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Joshua
Joshua, Lawyer
Category: UK Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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We bought Protectacoat to cover our house 4 years ago this

Customer Question

We bought Protectacoat to cover our house 4 years ago this comes with a 20 year guaranty .Yesterday when trying to get some repairs to it done ,we found out that they went into voluntary liquidisation, after hunting more we discovered that GE customers (people that had loaned money from GE) were entitled to recieve works done during their 20 year guaranty under the 1974 credit act.
We took our loan out through llyods Tsb and finished paying it November 2010 ,at which they have told me that had the loan still be open they could then help but because its not they cant .
Is there anything i can do or do i just have to face the fact we had been ripped off ?

Hope you can help
Dawn Yarwood
Submitted: 5 years ago.
Category: UK Law
Expert:  Joshua replied 5 years ago.
Welcome to JustAnswer! If you've any queries once you've read my answer do ask. When satisfied, kindly click the Green ACCEPT button.

Your protection applies beyond the end of the loan so you still have the benefit of protection. However the Limitation Act will apply to the s75 CCA 1974 protection and accordingly you would only have a claim against Lloyds under the above act for a period of 6 years from the date of your contract with Protectacoat. So its a mixed bag I am afraid.

Not that it will help here but ensure if you get future guarantees that they are underwritten by insurance in case the company goes bust.
Customer: replied 5 years ago.
sorry just to verify , even though my loan has now finished and was for 4 years ,llyods still have an obligation to complete any repairs needed for 2 years ? as when ispoke with them i was told that my loan and its protection had finished and any obligation they had to sort it .
Expert:  Joshua replied 5 years ago.
Correct. Just because you have paid off the loan is immaterial. You still have six years of protection under the above section.

Take an example - if you make a purchase on a credit card you still get s75 protection. Many people pay off their credit cards every month but they still get the s75 protection for the full 6 years.
Joshua and other UK Law Specialists are ready to help you
Customer: replied 5 years ago.
Does this apply to personal loans?
Expert:  Joshua replied 5 years ago.
yes it applies to any credit regulated by the consumer credit act. Most unsecured personal loans are regulated.
Customer: replied 5 years ago.
i only asked as
Expert:  Joshua replied 5 years ago.
No problem
Customer: replied 5 years ago.
i only asked again because i have been in touch again with llyods that say the loan could of been spent on anything as it was a personal loan .Thank you for your help.

Also can i just ask why when i press accept answer it is now asking for more money as you said that follow up questions were now free of charge ?
Expert:  Joshua replied 5 years ago.
Ah hold on - if it was just a general loan you took out which you could use the money for anything then the above does not apply. s75 only applies if the finance is specifically linked to the product/service purchased - i.e. if you took out finance for the work.

If you just applied for a loan and decided to spend it on the protectacoat - regardless of whether this was your intention when you applied for the loan, I regret that s75 does not apply.

You do not need to click ACCEPT again. You are only charged again if you do.
Customer: replied 5 years ago.
Ok ,again thank you for your help.
Expert:  Joshua replied 5 years ago.
Sorry I could not give you better news.

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