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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 22403
Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street Practice
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hello ive got a secured loan with ge money and had ppi refund

Customer Question

hello ive got a secured loan with ge money and had ppi refund 4 years ago but i am still paying the same amount every month i did phone them and questioned it but they said even though they refunded the payments stay the same ? i sort of argued with them but he insisted thats the way it works but now they have put the payment up £ 20 does not make any sense hope u can answer domenic
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
What would you like to know about this?
Customer: replied 3 years ago.

im still paying the same amount because ive had the ppi refunded but still looks as if im still paying it

Expert:  Stuart J replied 3 years ago.
I have been asked to look at this.

Are you asking if you have to pay the same amount?
Customer: replied 3 years ago.

yes but theamount im paying has gone up by £ 20 a month so now im paying more even though ive had my ppi refund ?

Expert:  Stuart J replied 3 years ago.

Have you looked at the original agreement to see what you should be paying?

Ignoring the refund of the PPI for a moment, how do they explain the increase in the cost? I am off-line now until tomorrow, but will pick this up then

Customer: replied 3 years ago.
The increase is due on there part for not telling me the interest rate increase was not added on as it went up ? But the whole point here is they have even increased the payment And for another several years I totally confused about the whole thing I asked why but all he said this is how it works with this loan ? So to round it up - I'm paying more a month - I'm going to pay more years for the loan & the ppi was refunded but the payments have gone up ? hope this helps thanks Dom
Expert:  Stuart J replied 3 years ago.

Is this a fixed rate loan or variable rate?

You need to look at the original loan agreement.

Has the repayment gone up and down during the term?

How old is the loan over how long?

Customer: replied 3 years ago.
Thanks for your patience Im sure it is not a variable loan & no it did not go up & down on the repayment it was fixed ? I'm sorry but I think this is a bit puzzling and I think wrong if u can help great Dom
Expert:  Stuart J replied 3 years ago.

Do you have the agreement.?

If not, you can get a copy from the lender if you ask in writing.

Until you have that it is possible to advise you further.

Stuart J, Solicitor
Category: Law
Satisfied Customers: 22403
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street Practice
Stuart J and 2 other Law Specialists are ready to help you
Customer: replied 3 years ago.
Yes I have the agreement
Expert:  Stuart J replied 3 years ago.

Thank you. Is it possible you to scan it and email it to me. I am happy to read it and see whether indeed, the payments are designed to go up and down.

Even if they are designed to go down as interest rates vary, if they haven't done it for a while and just decided to throw all the change on at one go, I think you have grounds for complaint.

I can tell you how to formulate the complaint and who to complain to , but I need to make sure first that y you have grounds for a complaint. I must admit that secured loans I have dealt with (other than first mortgages) have always been at a fixed rate of interest., it tends to be the higher amounts of borrowing which are on a variable rate , which is why I asked h how much the loan was for and over how many years. If you can confirm that you can scan the agreement, I can give you the email to send it to if you are unable to attach it.

Some users are able to attach documents and some are not , but the pages that I see different from yours so I do not know how it is done.


Don't worry about timescale because the thread remains open for a considerable time.

I am online and off-line all weekend and every day in the week in any event.

although I appreciate that you would like this sorted, it will not go away .

Kind regards

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