GE Money transferring my debt to Elderbridge Ltd.

[kevinski1966]

Hello all it has been a while since I posted here.

 

I have had a loan wth GE money that has been in force for a number of years.

 

I just recieved a letter from GE Money stating that the Loan is going to be transferred to Elderbridge Ltd.

 

They state that in the terms and conditions of my loan with them that there is consent to transfer.

 

I am trying to find the paperwork.

But was wondering as a general point if this could an opportunity to free myself from this arrangement.

 

We have been only paying minimum amounts and its taking an age to pay them off.

As always any advice or thoughts would be very welcome.

regards

Kevinski

[martin2006]

Was there any PPI on the original loan with GE?

 

And/or charges applied for late/missed payments etc?

[dx100uk]

did you send off a CCA request

like you should have done with all your debts

 

as advised the last time you were up on CAG?

 

dx

[kevinski1966]

Hello, There definitely have been late payment charges on the loan. I don't think that we had PPI with it though.

Was there any PPI on the original loan with GE?

 

And/or charges applied for late/missed payments etc?

[dx100uk]

Post 3

[martin2006]

Ok well if you can answer dx post 3 then we can move on

[kevinski1966]

Hello all,

Sorry for the delay in replying. Have been unwell.

 

In answer to dx100uk about the CCA Requests

I am embarrassed to say that I didn't.

 

It feels a bit like "after the cart horse has bolted" by producing a CCA request

if I have already agreed a dmp with them and might a request for one trigger a ccj request in response?

 

GE Money are not in the dmp arrangement thus why I thought to ask for your thoughts.

 

I am still trying to get used to the asserting of my rights.

 

regards kevinski

[dx100uk]

no cca and they cant gotto court!!

 

right

 

tell us about the debt

have you any paperwork

when did you take it out

how much for etc etc

 

need info first before we help best

 

as for your other debts

list those 2

I bet you are being cash cowed ?

[kevinski1966]

Ok here goes:

 

The debt I have with Ge Money which has now been transferred to Elderbridge is as follows:

Statement from GE Money 15/06/2016=£2012.09.

Monthly payment is 98.50 but the interest charged fluctuates between £30 and £26.

( can't see how one month can have a higher pound value seeing as the loan amount is going down...)

 

Paperwork from Elderbridge so far is a notification of Direct Debit Payments

indicating that that they will be taking over payments from GE.

Proposed transfer of ownership will take place 04July2016

although they say they will send a letter to confirm transfer.

 

As for the other debts that are being dealt with via the dmp with StepChange they are as follows:

 

The debts are supposed to be cleared may 2018:-

 

Barclaycard=£1,696.31

Link Financial= £1,582.26

Wescot Credit=£1,380.29

PRA group Group= £1,107.74

moorcroft =£299.02

Link Financial= £222.65

Apex Credit= 198.02

Total is £6650.14.

 

The DMP has been in action for about 4 years now.

It is an eyeopener to see just how much debt I had accumulated..

.But cannot change that.

[dx100uk]

Ok here goes:

 

The debt I have with Ge Money which has now been transferred to Elderbridge is as follows:

Statement from GE Money 15/06/2016=£2012.09.

Monthly payment is 98.50 but the interest charged fluctuates between £30 and £26.

( can't see how one month can have a higher pound value seeing as the loan amount is going down...)

 

Paperwork from Elderbridge so far is a notification of Direct Debit Payments

indicating that that they will be taking over payments from GE.

Proposed transfer of ownership will take place 04July2016

although they say they will send a letter to confirm transfer.

 

you need to send them a CCA request.

 

 

 

As for the other debts that are being dealt with via the dmp with StepChange they are as follows:

 

The debts are supposed to be cleared may 2018:-

 

Barclaycard=£1,696.31

Link Financial= £1,582.26 send them a CCA request.

Wescot Credit=£1,380.29 send them a CCA request.

PRA group Group= £1,107.74 send them a CCA request.

moorcroft =£299.02 send them a CCA request.

Link Financial= £222.65 send them a CCA request.

Apex Credit= 198.02 send them a CCA request.

Total is £6650.14.

 

The DMP has been in action for about 4 years now.

It is an eyeopener to see just how much debt I had accumulated..

.But cannot change that.

 

looks like to me

and going by your old threads

 

you are being cash cowed blind here.

 

stepchange, as with any other DMP provider

be them free or paid for

WILL NEVER CHECK THE LEGALITY OF A DEBT.

 

you need to do this now ASAP.

 

you need to remember that these DCA's you are blindly paying ARE NOT BAILIFFS

and have NO SUCH LEGAL POWERS.

 

as its looking and again going from your past threads here

that you probably owe very few of the debts the total they claim

and may well find it prudent to stop the DMP plan ASAP.

 

we can help you deal with those debts that prove to ACTUALLY be legally owed to the DCA's.

 

as for the ones that you are paying that are still owned and paid to the ORIGINAL CREDITORS.

 

it might pay you to send them each an SAR to get all the statements

and llok at ways of reclaiming all the £12 penalty fees

and any PPI that might be kicking around

to reduce those debts,

 

dx

[brassnecked]

There may be enough unlawful fees in there to mean they owe you.

[kevinski1966]

Thank you very much for your reply dx.

 

It has given me a much better focus as to what I must do.

 

You mention about ending the dmp ASAP.

Logically would this be a route to take after the CCA request?

[dx100uk]

I would suspect better that 75% of the debts paid thru the DMP will turn out to be un-en

when the process is done

that will be quickly found out

 

12+2 working days

stepchange will not want to simply take out debts that you want

 

and anyway

its very easy to do a DMP yourself!

 

well deal with these as and when

 

if I WERE YOU.

i'd cancel TODAY

 

but others may feel diff

[kevinski1966]

Thanks again for your reply dx.

 

 

With regard to the SAR request

would that be something I could send to the original creditors such as MBNA,

and others who have since passed on my debt to dca's?

 

regards

Kevinski

[dx100uk]

yes SAR's ALWAYS goto the OC.

 

 

dx

[kevinski1966]

Hello again

wellI am finally downloading and amending the CCA requests. But I have just noticed that they have misspeled my surname on the paperwork as had the original creditor GE Money. Is it possible to exploit this is as well?

[dx100uk]

Sadly no

[kevinski1966]

thanks for the reply dx100.

[kevinski1966]

Hello dx100.

 

 

I was doing some more research on CCA's and the potential responses I should be prepared for and I found this thread

( http://www.consumeractiongroup.co.uk/forum/showthread.php?421323-Link-Financial-response-from-my-CCA-request/page2 )

 

 

which really has helped my confidence in this situation.

 

 

Seems to me that form this thread the best sequence would be :

 

1-CCA's

 

2-Any lack of response would then be the basis for ending the dmp towards those unable to prove enforceability.

 

 

What are your thought?

[martin2006]

With the CCA requests, there is a 12+2 day timeframe for supplying it, that's written into the legislation. If they do not supply it within that timeframe then they are in default of your request and unable to enforce or request any relief.

 

Without a valid and enforceable credit agreement, they cannot win a court claim, though that doesn't mean they wont try or produce what may appear to be a credit agreement, it is always the case that these may not be enforceable as they must contain prescribed terms.

 

For now, get the CCA requests done, remembering to edit them for the type of agreement you are requesting, loan, credit card etc.

 

Only thing to note really is that neither bank accounts nor mobile phone accounts have Credit agreements so no point sending if that's the type of account

Edited July 15, 2016 by Andyorch
edit