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GE Capital Complaint

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Hi
I wonder if anyone can help or advise what the possible outcome may be.

My husband wanted to repay his GE Money loan with a balance transfer. He was advised that they do not accept repayment by balance transfer. This was approximately 2 years ago. We complained recently to be advised that not accepting repayment by balance transfer was a commercial decision in the interests of responsible lending. We do not see this as the case as we have overpaid approx £1800 in additional interest.

We have now taken the case to the FOS, but have no idea if they will find in our favour? any thoughts?

Comments

  • tonycottee
    tonycottee Posts: 1,332 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What other forms of payment would they accept? Could you have not paid another way?
  • IMO you have wasted the ombudsman's time and resources.
    You have absolutely no hope IMO of winning based on what you posted.

    I know of no loan company where you can balance transfer from a credit card.
    You could have got the cash off the credit card (paying the cash advance fee and interest) then paid the loan off.
  • Other payments were cheque or bank transfer.
    The idea of paying by balance transfer was as this was interest free for 18 months & would have saved us money.
    At that time we were unable to repay in another way
  • Other payments were cheque or bank transfer.
    The idea of paying by balance transfer was as this was interest free for 18 months & would have saved us money.
    At that time we were unable to repay in another way
    You don't seem to understand that accepting a credit card payment would have cost the loan company money.
    As I said earlier no loan company accepts transfers in this way because of this.
    I repeat you will not win your case at the Ombudsman.

    The fact that you paid £1800 in interest is nobody's fault other than your own for borrowing the money in the first place.
  • Thank-you very much for your thoughts
  • Apples2
    Apples2 Posts: 6,442 Forumite
    You haven't paid any additional interest, you have just paid the interest you agreed to pay in the agreement.

    You could have withdrawn the cash using your credit card balance, it isn't like there were no choices to repay early. It has never been normal to pay credit with credit, which is why your FOS route is pointless.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    no hope of winning
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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