GE Money legalese- can anyone translate

Steel_2

I currently have a complaint about PPI insurance lodged with GE Money and it's being looked at. It's only £350-ish but we wouldn't have paid it had we not been told the loan wasn't available to us if we didn't take it.

We are now in a position to pay off the loan and have asked for settlement figure. In the settlement letter they sent is the following clause:

The total amount payable on early settlement will not exceed that permitted by the Consumer Credit (Early Settlement) regulations 2004. For this reason, you will not be entitled to any rebate under the agreement or by virtue of section 95 of the Consumer Credit Act 1974 if early settlement takes place on or before the settlement date. Any references in your agreement to the Consumer Credit (Rebate on Early Settlement) Regulations 1983 no longer apply.

If we settle, does this affect the possibility of getting the PPI insurance premium back that we paid? Does the PPI class as a rebate?

tyllwyd

This is the regulation that it is referring to
http://www.opsi.gov.uk/SI/si2004/20041483.htm

As far as I can see, this is just about the settlement figure if you pay off the loan early. I would have thought that the PPI is a separate issue.

Steel_2

tyllwyd wrote: »

This is the regulation that it is referring to
http://www.opsi.gov.uk/SI/si2004/20041483.htm

As far as I can see, this is just about the settlement figure if you pay off the loan early. I would have thought that the PPI is a separate issue.

Thanks tyllwyd. I've settled loans before and just never seen that clause so boldly stated on a letter from a lender. I was just concerned that once I settled that they'd come back and say I'd agreed to something I shouldn't have done!

Zebedee69

I think they are trying to blind you with science lol!