or apparently for the younger age group - lots of love;)

Shoot me down in flames if you want - and I agree with the argument in principle that when the law says an original agreement should be produced then the law should be upheld,however does this not just call for a change to the law where if the lender can not produce the actual original document they should be forced to re-work the loan at say 1 or 2 % APR . The borrower would probably still be due a refund in lots of cases - but at least this gets over the "moral" argument of re-paying debts.

This would mean the case could be dealt with probably with the FOS and without clogging up the courts.

There would be an easy way to stop all this if only someone had the guts and power to implement it.

If any FI can not produce the Original signed document - then the whole loan/debt should be re-worked at 2% interest on what ever has been loaned .You can bet your bottom dollar that they keep records of transactions ( funny that) so they should be made to re-work the debt as long as the borrower agrees the transactions of monies they have borrowed. This would save clogging up the courts and I bet you some of the original documents would miraculously appear.

Simples-

you would be better selling the property than going to possession if you can not live there - is your friend living in the property?

Well done - really pleased for you

Well done - really pleased for you

as you posted above the normal proceedure is to complain officially to the lender first - then give them a chance to reply - then go to the FOS - but as time is short I suggest you do a letter of complaint by recorded delivery to both at the same time.

You have to send a cheque or Postal order for £10.00 with the SAR.

I think I have seen on one of the many mortgage regulatory body websites that it is also very importatnt they let you know what your correct MP should be so you do not fall into arrears on interest.

As far as I understand it - this site is still waiting for legal guidance on how to proceed. and they have said wait for a little longer??

Hi

I can not see what you have posted in detail but that looks just like a statement rather than an agreement.

to be honest the fact of whether you have an enforcable agreement or not is a bit out or my remit.

If you do not get any other replies I can only suggest the following.

You need a copy of the original agreement and core terms and conditions.

you can get this by sending the SAR letter and then tailor it to what you need to know. When you have the full original signed agreement then you can post it to see what the opinion is. I cant tell you whether it will invalidate the loan or not because as far as I am aware there several contradictory cases going through the courts at the moment and I really have no experience in that area.

I think you need to ask for

the original signed credit agreement

A list of interest charges applied to your account

A full list of itemised charges connected with the arrears on the account

copies of all lettters they have sent in respect of interest rate changes and monthly payments required

Details of any commission paid to third parties

Anything else you need to know.

Normally I think they have 40 days to provide the information you need. But you will have to emphasise you need the info ASAP because of the impending court case.

Secondly you need to make an official complaint in writing to the FOS with a copy to the lender explaining that as there is a suspended possession order you need some urgent help. Keep the letter brief and to the point - explain that you have paid what the court agreed but the arrears increased and the fact it appreared the interest rate has increased but you have not been asked to increase your MP - and the charges mean you are not reducing the arrears at all.

then you will have to keep pushing. You have nothing more to lose.

Hopefully you will hear from the FOS before the court case - and if the loan is then under investigation they may give you more breathing space.

Was the time they just gave you to sell the house or just to clear the arrears?

Sorry my internet is off at home - so just checking in from work.

hopefully will be back on later

yes please let us know how you get on.

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/220427-ge-again.html?highlight=GE

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/194077-ge-monthly-arrears-charges.html?highlight=GE+charges

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company.html?highlight=sunday+mail

post 3566

has your interest rate changed at all?

Do you have a record of letters confirming MP - plus all statements?

could you post up a statement omitting all your personal details?

So you were paying £500 per month but interest of £335 .00 was being added - so the arrears should have been reducing then?

To work out your interest portion on the loan it should be your debt at the point the niterest is calculated ( is this monthly or daily ? you need to check your loan agreement) X interest rate /12/100

so for example £45000 @ 12% would be £450 per month in interest alone.

Anything above that should reduce the loan.

Now if they are charging you for being in arrears that increases the debt

Any payments you miss increase the debt

Any charges they add increase the debt.

Therefore the interest charge increases.

So if you miss one payment on the above example - the £45000 becomes £45450 and the next time interest is calculated it is calculated on the higher amount.

How the company show the arrears figure is another matter. As you say a lot of them then lump the charges in morally ( if not legally) I think thisabhorrent because as you say you may pay £100 extra but £60 could be eaten up in charges .

Have you ever sent an SAR letter to get all the info on them?

May I suggest if you have not done so that you do that ASAP.

Personnally I would start two different threads- one on secret commisiions

one on the possession /charges

If you put GE charges in as a search on the forum - I am sure there are other cases to read up on about complaints to the FOS.

But first of all you need to get this possession problem out of the way.

Form now on - only deal with the lender in writing - either by recorded mail - or get an email address contact if possible.

Keep very strict records of all your dealings with them - ready to launch a complaint when you are ready.

under the SAR they are obliged to give you the info within the prescribed time. You can adapt the letter to ask for all info - emphasising what you specifically need to know to make an official complaint.

To clarify - IF they agreed in writing to freeze the mortgage - then the interest would still be accriung - BUT they should then re-calculate the whole loan so you could start again with a new MP - but the debt would include the missing MP

Sorry I dont quite understand - are you sure you have not misread the court order - you must always pay your MP PLUS the amount to reduce the arrears - or your arrears will increase by your MP each month.

The Lender can not put a freeze on the account unless specifically agreed - and at the moment a court can not alter the terms of a mortgage - they do not have the power.

Charges for arrears are a separate issue- there have been cases on here where the FOS have ordered the lender to refund excessive arrears charges and I believe GE should not charge where there is a specific agreement to repay arrears which is being maintained.

This is really out of my comfort area because of the other property being involved and I guess that is why you do not get help with the interest on the mortgage.

I agree with the post above in that my initial reaction was to write a letter to the lender refrring to the possession protocol and ask them for say one year on interest only to try and sort out your position.

You have two offers of help with the letter if you want.

I still think that because you have th eother property you are going to have problems getting help as your other property will count as an asset although as you say it is only just paying for itsef - also you have to consider what you will do if the property need maintainance work doing when you will not have the funds

If you can sell the house rather than hand in the keys PLEASE try that because you will still be responsible for any shortfall and it will be LARGER if the house is empty and it goes to auction. If you stay in the house while it is sold at least it may give you time to sort out accomodation.

I think I would think about selling both properties and then I bet you would be entitled to more help and you may have less worries all round.

If the court sees that you are making every attempt to put things right then they may be sympathetic and take into account the case law to let you stay in the house.

www.entitledto.co.uk

Have you had a chance to read the mortgage protocol guidelines that lenders must adhere to?

If possible I would try and avoid handing over the keys and ask for permision ( there is case law to back this up) to sty in the house while it is sold.

This means that you reduce the possibility of the lender selling it WAY under value and increasing you debt .

yours is a complicated case and considering you have young children you need to consider your options carefully. My first bit of advice would be to pay whatever you can on the mortgage whenever you can and keep a record of exactly what is paid.the courts will take this in to account.

Have you double checked you are getiing all benefits /help you are entitled to?

If the mortgage was on interest only for a while would that really help you - in other words have you calculated what the difference would be ?

Original poster - can you let us know if information has been of any use?

Sorry I should have been clearer. If the lender was aware of the offer why did they not proceed with that buyer.

Do not acknowledge the debt at any time.

Send them a letter stating you strongly object to the sale at that price considering there was an offer on the table that they could have proceeded with. Also ask for full documentary evidence of exactly how they have marketed the property . Also in the letter ask for a copy of their complaints proceedure.

Sorry you did not get an answer. What happened a the hearing? Was it the first hearing?

Why did that sale at 150 not go through?

first of all - why can you not get rid of the tennants if they are not paying?

Also do you have any kind of suspened possession order on the property ?

Have you had a court hearing at all?

Which property is for sale - the one you live in or the one with tennants?

Do you have a mortgage on both?

Is it an official buy to let mortgage? Is that what your previous business was?

Do you have equity in either property?