ge money /mortgage

[chinesecrested]

Hi dont know whether anyone out there can help me.Ive basically been
to hell and back within the last year including having my house
repossessed by Ge Money.They are the most rude obnoxious and ingnorant
people Ive ever dealt with.They must do staff training on how to be
rude to customers.
I basically got into debt after being made redundant and after a year
of not being able to make payments my home was repossessed.On the very
day whilst my home was being repossessed my family rallied round and
paid the arrears off for me .Even so it was another 2 weeks before we
could move back in.This was on 19/10.2006 on the 30/10/06 another
£1575.00 repossession misc charges were added to the account which
again my family paid for me.This actually shows as the account being in
credit by over £2000.Ive just recently sold the house and asked for a
full statement of account which was sent <much to my surprise.>There
are some charges I dont understand on here can I question these before
making payment.One is for an early repayment charge for £450.80 another
for outstanding admin charges £30.00and then the repayment and admin
discharge fee £110.00.Bearing in mind there are no arrears on the
account it has been paid in full every month on time.
I have a couple of questions if anyone can please help me.
Is there anywhere I can go and hve the statement checked out to see if
I am being overcharged.
Can I request a full breakdown of the costs involved in the
rpessession as Iwas charged a £400 admin fee and then over £1500 misc
repossession costs.
Does anyone know where i could view examples of how a repayment
mortgage would reduce over 4 years just so that i know how it should
have reduced.
Are the £40.00 per month charges lawful when you cant meet the
reapyments.
Am i best off paying what they are asking so it dosnt hold up my house
sale and then fight them after.
Can anyone answer me this question or do they know where I could find
out if I took out a repayment mortgage in feb 03 for £61950.00 over 300
months what would the balance be as at todays date the monthly rate is
0.771% and the current repayment £524.11.
I have been ill over th past year but am now back at work full time
and ready to take on Ge money.If anyone can help in any way or have any
tips please post a reply.Thanks for reading.

[reduk054]

Hi Chinese crested. Firstly sorry to hear of all of your problems in the past and hope that you can work out your issues.
Regarding what you can claim back from GE money....firstly, you are advised not to claim back any money from a current lender.
Secondly you can claim any penalty fees such as mortgage arrears fees or direct debit failures. You can also claim back your mortgage early administrion fee (either the difference between the figure quoted when you started your mortgage and what you actually paid, or you can ask for the whole figure back...).
I would recommend that while GE are your current lender, then it may be wise to keep a note of your fees and to make a claim when they are no longer your lender.
Hope this helps
Red

[lookinforinfo]

During repossessions, you will inevitably incur legal fees applied by the solicitors acting for the mortgage company. These are not reclaimable and may well be the £1500 listed as miscellaneous. They can also charge for early
repayment, though I understand there is some disquiet about the amounts that are being charged for that at the moment. You should be able to find
some information on the forum. Perhaps someone else could you point you in the right direction.
The admin discharge fee is probably ok. You should check with them on some of the other charges by asking for an explanation of what the charges are actually for.
However the £40 charges for missed payments etc are definitely not lawful and can be reclaimed. Probably better to do that after you have sold the house, since any protracted negotiations will lead to you having to pay another months repayment of £524 which would not be to your benefit.
.

[chinesecrested]

many thanks for all replies I do intend to pay off the full amount they are asking for and then start a claim proberbly by the end of November when I will be settled in my new home.I have totalled up all the admin costs and the additional intrest and it totals over £1600 !!!!
I also have a secured loan fron Black horse and intend to ask for a full breakdown of costs from them as I know they put unfair charges on whilst I was out of work.

[gizmo111]

Moved to the mortgage forums - where vthere is more relevant info.

[Bona]

Hi Ive been off line as I have moved and have just read your thead there may be remidies to all your problems , you need to ask for a breakdown of all cost that have been added to your account there are rulles as to costs you may be able to re claim some of your penalty charges back before you can do anything get a statement of account and we can take it from there

[Goldlady]

I narrowly missed losing my house to GE Christmas 2005. They are horrible people. I have already written to them to ask for all the £40 charges back. We are about to pay them off by remortgaging with our primary lender (theirs is a secured loan) and then I am going for them big style. GE are pretty good at showing all their unlawful charges on the statements - and all those £40's are definitely unlawful - as is the 2.5k settlement charge. I will be after them for about £4.5k and I'm sure it will end up in court.

So yes, fight them afterwards I think. They sent a debt counsellor round to our house and he told us to stop paying all our cards and pay them instead. As five of the cards were with GE anyway this was actually good fun Can you imagine telling the card company that their own mortgage lending department had told us to bump them?

[gizmo111]

Originally Posted by Goldlady

as is the 2.5k settlement charge. I will be after them for about £4.5k and I'm sure it will end up in court.

Are you sure on this as if it is an ERC type of charge you will not get it back

So yes, fight them afterwards I think. They sent a debt counsellor round to our house and he told us to stop paying all our cards and pay them instead. As five of the cards were with GE anyway this was actually good fun Can you imagine telling the card company that their own mortgage lending department had told us to bump them?

That is normal advice where secured debt is concerned - the unsecured debt is definetly bottom of the pecking order.

[Goldlady]

Hi Gizmo, well it is an ERC however it would still apply if we settled the loan after 14 years and 364 days in which case I think it is somewhat unfair. I don't know if it's relevant if I did sue them, but they have forced us into paying it off as they would not help us at all by extending the term or anything else - all they did was destroy our Christmas by issuing repossession proceedings.

[gizmo111]

Originally Posted by Goldlady

Hi Gizmo, well it is an ERC however it would still apply if we settled the loan after 14 years and 364 days in which case I think it is somewhat unfair. I don't know if it's relevant if I did sue them, but they have forced us into paying it off as they would not help us at all by extending the term or anything else - all they did was destroy our Christmas by issuing repossession proceedings.

It may well be unfair, as are all ERC's but they are not reclaimable - have a read of the stickys etc at the top of the forum. This one shows how unsuccessful these claims have been.
Was the loan undeer £25K? If it was then it comes under the CCA 74 and the rules on redemption are different.

[Goldlady]

No it was for more so not covered under CCA. I am still going to go after the charges - and bide my time on the ERC.... Would be foolish to combine the two in one claim methinks.

[gizmo111]

Originally Posted by Goldlady

No it was for more so not covered under CCA. I am still going to go after the charges - and bide my time on the ERC.... Would be foolish to combine the two in one claim methinks.

Good luck - there is some really good stickies up there on claiming.

[Bona]

Hi Gold lady there is a provision to make a section 8 application to amke the mortgae company account to the court for all monies taken from your account that is what we are going to do but we have to bide our time we have a costs hearing now set for November but slowley slowley catches monley will keep in touch

[Goldlady]

Thanks Bona, I can afford to wait (not) rather than jumping in and losing.

[Bona]

Keep The Faith