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Everything posted by Bizzimum

  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?
  13. I'm still waiting for SAR documents. I really need to be rid of this loan. Looking at the current interest rate I am facing a balloon payment of a possible £17500:eek:. Bearing in mind I asked for a loan that would be paid off by the time OH retired (the 15 year term) I feel somewhat mis-informed. My original agreement does state minimum monthly payment of £X, but with no illustration of the consequences of not increasing the payment if the interest rate rose. GE obviously carefully leave me in blissful ignorance of what my current interest rate is - apparently I have to find out for myself:confused:. I am informed in tiny writing at the top of my annual statement what interest rate has been applied and when. There is never any suggestion of increasing the payment, in fact the account must have been behind schedule when they reduced the payment. If I settle the loan would I still be able to go after them (and the broker, if MBNA ever admit they exist:mad:) for mis-selling/secret commission. I can only assume that their reluctance to supply the underwriting sheet speaks volumes:rolleyes:. Where do I stand if they can't/won't supply the revised payment documentation?
  14. Cheers Suzi. I'm certainly not giving up. There's obviously something they don't want me to know. I must admit that their failure to provide the amended agreement doesn't seem terribly clever on their part. Did they roll over fairly easily at/before Court? LCUK/MBNA are actively ignoring me too. We'll see;).
  15. GE have failed to comply with the SAR. I have no amended loan agreement and no underwriting sheet (surprise,surprise!). What do I do now? I have given them a couple of calls re the missing paperwork.
  16. It look like you can make a start by claiming the charges back. See couple of threads down. IIRC they might have difficulty in taking court action if the account is in dispute. Someone will be along soon with a more detailed plan.
  17. There is a Cento Finance in Birmingham offering a similar claims service. Any relation? Does anyone have access to a Directors register? This might be quite useful.
  18. Not a name I've found yet. I have Loans.co.uk/First National/MBNA links.
  19. Can you name the director of Cento? Wondering if we can link some more people? (Feel free to PM me if you wnat to keep it under your hat.)
  20. Just checked my statements. The interest rate shown is GE's base lending rate, not the actual rate I pay. They have NEVER EVER communicated an interest rate change on my account to me - well not since the signing of the agreement and another one 2 years later. Surely this cannot be legal?
  21. I still have that to look forward to as well by the sound of it:rolleyes:.
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