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Car loan insurance

Last post 8 hours, 57 minutes ago by conmankiller. 1 replies.
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  •  Tue, Nov 03 2009, 9:23 AM

    Car loan insurance

    Reply Quote Spam

    Hi all

    In 2006 I took a car loan with GE Money and never realized they charged me for an insurance/warranty loan of 9.02 per months that I never aknowledged or signed and most of all it is not mentioned at all in my agreement which made me even more suspicious

    So I went to a solicitor whom wrote a letter to GE's solicitor and they replied back stating that they were happy to take the insurance money I paid so far off the outstanding balance although they didnt cleary admit it that I was basically conned

    My question is:

    - Is this a breach of the Financial act and as a consumer what chances have I got to get this loan written off? according to them I have an outstanding 2.000 pounds to pay excluding the insurance premium which has been taken off

    Thanks from a stressed consumer

    • Post Points: 20

  •  8 hours, 57 minutes ago

    Re: Car loan insurance

    Reply Quote Spam

    My question is:

    - Is this a breach of the Financial act and as a consumer what chances have I got to get this loan written off? according to them I have an outstanding 2.000 pounds to pay excluding the insurance premium which has been taken off

    The short answer to your query is No, you do not have grounds to have the entire loan written off, especially now that they have rectified the situation and placed you back in the same financial position.......had they not incorrectly added the unrequired warranty / insurance at the onset.

    The only grounds you would have is; if the credit agreement was fundamentally flawed, i.e. not in keeping with the legally prescribed terms under the consumer credit act....bearing signatures and other necessary information to legally validate it.
    • Post Points: 5