GE Money - and a crazy redemption figure

[hobbes741]

Hi All, Im just new here, and am really hoping I can get a wee bit of advice.

 

I took a secured loan with GE Money in September 2004.

 

In November of that year, I suffered an injury at worked that resulted in permanent disability.

Things have been very difficult since then, and I have been juggling the small amount of money I have to try to at least pay my creditors.

 

The loan was taken at £7000, plus interest of £1050, making a total of £8050.

Although payments were sporadic, over the next 10 years I paid to the account £10,333.44.

 

Due to a load of bad circumstance,

I am now forced to sell my home or risk repossession.

 

I asked GE Money for a redemption figure, and they have sent me a total of £10,824.93.

 

After I pay this, I shall have paid the grand total of £21,158.37, for an original loan of £8,050.

 

I have not much experience in finance, and I fully acknowledge that payments being made on time would not have resulted in extra interest being added,

but paying 2 1/2 times the original loan amount seems pretty harsh.

 

Can anyone please advise? I tried the FCA but they said they do not handle individual cases.

Edited February 20, 2014 by citizenB

[f16]

They will have also charged late payment fees and a whole raft of other "fees" All of which are reclaimable.

This would also apply to your mortgage account as well!!!!

Did you have PPI on either?

If you get stuck click on the triangle (left of bottom bar) and ask the site team.

Good Luck

[citizenB]

Unfortunately this is how Sub prime lenders operate and make their money.

 

Charges would have been added and interest on those charges - you should send a Subject Access Request in order to obtain details of these - then make a claim for the refund of those.

 

If there was Payment Protection Insurance included in the deal, then you might want to consider if htis was mis sold and start the reclaiming process for that as well.

[hobbes741]

Thanks so much for your information.

 

My home is currently for sale, and there is a mandate for this loan to be taken from proceeds.

 

I take it that if I pay it out, there would be no way of me fighting the unfair charges.

 

Can you tell me if there is a company who would be willing to take this on for a fee?

 

I did have PPI, which I claimed for a year, but then they deemed my condition as pre-existing, (it was news to me, as I had shown no symptoms previously)

so I am unsure as to whether I would have a claim there.

 

Thanks again for your help.

[f16]

Thanks so much for your information. My home is currently for sale, and there is a mandate for this loan to be taken from proceeds. I take it that if I pay it out, there would be no way of me fighting the unfair charges. Can you tell me if there is a company who would be willing to take this on for a fee? I did have PPI, which I claimed for a year, but then they deemed my condition as pre-existing, (it was news to me, as I had shown no symptoms previously) so I am unsure as to whether I would have a claim there. Thanks again for your help.

 

hobbes741 All the crazy charges are reclaimable,now or later.

You mention in post#1 that you had to stop work due to an injury at work...... So why did PPI only pay for a year?

Also did they continue taking PPI on the account after they said " It was a pre-existing condition"?

 

You ask if there are companies that could claim back the money?...There are but they charge a fortune.

I also think you should get legal advice with regards to the PPI issue.

Good Luck F16

[dx100uk]

PPI & PENALTY charges reclaiming is easy

 

def no need to use a pay for company

 

you'll lose upto 50% of what you get back.

 

we'll help

 

dx

[dx100uk]

1st port of call

get an SAR off to GE [unless you have ALL the statements?]

 

you can reclaim the charges/PPI after

 

but might be better to get things moving now.

 

this figure sounds typical of GE.

 

I bet you'll find £100's of PENALTY [arrears] fees

as well as letter phone, debt management etc.

 

expect GE to fob you off to the broker

who was this?

 

dx

[hobbes741]

Hi all,

 

that is the house sold, debts paid, and GE Loan settled.

 

I then set about the SAR, and have just received it through the mail - all 80 pages!

 

Loan was brokered by Loans.co.uk.

 

My lawyer repeatedly asked for a redemption figure to tie in with the day the monies would be available, as they were only valid 24 hours.

 

After 3 separate tries, we ended up 'guestimating', and added a further few hundred £'s to the latest redemption they had sent out,

to allow for interest/charges for the missing days.

 

According to the info sent, I am still due them £288 for solicitor interim legal fees - run up 28 days after the loan was repaid!!!

 

I also received a second correspondence from them, stating that although they will provide the information requested within the 40 day stat,

they are not in the position to provide copies of any telephone call unless I provide the following information:

date of call, time of call, telephone call to which or from where the call was made.

 

They then go on to say that telephone call records are only kept for 3 years,

and even if I do provide the above info they may still not be able to provide details due to technical reasons.

 

I don't know if this information is required to take this further,

but as I recall most calls went along the lines of me calling them to offer what I could,

them saying it wasn't enough, and even if I did pay it I would still be required to pay interest upon the interest upon the interest etc etc.

 

As for recalling numbers, GE money had a great system where I can only presume they bought up loads of different area codes

and dialled from them, Perth and Aberdeen being 2 I remember among literally hundreds.

 

Now the pressure is off with offloading the house,

I am like a dog with a bone regarding this,

so I would surely appreciate your help in what I do next in order to claw back a bit from these financial bullies!

 

Thanks again x

[dx100uk]

ok so time to look for PPI

and ANY OTHER type of insurance you were made to take out

 

and

 

look for fixed sum PENALTY fees

[letter/late/over/debt management/debt advisor visit]

 

etc etc

 

if you want scan up the statements and the agreement.

 

loans.co.uk do cough we've seen here before

 

**you can post up images/letters by this method immediately..you don't need 10 posts**

.

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

************************* ************************* ***********

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

http://www.convert-jpg-to-pdf.net/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or http://www.freepdfconvert.com/

or

use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

or use Primo PDF.

.

try and logically name your file so people know what it is.

though DONT USE BANK NAMES or CAG in the title

i'e Default notice DD-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

...

YOU DONT have to put a link to the attachment in the msg box..just upload it ..job done

you can click on your links to check them too!

.

dx