GE Money Fees

[Guy]

Hi Folks,

 

Its been a long long while since ive been on the site

but been spending most of my time keeping my business a float!.

I will be taking on Natwest to recover charges against my business account soon

but have to deal with GE Money first.

 

After a long hard struggle we have finally had to sell the house

and will end up paying the usual raft of fees including ERP etc to GE.

 

 

On the one hand i would prefer to simply deduct the amounts from the final cheque

but i would be at risk of them rejecting the payment, holding up the sale and then the NR will reposess it.

So my action will be settle, regroup and attack!!!.

 

The brief history of the loan is:

 

initailly borrow £44K

Pay £4K insurance - have now ascertained that i will get a cheque refund for the rebate on this after full settlement.

Pay broker fees of £1500 and legals of £500 so final loan just over £50k. at 12%

 

Went into arrears 26 months ago

(interestingly the first month in arrears i had a letter stating that they had charged me £2 admin,

have charged me £40 per month ever since.)

 

Their settlement figure is £56k including 26 months arrears,

£3200 ERP

some brokers fees (hang on didnt i pay them?)

and the insurance.

 

I have very politely asked for a detailed breakdown of this figure

but reckon that i will be looking at aprox £4300 plus £3000 for the rebate on the insurance.

 

I dont like to pay first then claim back

but my solicitors think that its better to secure the sale,

retreat and live to fight another day.

 

Hope to begin early FEb if all goes well. will keep you posted.

 

Guy

[sammyjammy]

Hi Guy, sounds like you've been through the mill, there are plenty on here going for GE Money as they seem to have taken over lots of our mortgage companies, mine was also with IGroup. You can expect them to play hardball via Eversheds but I do believe we will get there in the end, good luck

 

Sam

[Guy]

Hi All,

 

An update.

 

Ge have began repossession proceedings with the court date 1st March.

They are continuing to add admin fees and have seen the 'Counsellor' for the second time.

luckily have sold the house - should exchange next week.

 

Have also recieved a reply from GE re the insurance rebate - wait for it...

 

£1025. This seems to be very low as i paid initially £4150 on a £44K loan over 25yrs so in effect they will have taken £3K in three yrs this must be disproportionate its not as if ive made any claims against it.

 

I have noted with some concern that a number of ERP claims are being lost or thrown out so will wait to persue this element but the admin fees are definitely a fair target.

 

Has anyone any info re GE insurance and a fair rebate figure and does anyone have any good news about ERP

 

Luck to all

 

Guy

[Guy]

Hi All,

 

With the current issues with ERC's and the various threads running i understand that when redeeming the mortgage you are effectively taking the option of settling early and therefore the charge is legal and tough luck.However,

 

In my current position events are:

 

I couldnt pay the mortgage so fell into arrears - Clear breach of contract.

They charge admin fees for the breach - Punitive and unrecoverable.

They are taking me to court for a posession order. My only option is to sell the property and redeem the mortgage.

 

I have no choice in the matter as i cannot make up the arrears, They are effectively forcing me to redeem as there is no other way of doing it. I dont want to sell up and therefore dont want to redeem the mortgage or take the opt out clause where the ERC is payable.

technically they are punishing me for going into arrears and further punishing me by the ERC.

 

Does this sound to anyone like a possible escape in respect to the ERC??

 

Guy

[Guy]

Its been a while since i posted.

 

I have a secured loan with GE which has now passed to Prestige.

I took out the original loan way back in 2005 with a massive PPI and not long after got into arrears.

 

I went after the PPI

but GE wriggled out of that,

went after the broker who has gone bust then found out that the FSCS couldnt help

as the loan was signed about 6 months before the protection.

No worries tried three times to get the PPI.

 

However, i have arrears fees for about 5 years which i want to go after.

question

 

 

Can i go after these even though they are 10years old?

 

I have been browsing again and see some successes from old just want to find some more recent GE success.

[martin2006]

You most certainly can, i currently have a claim in with GE for default charges.

 

Do you have account statements?

 

I dudnt but a quick polite fone call and i got them in a week, failing that, get a SAR sent.

[sunnydee]

hI

I'm IN TH SAME POSSITION, GE ADMITTED MISSELL EVENTUALLY AFTER A 4 YEAR BATTLE, I WROTE TO THE CEO AND THAT DID THE TRICK.

I'm KNOW TRYING TO CLAIM BACK CHARGES AND ASSOCIATED LOSS.

SUNNYDEE

X

SORRY ABOUT THE CAPITALS

[martin2006]

Same as guy, get re claiming them

[Guy]

Tried a quick call to get copy statements to be face by first hurdle. Cant actually get to speak to anyone as the system is automated and the account has moved to Prestige. Just goes around in circles till call terminated.

SAR completed and sent instead.

Can see this being a bit of a process....

[martin2006]

They certainly arent the easiest to deal with guy, but persistence and patience is key to success, unless they wish to attend court to explain the fees? I doubt that but u never know, will keep this updated as things happen so you will see what comes next.

[Guy]

Have been scouting around on here and looking at a few mortgage fees reclaimed.

My fees started about 11 years ago and continued for probably 4 years how does the 6yr statute figure im not sure i fully understand ?

Also how much is a court claim now?

[martin2006]

I put a claim in for them all, unless they wanna go to court to defend them they will have to pay up or at least get offering a settlement, i haveca figure in mind fir mine which isnt the total amount of the claim but at which i woukd be happy to settle

[Guy]

Just waiting on statements now.

Good luck with your clainm Martin

[martin2006]

GE acked claim and defending all, eversheds are in residence

[martin2006]

Any news with this Guy?