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Bizzimum

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  1. Was your loan definitely on a fixed rate to start with? Secured loans usually seem to be fixed. I thought my rate was fixed, but only my payment was. I have just settled my loan and by my reckoning I was paying around £100 per month less than I should have been. I wonder if they let the shortfall rack up to a certain level before they do something about it? I never had any official notification of any interest rate fluctuation except retrospectively on my annual statement. They told me it was my duty to keep an eye on the interest rate (published in the national papers apparently!) and amend my own payment accordingly (I paid by Direct Debit!?). Even as I am typing this I do realise what a load of carp it sounds. I have encountered a few people on the internet who have the same kind of problem and until recently they too were blissfully unaware of how their loan operated. Do SAR them they will send a load of garbage, but the interest rate applied right through the period of your loan will be in there.
  2. Hmm. Another of the companies that has had a "special" relationship with GE, I believe. Have you tried SARing them? No doubt they received a sustantial commission that they forgot to mention to you, and I bet they didn't explain the impact of the fixed payment/variable interest rate. http://gemoney.co.uk/en/loans/index.html
  3. This was my thread when I originally worked out the implications of my loan, which, incidentally, was also taken out with First National. http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/197826-ge-money-can-they.html I am not going to let the matter drop. Operating a loan in this manner can in no way be acceptable. BTW did you use a broker and if so which one? We can't be the only people with loans that operate on this arrangement and I reckon many people haven't realised what's happening yet.
  4. They sound familiar - probably had a few mentions around these parts. I was wondering if it was GE and you were in a similar position to Cub and I (see Cub's thread). Possibly your loan works the same way. My term would have been extended considerably had I not paid the rotten loan off.
  5. Sounds like your loan is like mine. They gave me a right load of carp about how their base rate is published regularly and that I was supposed to keep track of it myself:rolleyes:. Mind you, I'm not sure how my rate related to the base rate, but that's another story. This would seem to be a massively unfair contract term and I'm waiting to see how the Firstplussers (who are in a worse position re their interest rates) get on and then I'm going on the attack. I guess you were only informed of your interest rate, retrospectively, on your annual statement? I started writing a letter of complaint about what I'd been told, but it sounded so ridiculous I never got round to sending it.
  6. Did you always pay the same monthly payment even though your interest rate was variable? It sound like the £900 is some kind of balloon payment. If I had let my loan run it's course I was looking at a £17000 shortfall. That was after 5 years of a 15 year loan - I don't want to think about what it might have ended up as!
  7. Martin, pop over to firstpluscomplaints.co.uk There is a big campaign happening there.
  8. A broker fee of £680 could be right, but there is highly likely to be an additional commision. Mine was over £2000 on a £50,000 loan. It won't appear on any GE paperwork (which implies to me that it is secret). I'd SAR the broker and see what they have to say.
  9. If the said underwriting sheet contains details of the commission paid to the broker they should take better care of it in my opinion - it being "sensitive commercial information.";)
  10. Do you happen to have a variable rate loan with a fixed monthly payment? I'm looking into loans like this as I have one too. I don't know how many payments I have left. I recently reckoned I would have a shortfall of about £17500 at the end of the original term:eek:. Did you use a broker?
  11. But it would if they didn't necessarily act in your best interests, to earn themselves a higher commission. My broker has openly advertised having a "special arrangement" with GE.
  12. What exactly is a multiple agreement? I just read that if the loan was over £25000 and was consolidating existing debt that was already covered by the CCA it would be regulated. Does this mean all the consolidated debt had to have been with the consolidating company IYSWIM? Or would it be covered if you were paying off various other regulated debts?
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