We had our mortgage and 2 secured loans with ge money.

out of the blue about 6 months ago get a letter stating they had sold our mortgage on to engage credit, had no prior warning of this happening.

3 months ago get another letter telling us our 2 secured loans had been sold on to arrow global.

Now when the loans were with ge money was paying £225 a month and believed this to be covering both the loans. Never received a letter at any point stating we was behind with 1 of them,

now arrow global are telling us that the £225 we were paying was only being paid on 1 of them, and the one that wasn't being paid only has 11 months left to run and only way to stop eviction process is to pay £980 a month for the rest of the term, which we can not afford, they are not prepared to stop the process for re-posession.

Any help would be greatly appreciated,thank you.

will need a break down of how much is outstanding on the mortgage, the 2 loans and how long each have to run.

Also, do you have any insurance or PPI tied in as a condition of any of these?

if you were paying £225 a month for 3 loans and one of them is for £10k then you obviously havent benn paying enough but that doesnt give them the right to force a sale.

They try this in an attempt to add fees and their alleged costs to bump up a profit for them.

What paperwork did they send regarding setting up a DD or standing order for paying the now divided payments?

When was your last full statement from GE money?

did you get one when they bailed out

I think it would be helpful to others if you could provide a proper breakdown and history of each agreement...amounts borrowed/dates/ and what you should be paying and were actually paying etc.

Regards

Andy

£980, presumably £225 repayment x2, and £530 to make up arrears

£530 x 11 : £5830.

Leaving aside interest, that still represents over 25 "monthly payments of £225" missed..... when were the secured loans taken out? About 2 years ago? If not then, was there any other change about 2 years ago??

I'm no expert in this field, but it looks to me that either arrow's calculations are wrong, or the issue predates their involvement.

Check your credit file : when was there first a marker for a missing payment? What date is on any default notice, and when was it sent?

Check your agreement with GE: how much were you supposed to be paying?

SAR both GE and Arrow.

A lender (Arrow included) is obliged to treat you fairly.

If you weren't aware of arrears, and they are demanding them within a short term, after they have been allowed to accumulate over years (without them informing you) : that isn't fair.

If (according to the original agreement) you were supposed to be paying £450 a month - they can reasonably expect this per month.

If so, I'd push for paying that as part of an agreement : to pay off the secured loan that had been being paid within the 11 months, and prevent any increase (other than interest on arrears) in the sum owed for the 2nd secured loan, by paying £450 / month for 11 months.

You push for this on grounds of being treated fairly: for not being advised of the lender's error earlier.

Once the first secured loan is paid off, you continue to pay the £450, to clear the outstanding 5830 on the 2nd secured loan, which should then take about 13 months.

Sure you end up paying £450/ month for 13 months longer than you originally signed up to : but they will point out that equally you underpaid £225 a month for 24 or 25 months ....

OK bit more detail sorry

one was for £6000

and the other £7000

should of been approximately £105 and £115 for the 2 loans.

Which is why I assumed the £225 was covering both and heard nothing different to say otherwise from ge money.

Still not enough information, we need to know when the mortgage and loans were taken out, how much for, what the original term was, what the current balance is and when they are due to be paid off.

Look at Bazza's workings and see if this is applicable to you. You will need to SAR the firms involved

OK bit more detail sorry one was for £6000 and the other £7000 should of been approximately £105 and £115 for the 2 loans. Which is why I assumed the £225 was covering both and heard nothing different to say otherwise from ge money.

If so, then one should be overpaid, one underpaid!.

You can keep giving us info in dribs and drabs, or tell us the whole story : it depends if you want accurate advice or not!.

Still not enough information, we need to know when the mortgage and loans were taken out, how much for, what the original term was, what the current balance is and when they are due to be paid off.

Look at Bazza's workings and see if this is applicable to you. You will need to SAR the firms involved

I now doubt my workings are applicable. They weren't unreasonable based on what the OP has posted, but they've posted more since then. As you've correctly said, we need more info from the OP to disentangle what has happened.

if GE money sold loan to Arrows

its duff.

sar time to GE money ASAP.

Arrows cant go for repo if they are not named on land registry

the reason it's a bit muddled is that for 18 months I was fighting a esa appeal which had caused some of the loans to get behind.

can you elaborate on why arrow can't do this

.the figure of £225 is what they said we needed to pay for them to not do anything further.

Did you get the sar running?

Did you get the sar running?

now go up on the land registry site and see whos name is against the mortgage deeds and the 2 secured loans against the property

how was this threat of repo made

I hope you've not been talking on the phone??

 

" now arrow global are telling us that the £225 we were paying was only being paid on 1 of them, and the one that wasn't being paid only has 11 months left to run and only way to stop eviction process is to pay £980 a month for the rest of the term, which we can not afford, they are not prepared to stop the process for re-posession. "

 

Any help would be greatly appreciated,thank you.

By letter DX

now go up on the land registry site and see whos name is against the mortgage deeds and the 2 secured loans against the property

 

 

 

 

how was this threat of repo made

I hope you've not been talking on the phone??

They did constantly ring,where do I go to look at the land registry?? And do I have to pay to view it.

https://www.gov.uk/government/organisations/land-registry

Have done that there's 3

Pepper UK = mortgage

Arrow global accounts management Ltd =loan

Arrow global accounts management Ltd =loan

Surprised me that none of them where showing ge money.

So they can threaten repo then

Can we see the letter please

Scan to PDF and upload

Have you ever requested a copy of the agreement s from Arrow since assignment ?

Did you receive Notice of Assignments for the debts ?

Andy

We never received any letters stating they where changing, only once they had changed we got a letter. So we had no prior knowledge of it happening.

Ask for copies of the agreements then now as they are threatening this that and the other.