I have been reading some of the forums recently with regards to GE Money and would like some of your expert advice please. Let me summarize...
Took out a loan for £26,000 ( Secured) in March 2005 over a 15 year period
Had difficulties early on in the loan and started to incur some charges and additional interest, this was then on/off like this for the next 7 years. With repayment plans put into place etc etc
Seperated from my Ex Wife in 2011 and ended up having to sell the house for a large loss due to pressure from GE Money & Halifax
Paid off the GE Money loan in January 2012
Now....I am ready to take these guys on :mad2:,
I requested a SAR which came within 2 weeks (yesterday),
I have been through this document today and the anger grew as I listed all the charges that had been applied to the account over the 7 year period!!!
It seems to be over £7,000 pounds in admin fee's, additional interest, solicitors fees, lunch for GE directors ( made that one up )
and I am very very confused how they distributed the final payment which I will summarize later.
I am going to attached a full excel spreadsheet showing my findings but below is a brief summary which may give you some idea of what I want to claim and if I can??
Charges I think I can claim
SOLICITOR INTERIM LEGAL FEES£1,089.86
INCOME ON EARLY SETTLEMENT£353.92
REFUND OVERPAYMENT 999999 CHAP£204.16
INTEREST DUE DATE CHANGE£130.01
REPAYMENT OF ADMIN CHARGE£84.00
DD RECALL CHARGE£65.00
DEFAULT NOTICE CHARGE£65.00
Summary of the loan
ACTUALTOTAL MORTGAGE PAYMENTS£33,111.02
£61,117.288 2MONTHS LESS INITIAL LOAN AMOUNT£26,000.00£745.33TOTAL COST OF LOAN£35,117.28ORIGINAL LOAN PLANINITIAL LOAN AMOUNT£26,000.00180£404.76
In the 82 months I was paying this loan my average monthly payment was £745.33!!!!!!!!!
Final Payment Redemption
Below is the last few transactions on the loan account before it was cleared, I am confused on what all these payments mean, in particular the payment for repayment of fees and additions ( £4,539.22)
DATECODENARRATIVEDEBITCREDITBALANCE26/12/20114004ADDITIONAL INTEREST£67.60£0.00£27,498.4106/01/20124443REDEMPTION ( TT THE LAW PRACTICE)£0.00£28,006.26-£507.8508/01/20124004ADDITIONAL INTEREST£3.93£0.00£503.9209/01/20124444INCOME ON EARLY SETTLEMENT£353.92£0.00-£150.0009/01/20124439SOLICITOR DISCHARGE FEE£66.00£0.00-£84.0009/01/20124342BLANK?£84.00£0.00£0.0009/01/20124420REPAYMENT OF ADMIN CHARGE£0.00£84.00-£84.0009/01/20124414REPAYMENT OF FEES AND ADDITION£0.00£4,539.22£4,623.2209/01/20124416REPAYMENT OF CAPITAL£0.00£20,622.58£25,245.8009/01/20124063BALANCE TRANSFER ON SETTLEMENT£25,245.80£0.00£0.00
Please based on the above could you give me some advice on the following
Can I claim back all the charges? If not which ones do you think I should aim for?
If yes to the above, what is the next suggested move?
Can I claim back interest on these charges? I have used 8% on the charge calclulator ?( Tab 1)
Do the redemption figures look correct?
Figure on the calculator shows £9k + does this mean I have to go to court?
I am really sorry that it is such a long thread for a newbie bit wanted to try and give you as much information as possible to try and get some valued comments
Hope someone can help
I will keep this thread as fully up to date as possible with all my results to aid other people in there claims.
Tab 1 - Compound Interest Calculator
Tab 2 - Summary of charges and mortgage payments
Tab 3 - Full breakdown of charges by date
Tab 4 - Final Redemption Summary