GE Money home lending (formally i group)

[zootscoot]

Hi D5,

 

Only just come across this thread tucked away. I'll transfer it to the mortgage section and ponder on what your options are.

 

Speak soon

 

Zoot

[zootscoot]

Hi Boy,

 

You may like to add that under the overriding objectives they are under an obligation to facilitate settlement rather than take the time of the courts. Also point out that if the court is of the view that they have refused a reasonable offer then the court may order that they pay their own legal costs.

 

Also are you sure you can afford the amount you have offered? If it does go to court they will order that you pay only what you can afford. It needs to be realistic otherwise you will only end up in arrears again. The courts will often award payments much less than what the companies are demanding and they know this.

 

Best of luck with this and sorry for not getting back to you sooner.

 

Zoot

[zootscoot]

Best of luck!

[zootscoot]

Hi Boy,

 

I received your pm in relation to your other claim. I'm just in the process of updating the witness statement following on from reading Jamorgan's Transcript and once this is done I'll be able to get back to you on the items you need for your bundle.

 

With regards to this case. A suspended possession order is granted where the lender wishes to apply for possession but the court grants the borrower one last chance. GE can not go for a possession order as you are offering payments to meet the arrears and in these circumstances the court would normally suspend the possession order subject to you keeping up repayments.

 

The effect of a suspended possession order is that you are given time to pay off the arrears and if you do this the possession order is removed. However, if you fail to meet one payment of the arrears, GE can go straight for possession.

 

Do attend the hearing and bring with you evidence of income and expenditure. Let the judge decide the amount you are to pay. This is likely to be far less than GE are demanding. Its important you don't agree to a sum that is too high otherwise you will not be able to keep up the payments and will lose your home.

 

Also if it is possible, it would be best to try to arrange a re-mortgage as soon as possible as this will free you from having the threat of the possession order being enforced at any time.

 

Obviously do be careful in choosing another mortgage. The choice is limited in the sub-prime market and as you know there are some unscrupulous lenders out there! Watch out for those with variable discounted rates (which are initially low but shoot up very soon) and hefty ERC. Go for a fixed rate if possible.

 

All the best

 

Zoot

[zootscoot]

Can you not switch second charge as well?

[zootscoot]

It does seem petty in the extreme particularly when they have nothing to gain from not allowing it. Other than the fact that you are more liely to be able to meet their payments and less likely to have to pay their charges as a result