GE Money

[Guest suziedarkness]

I know I keep posting threads about this company but what I have now found is beyond belief and really takes the biscuit!!!

 

I have had several loans in the past with this mob, which have all been paid off, the last loan refinanced the others.

 

To cut a long story short, I have now got my SAR for these accounts and I have started to go through them with a fine toothed comb so to speak.

 

I keep finding things which have rang alarm bells in my head and I am logging these things down.

 

But what I have now found has left me speechless. I have been going through the redemption ststements and I just decided to check them when I discovered that the figures were wrong and I could not work out why so I went through and added up all the interest payments and all the payments made by myself and guess what ............ they are not the same as the figures they out down on the closing statements. They have made the interest figure higher and the payments made by me lower and I am not just talking a couple of quid, on some of them its £2-3,000. so not only have they charged me thousands erc's but also their the figures do not clearly add up to me.

 

I dont quite know what to do about this as yet but they are not getting away with it.

 

I urge all past GE Money mortgage customers to check the figures very carefully. Lets face it, how many would actually bother to scrutinise it, I know I would never have dreampt of it until now.

 

Please let me know if anyone else finds something similar.

 

Suzie

Edited May 11, 2009 by MARTIN3030

[MARTIN3030]

Suzie your thought on GE Money are I think well documented...in fact even shared by many.

But please use a little more restraint in choosing your words....thread title amended to take that into account.

[enoughisenough]

Hi Suzie

 

I'm not a GE customer - thank God for that - but I am victim to another bunch of [problem] artists. You will find that this is endemic and industry standard so to speak.

 

Good luck with getting it sorted. A nice little claim form should concentrate their collective minds. I wouldn't give them much time to think about it either. 14 day LBA and then file. Get your facts and figures in order first though.

[Guest suziedarkness]

Thanks enough. Do you mean you have heard of this sort of thing before? To be honest I am lost for words and cannot believe that they would sttop so low!!

[enoughisenough]

Hi Suzie

 

If you're gobsmacked now you would not believe what I have come across. It literally beggars belief.

 

Let's just say that where there is a law governing their conduct they've broken it, usually systematically.

[Guest suziedarkness]

O please do tell!! PM me if you prefer.

 

Suzie

[Hammand]

Hi, it seems like you have had plenty of experience dealing with GE. Have you any advice on my problem??

I would like to take my case to the next level and sue GE Home Lending (GE) for the sharp practise they used in putting through a loan when I had not seen the offer in writing or verbally.

The case details: I had entered into a contract with a debt management company known as Advanced Debt Solutions. (ADS) This was in May 2006. ADS looked after the repayment of my unsecured debt. Early in 2007 one of the creditors sold the debt onto a third party. This company HFO sent letters and made numerous phone calls starting that they would not deal with ADS and I had to repay the whole balance without delay. I was told I had to speak to a representative from Elephant Loans Ltd. (ELL) or I would be taken to court and I was told about the fees that would be added to the debt.

My mortgage was then with Northern Rock for £250k on a fixed rate of 4.7% three year term ending in Sept 2008. I also had a second charge for £40k with Kensington. After meeting a representative from ELL I was told I had to re-mortgage in order to pay back HFO. I did not agree with this and I made it clear that I would only consider a secured loan. I knew my early repayment charge would be considerable. ELL came to see me on several occasions. I was told by the ELL representative that HFO would stop harassing me if ELL told them that they were putting a quote together for me. I was concerned with been pressured by HFO so I aloud ELL to put together a quote for me to view. Although I was still not convinced that a re-mortgage was the correct action to take. ELL came to see me again in May 2007 and told me that I would have an offer soon and that the rate would be a fixed 6.4% for three years. At this stage I told him point blank that I would not move from a fixed rate of 4.7% to a rate of 6.4% and pay all the ERC charges. A few days later I rang a company called Phoenix and spoke to a mortgage broker. I told him that ELL was advising me to re-mortgage and move from a fixed rate of 4.7% to a fixed rate of 6.4%. After contacting his compliance department, Phoenix told me that no financial company should be offering to move me away from a rate of 4.7% and put me onto a rate of 6.4%. He advised me that should I want to raze funds that a secured loan would meet my needs. On the next visit I had from ELL I told him again I would not be interested in a re-mortgage. He was very aggressive towards me and then he left to return again later the same week on the 12 July 2007. I was preparing my elderly fathers lunch at the time. ELL was again aggressive and abrupt with me. I was told that his work was done and I would receive a quote the following week. I was asked to sign a paper and was told that it was only needed to hold the quote for a 4 week period. He then left only to ring me the next day to say that all my paperwork was in order and would I like to go ahead with the re-mortgage. Again I said I would not be going ahead with a re-mortgage. He was abrupt and I was told that I would receive a quote the following Monday or Tuesday. The following Tuesday I received two letters from GE. One was a re-mortgage quote and the other was a letter stating that the mortgage was completed. At this stage I had not had any contact with GE or there solicitors. In the mortgage offer letter I received on the Tuesday, it clearly states that I should allow sufficient time to understand the offer. I was clearly not given any time as I received the mortgage offer the same day I was notified that it was put through. Considerable sums were paid to all parties and I was moved from a fixed rate mortgage of 4.7% paying £1000 a month to a fixed rate mortgage of 6.4% paying £2020 a month.

My next step: I complained to ELL the same day and was told there was nothing they could do and to write to their compliance department. I spoke to GE the same week and I was told that it was nothing to do with them and I should complain to ELL. I told GE that I had sent a letter to the compliance department of ELL. After eight weeks of correspondence with ELL there compliance offer told me that there was nothing wrong with the way in which they had conducted their business with me. I then took my complaint to the FSO in regards to ELL. After six months I was allocated a case worker and I was told that ELL was going into receivership and my complaint would have to be passed to the FSCS. This complaint is still ongoing.

In November 2008 I took all my papers relating to this whole affair to B&G solicitors (family solicitors) B&G solicitors were only interested in GE’s conduct over the re-mortgage and acted on my behalf with questions to investigate the circumstances surrounding the grant of the loan. I have been told by B&G to seek a solicitor that deals with litigation as they have taken this as far as they can.

I am now facing repossession due to the depression of trying to cover the extra costs and I am now unemployed. I am in need of help.

[Guest suziedarkness]

Hammand,

 

Just when I think nothing else could shock me with GE or their loyal brokers, something else comes along!!

 

As I understand it, you were remortgaged by GE but you never received an offer or anything?

 

Did you sign anything, like an application or anything?

 

What stage are you at with regard to the repossession?

 

Suzie

[Hammand]

Hi Suzie,

 

This has been going on for nearly two years now.

 

I was using a debt management company to help repay my creditors, when one of them sold their debt onto a company called HFO. They started to harass me and told me I had to re-mortgage to pay them back in full. That is when I saw a rep from Elephant Loans Ltd and he told me to remortgage away from a fixed 4.7% to a fixed 6.4%.

To make a long storey short, the last time I saw the rep. I told him yet again that I would not re-mortgage. At the time I was serving my elderly father this lunch. He asked me to sign a sheet of paper and said I would receive a quote the following week and that it would be held for 4 to 6 weeks. At no point had I been contacted by GE or there solicitors.

The mortgage was put through the following week with very large sums paid to all concerned. GE state that it has nothing to do with the whole situation, yet they did not contact me and knew that I had not even seen a quote.

I have an outstanding case with the FSCS in regards to Elephant Loans part in this, but they went into liquidation last year. I have no money left to take GE Money on in court and I am now facing repossession. I am due in court on the 1st June 09.