G E Money.Loan Ended.Now Repossessing House.

[munitawks]

Hello, all you wise and wonderful people. Heard about The Group from a friend, and would welcome any advice you can offer, on behalf of my son.

 

He has a mortgage with Northern Rock and currently owes £67000 with no arrears.

 

On 8th July 2004 he borrowed £17,400,he cannot remember who from, but subsequently G.E. Money Home Lending took over the loan.(He rather thinks 'his company' was bought out.)

 

The monthly installments are £288.64

 

Current monthly rate was 0.750%

 

He is a self employed steel fitter and has struggled finding work over the past few years, consequently, he fell into arrears.

On 21st April 2011 a GE Money statement stated that the amount received since inception is £13.374.27, fees and interest stand at £7,804.01 and capital balance is £2,503.13

 

On 16th October 2011 the monthly arrears statement ran as follows:-

Original amount borrowed £17.400.00

Monthly Installment £288.64

Account Balance £20,430.38

Type of Account Repayment Mortgage

Original Term 90 months (7 years 6 months)

Remaining Original Term 4 months

Total cost to repay the loan £20,919.21

 

He informed them that he could not afford the settlement figure and it was agreed verbally over the phone that he would continue the installments. No paper work to confirm this was ever forthcoming.

 

He was taken to CC for repossession November last year, he filled in a N244 and the judge made an order for £288.64 plus £50 for arrears, plus a chance to sell the house himself. It was put on the market,current value in region of £130000, best offer received was for £70.000.

 

Unhappy about all the charges for late payment etc sent GE Money a SAR last Friday. Notified on Saturday by the CC that he would shortly be receiving a bailiff warrant for possession, enclosing a N244.

 

Went to see a CAB officer this morning who said he could not fight the warrant, as there was now no paperwork to attach a N244 to.

 

Would really like to get a view of the original loan agreement, would this be covered by the SAR?

Would also like to argue that in view of illegal interest charges,we do not know the true figure of the loan.

Is my son wasting his time trying to fight? The house is still on the market incidentally.

 

He has spoken to Northern Rock today, who say they cannot interfere, "as nothing to do with them".

I would appreciate any comments or help that you can provide. Thank you for reading.

Edited July 8, 2013 by citizenB
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[citizenB]

I am not sure whether you can obtain a copy of the mortgage loan agreement via a Subject Access Request or a CCA request. Do you know if this 2nd loan is protected under the Consumer Credit Act ?

 

I will try and find someone who can help.

[munitawks]

Thank you for replying. I do not know, but will check.

[munitawks]

Three more questions for you knowledgeable people.

What is a Time Out?

Can I apply to the First Tier Tribunal (Consumer Credit) for a remedy? If I have to.

Can I complain to the OFT about the antics of a loan company?

[citizenB]

What is a Time Out?

 

 

In what context ?

 

Have you confirmed if this loan is indeed protected by the Consumer credit Act ?

[Ell-enn]

Three more questions for you knowledgeable people.

What is a Time Out?

Can I apply to the First Tier Tribunal (Consumer Credit) for a remedy? If I have to.

Can I complain to the OFT about the antics of a loan company?

 

Do you mean a Time Order ?

[munitawks]

Sorry yes, I do mean a Time Order. Still try to find out if loan protected by Consumer Credit Act.

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?382658-Time-Orders&highlight=Time+Order

 

All you need to know about Time Orders in the link above

[dx100uk]

don't trust ge as far as you can kick them.

 

get that SAR off

they'll be heeps of PENALTY charges

 

and they compound their int every month

 

dx

 

 

there will def be more the one thing wrong with the loan too.

 

did you not get all the statements when they went for the

[munitawks]

Dx, Did not know !!!!!!!!!!! before coming to this forum.

 

What I have discovered about GE Money is absolutely scandalous.

 

Why have they not been legally sanctioned and their licences revoked?

 

I am in the process of writing to the OFT, FCA and Damon Gibbons at Centre for Responsible Credit.

 

I have e-mailed the Guardian money section with queries and a summary of son's case.

 

Have spoken to Cab (useless),several 'debt' action persons who want money upfront before 'helping' Yeah right.

 

These credit companies are not interested in what is causing borrowers problems,

and have no interest in providing the most appropriate and cost effective financing solutions.

 

It is as if debtors have no human rights.

 

Hmm, now there's a thought.

 

Maybe those kindly Law Lords in Belgium can help!

 

Incidentally, Son has written to G E Money 3 times over 2 years asking to restructure loan, they do not have any knowledge of letters.

 

Their filing system must be shocking, as we have file copies here.

[munitawks]

Just found out GE Money is regulated by the Consumer Credit Act

[dx100uk]

GE might but is the agreement?

 

dx

[citizenB]

You should litter any correspondence with the statement that GE money have not been "Treating you Fairly"

[munitawks]

Have just discovered that the loan was regulated by the Consumer Credit act. Son rang GE and was told that on the original loan of £17,400.00 taken out in July 2004 he has paid £21,974.27 and still owes £17,395.56. I would be grateful for any comments.

[dx100uk]

yea that's GE for you 99% PENALTY charges I bet

and all manner of 'compulsory' insurances

 

i'd await that SAR.

dx

[munitawks]

We know that GE Money have 40 days in which to reply to SAR, but we will be in court before then as awaiting the bailiff's warrant at any moment.

 

Should we request a CPR 31.14?

 

Are there any other documents we should be requesting to add to our defense? Also, GE Money are saying that they want £10,000 to stop the repossession warrant, and to up the repayments before they would even think of restructuring.

 

Of course that figure is impossible to come up with, and they are adamant that they will not stop the warrant for less. With the total of the loan in dispute because of the charges,which they declare are 'legal', can we use the disputed figures as part of our defense on N244?

 

We would really be so grateful for any more advice.

Edited July 11, 2013 by citizenB

[citizenB]

I will ask Ellen to look in on you.

 

You say you will be in court before then - what is the hearing date. You will need at least 14 days in order to send out a CPR31.14 and obtain a response.

[citizenB]

I am not sure how this loan being covered under the CCA 1974 helps you.

 

That is something that we will need advice on.

[citizenB]

Right, having spoken with someone, I now realise that the loan term has actually ended. So I rather suspect that making an application for a Time Order might be your best option.

 

I misunderstood the situation.

[munitawks]

Thank you for your replies. As of now (Thursday eve) we have not had the bailiff's warrant but son spoke to GE Money who said it was being processed for serving today.

We are going for a Time Order but wondered if making sure the judge was aware that the loan figure is in dispute would help the case.

[Ell-enn]

You should certainly mention that you cannot reconcile the figure the Claimant pleads as you believe it contains arrears charges which are disputed.

[dx100uk]

Have just discovered that the loan was regulated by the Consumer Credit act. Son rang GE and was told that on the original loan of £17,400.00 taken out in July 2004 he has paid £21,974.27 and still owes £17,395.56. I would be grateful for any comments.

 

you need to point this bit out to the judge^^^^^

 

how after 10yrs, even if there were periods of payment difficulty COULD the sum EVER get to more than the Org loan amount wit out PENALTIES of some considerable level being applid & the resultant interest.

dx

[munitawks]

Some help needed PLEASE. Received SAR information from GE Money. There was a mis-sold PPI on loan in 2004. Single payment of £2,400 for PPI built into loan. ie £15,000.00 for loan plus £2,400.00 PPI. Now here is where I need some advice quickly, because WANT to start an action against company soonest.

 

 

PPI was for five years, finished July 8th 2009. Loan finished July 8th 2011, but to date still paying GE Money £300 per month for loan and £50 off arrears.

 

 

How is it possible to still be paying installments for PPI when it finished four years ago, and although loan finished and G E Money did not restructure payment, the loan cannot be 'dead' as GE still adding fees and compound interest to whole sum.

As stated previously in thread son has paid £21,500 on £17,400.00 since 2004, but GE say £17.685 still owing, and now they want the house too.

 

 

Still waiting for bailiffs warrent, but I am sure will receive it any time now, which only gives 10-14 days to act. Incidentally do not think a Time Order will cut it as loan has finished, so no current paper work to 'hang' the order on.

Please can someone please advise? Thank you for reading.

 

Would like to thank everyone who has already replied to my thread, because without you, would not have known about sending a SAR and mis-sold PPI.

 

 

As soon as there is some spare cash rest assured will be making a good donation to this website,because without you what on earth would ordinary folk do?

Edited July 18, 2013 by citizenB
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[citizenB]

I think you need someone to help you with the PPI issue, I will send out an S.O.S. for you.

[munitawks]

Thank you very much.