIOT!!!!!!!!!!!!

Zeusie

spurs_nut wrote: »

:rotfl: :rotfl: :rotfl:

Stop being so naive.

If you can't manage to make the repayments you shouldn't take the debt on in the first place.


should everyone be encouraged to take on extra debt and not bother making the payments because they won't get charged penalties for doing so because they're "UNLAWFULL"? :rotfl: :rotfl: :rotfl:

:T IDIOT!!!!!!!!!!!!

I'm not going to get into a debate with you regarding the rights and wrongs of debt and/or penalty charges.

The point is you provided the OP with inaccurate information. She *is* entitled to claim the charges back because they *are* unlawful. This is by virtue of statute and case law.

Whether you or I have opinions on whether or not she should be able to claim them back is, clearly, irrelevant.

spurs_nut

Zeusie wrote: »

I'm not going to get into a debate with you regarding the rights and wrongs of debt and/or penalty charges.

The point is you provided the OP with inaccurate information. She *is* entitled to claim the charges back because they *are* unlawful. This is by virtue of statute and case law.

Whether you or I have opinions on whether or not she should be able to claim them back is, clearly, irrelevant.

I know that bank charges have been deemed "UNFAIR" by the fsa and can be claimed back.

However, please could you provide me the information where it says that loan and credit agreement charges for missed payments are unlawful.

I would be most interested to know because I have never come across such information.

Maybe I will then have an apology to make.

keeperbear

Zeusie wrote: »

She *is* entitled to claim the charges back because they *are* unlawful. This is by virtue of statute and case law.

Sorry, but they are not unlawful. Please provide us with a reference to the statute or case law that says that they are.