GE Money secured loan interest and charges.

[ElizabethBennet]

I have had a 'final' response from them this year, saying that there charges are fair and just so I think I have exhausted their process. they also pointed about that I can't get help as this loan was over 35k and therefore the FOS can't do anything

[ims21]

Yes it is correct that fos will not be able to help.

 

In post #18 you prepared a spreadsheet of the charges and you used an interest rate of 15% APR.

 

Does that sheet include all of the unlawful penalty charges and is the interest rate correct?

 

Is that sheet up to date and if not make sure it is up to date with all of the charges, the correct interest rate and with the "claim to" date set to today.

 

When you have done that, post up the revised spreadsheet here.

[ElizabethBennet]

Ok....the charges have carried on since then so I can update that. Sorry but where does the interest rate come from?. Is is set or do I need to look for it on the documentation?

[ims21]

Ok....the charges have carried on since then so I can update that. Sorry but where does the interest rate come from?. Is is set or do I need to look for it on the documentation?

 

It is the interest rate applicable to the loan for which you are reclaiming the charges.

 

What you will effectively be claiming are the charges they have levied plus the interest they have charged on those charges.

[ElizabethBennet]

One more quick question. I don't really understand why I did 2 different spreadsheets in post 18. Is there a template available so that I can start again and get it right. I have all the charges listed.....I just need a template to work out the interest. Or are the 2 I did previously correct?

[ims21]

Take hold of one of those spreadsheets and just delete all of the data that you have entered.

 

Save it and you will have a fresh sheet you can work with.

 

Enter the interest rate in the cell at the top, make sure the "claim to" date is set to today and then go through and list each of the charges you are claiming back. The sheet will work out the interest for you.

 

When you have done that, post the sheet here so it can be reviewed and any comments made.

[ElizabethBennet]

Will do. Thankyou so much

[ims21]

[ElizabethBennet]

Do you know where I get the interest rate from?. The original interest rate was 11.78 and the latest paperwork says a monthly rate of 1.173%. I'm not sure what to put in the box

[ims21]

1.173 per month gives an APR of 15%.

 

Were all of the charges applied when the rate was 1.173 per month? If so then use 15% s the APR for the spreadsheet.

 

If the rate changed over time (should be shown on your statements) then you will need to work out the average of the rate over the period of time for which the charges were levied and use that average rate.

[ElizabethBennet]

Thanks....just doing it now.

[ElizabethBennet]

Hi..this is up to the end of 2012. I need to request the figures for 2013, which I will do tomorrow.[ATTACH]48909[/ATTACH]

[ims21]

What are the "Calling In Notices"?

 

The default notice fee is probably not reclaimable.

 

The "Instruction to Solicitor Fee" and the "Non CCA Legal Fee" should come out.

 

You need to remove the "additional Interest" figures you have entered.

 

You will then have the figures for your reclaim.

 

Then you will need to send a further LBA to them giving them 7 days to pay up or you will issue. You can refer to previous correspondence in this matter and say something to the effect that as they have still not refunded these charges etc. that this is a final letter requiring refund and blend it with the text of your previous LBA. When you have done that letter, again post it up and it can be looked at. Don't forget it must be headed "Letter Before Action" and ended with the paragraph that if they do not pay within x days then you will issue.

 

This time around make sure that you are prepared to go all the way of that is what you want to do. They already may not take you seriously since you issued what they will see as empty threats last time.

 

As said, you really do need to get reading around the forum to get some knowledge and confidence in taking this to court if you are serious about it.

[dx100uk]

AFAIK theres no 'permission' to charge a DN fee anywhere I've found

so include that one too?

 

dx

[ims21]

Okies