GE Money secured Loan Reclaiming for Mate at Work

[phatram]

Work colleagues have mortgage arrears but some of these are made up of charges and solicitors fees added to the mortgage(is that allowed?). I am in the process of helping them claim charges back but today they received the following,

[phatram]

This is a secured loan and eviction date is 2nd December.

Loan was taken out in 2004 for £9000. Lots of payments made but GE money say they still owe nearly £9000 !

Edited November 20, 2009 by phatram

[jansus]

You are correct in trying to reclaim the charges . Is this through the FOS?

 

You need to find out the exact amount of arrears excluding the charges.

 

As time is short I suggest a strong letter to the lender and copy to the solicitor asking for a complete break down of the MP due and MP made that make up the arrears.Say that it is needed for the court hearing.

 

 

Ell-enn is your best person for practical help. Can you post a few more details of who lives in the house and also the current financial position with other debts?

 

 

what is the reason for the arears

 

Can the borrower afford the normal MP together with an amount towards the arrears?

[phatram]

They are at CAB at the mo. Thanks for your help, I will post later after speaking to them.

[Ell-enn]

Hi there, update us later if you can and I will see what I can do to help

[phatram]

They have an appointment at housing aid Mon morning. CAB not really very interested that charges make up some of the debt. Arrears caused by ill health.

GE sent a letter which arrived today stating that to repay the loan in full it would cost £9824. They only borrowed £9900 and have been paying it until last year,so they've paid £180 a month for nearly 5 years but still owe nearly what they borrowed. Current balance is £9300 of which £2300 is arrears.

[michellej]

yeah very like our case same lenders ,.. same eviction date aswell ,.. same letters ,.. surely you can dispute the toal arreas and ask for adjorment on these grounds , as its easy to sayyou owe X amount ,.. your appeal you would put dispute total arreas and sure after reading up on this the judge would give you time and ask lenders to provide proof of figures owed , as believe arreas can only be the monthly payments missed ,... I will be interested to see what others think ,.. best of luck