Loan charges - can they be reclaimed like Bank charges?

nikki.paul

:T Hi :T
i am abit confused by the replys. around 4 years ago I was made redundat and my world fell apart and we spiraled into £22000 worth of debt. £6000 of this was a secured loan with GE money (first National back then) I thought I was lucky as it was covered by my insurance policy unfortunetly They refused to pay up saying I heard about myredundance before I took out the policy I did not have a leg to stand on and carried on recieving charges and more interest. A year later I found a signed document signed from an earlier date than they stated. They Paid the money owed onto the loan but I feel I was still out of pocket by A lot of money. Can I reclaim my bank charges and interest I acrewed during this period. I have been on to both the loan company and the insurance company but they just blame each other and I have got nowhere I had just given up trying to get anything.

Zeusie

spurs_nut wrote: »

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.

They are unlawful for the same reason charges in respect of late payments on CC's are unlawful. The legal arguements are the same. There is sufficient info on this website and on the link i posted above for you to work this out for yourself.

Here's another forum where people are taking GE Money to court in respect of these matters:

http://www.penaltycharges.co.uk/forums/forumdisplay.php?f=223.