Hi,

I'd really welcome any advice.

I have a mortgage account with GE,

it has a SPO on it.

We've not missed a payment in 2 years.

I received a letter today telling me that my account ownership was transferred last week to Engage Credit.

Is this just me or all mortgages?

Do I still have arrears?

Any advice greatly received.

I've trawled the internet and found nothing of any interest.

Thanks,

Jan.

Hi,

In exactly the same situation.

Will await response from the experts.

They arent a DCA. They are a genuine company so I wouldnt worry. Engage Credit have their own website

Have you had a letter? From past experience I wont phone so will write to them. I'm very curious.

Jan

Thanks.....do you know if my arrears stay with GE? Last week they complimented me on my recent payment record and offered to recapitalise, now this letter. I'm confused.

Thanks,

Jan

If you phone, read our customer services guide first

Ok thanks

http://www.consumeractiongroup.co.uk/forum/showthread.php?438801-GE-Money-re-mortgage-Eviction-THreat-%A39k-arrears(2-Viewing)-nbsp

Link to my friends dilemma with regards to the transfer of his mortgage despite him being in court tomorrow to have an eviction stopped.

Thanks for that. I'm sure all will be fine for your friend in court. What a fab friend you are!!

Same letter as me.....I pay by chq, nothing telling me how to do that.

Well surely they can't be any worse than GE!!!

Jan.

have you already reclaimed all the arrears/visit/letter etc etc fees

and any stupid insurance GE made you have?

watchout for engage wanting you to roll all your debts into a new mortgage etc etc

don't!

dx

Thanks, tried to reclaim but was rejected by GE, so im heading off down the small claims court route.

I'm halfway though my mortgage, so don't want another. It all confused me this morning.

Jan.

If you have more than 5 years to run it may well be worthwhile switching, especially if you have a decent bit of equity in the property.

If you have more than 5 years to run it may well be worthwhile switching, especially if you have a decent bit of equity in the property.

Hello,

Yes we have a fair bit and I think about 11 years to go.

Jan.

I've had a look into this firm.....

I should take a look at the fact that GE's Auditors resigned here: http://wck2.companieshouse.gov.uk//wcprodorder?ft=1

Whether 'Engage' - thus Pepper (UK) Ltd have actually derived any right to take any of your money is at best 'questionable'.

I agree - It makes sense to wait for the 'experts' to come along long before you pay 'Engage' any money whatsoever....OR become an 'expert' yourself....

Apple

Thanks for that. I'm sure all will be fine for your friend in court. What a fab friend you are!!

Same letter as me.....I pay by chq, nothing telling me how to do that.

Well surely they can't be any worse than GE!!!

Jan.

Really??? I should do a bit of swatting up...

[link removed]

Apple

http://www.bailii.org/ew/cases/EWCA/Civ/2012/1376.html

The above is a case where charges were transferred.

There is information within that references the LPA 1925 section 136 and at Para 44 it says:

"It is important to recall the effect of an assignment of a right whether or not it is a statutory legal assignment. The assignee becomes either the legal or beneficial owner of the thing in action and its benefits.

He does not become a party to any contract or deed which contains or gives rise to the right.

The assignee will only become a part to the contract (or deed) if there is a novation of the instrument containing or giving rise to the right"

There was also info here too:

http://www.netlawman.co.uk/ia/novation-assignment

"Transfer of a debt

For example: You borrow from a lender and you later want to transfer the debt to someone else (maybe a friend, a business partner or a the buyer of your business) so that he becomes liable to repay the lender instead of you. In this situation you should novate using: Novation agreement: transfer debt to new debtor.

This is a common situation when a business is sold, and outstanding debts of the business are transferred to the new owner (perhaps loans of money but maybe also loans of goods for sale).

Alternatively, this agreement can be used to transfer who pays back a personal loan between individuals.

Transfer of a right to receive the repayment of a debt

For example: You make a loan to someone (it could be money or goods) and later you want to change who receives the repayment.

In this situation you should novate using:Novation agreement:transfer debt to new creditor.

Common uses for this agreement would be where a business is sold and the buyer takes on the assets of the seller (the loans to other parties), or when factoring debt."

Applecart

Source: http://www.mortgagestrategy.co.uk/news-and-features/sectors/products/products-news/ge-money-home-lending-put-up-for-sale/2020383.article

GE Money Home Lending put up for sale

13 April 2015 | By Paul Thomas

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Money-Cash-20-Note-Currency-UK-700x450.jpg

GE Capital has put its specialist lending subsidiary, GE Money Home Lending, up for sale.

In a note to brokers, the firm said it plans to reduce its size and concentrate on its industrial and manufacturing businesses.

The note says: “GE Money Home Lending is among the platforms targeted for disposition. We anticipate being able to sell to buyers who are fully committed to and invested in the financial services industry and can offer a good environment for growth.

“Our sale process will begin immediately and continue over approximately 24 months.”

Clayton Hulme partner Chris Hulme says: “GE have probably found their place in the market somewhat pressed with the new challenger banks coming in that are more geared up to engage with brokers and the industry as a whole.”

He adds: “The way forward [for the new owner] is to talk to brokers and clients [to see what they want].”

Apple

My mortgage is with GE Money never missed a payment in the last 9 years and 11 years to go should I be worried regarding the above?

dunno that was in may has anything happened to date?

dx

No idea just came across this thread via a search and was not aware they are selling up.

Hi , I'm in the same situation got a letter from ge telling me my mortgage was being transferred to engage credit, only gave me 5 days notice. Never heard of them, who the hell are they and can they be as bad as ge any

info would be great .Thanks

I've not received any letters from GE saying mines being transferred.

Hi terrence. Here's the Engage Credit website.

http://www.engagecredit.com/

HB

Thanks for that HB looks very nice , but so do most loan shark websites, has anybody had any experience with them being a mortgage provider. Also I am about to try and reclaim my charges back from GE , where do I stand now?

I have also received a letter today informing me my account will be transferred to 'Prestige Finance' on the 6th November! Not much notice then!