GE Capital Woodchester

kel123_2

Has anyone had a direct loan through GE Capital Woodchester circa 2003, If so, what is the wording by 'document type' on your copy of the credit agreement.

I have had 2 loans through them the first was a resticted loan (towards a car) and the secound a direct loan. Both CCA's say 'Document Type: Comsumer Loan'. If the direct loan's CCA is heading incorrectly i.e. type of document, then the agreement is void. so your help is needed.

fatbelly

There are some guys on the loans board who specialise in unenforceable agreements.

You might be better posting over there.

standupguy

Finance companies use consumer loans when the amount of finance required for a car does not sit well with the trade valuation.

For example - you buy a car and need a loan of £8000 but the trade value is only say £6000.
If this was put on traditional HP then it could leave the finance company with large losses if you wanted to terminate the agreement under the half rule and return the car.
To get around this they use a consumer loan document where you have no rights to return the car and are liable for the full amounts payable.

Finance companies can use such documents for personal loans also - they just brand it a consumer loan but essentially it is the same thing a loan without hard security.

Also, it is worth checking the wording on each document as the car loan really should be a three party loan document as the dealer would have been paid direct by the Finance company wheras your direct loan should be a two party document as the contract was just between you and the Finance company.

kel123_2

Both loans were between me and the finance company. The first was a ristricted loan (towards a car) and the second to pay off the first and give me a few thousand (s11(1) & s11(3) ccact 1974 repectively). Both CCA's are titled Consumer Loan but on a statement by GE the second loan is called a 'direct loan'.

There seems to be 2 definitions of consumer loan

1. A cover all for all loans although it points to consumer credit which referes to
2. A loan to by goods and/or services

I know from others that if it was HP then it would be titled Hire purchase loan. Hence my question:

How as yours been titled?