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Hi all i am about to pay my arrears to ge for my secured loan before i go to court (date for hearing is 1st April).Now i asked gemoney if i could then go on interest only for a short period of time and guess what they said no as it was a second mortgage. My halifax mortgage is in arrears but if i pay the next three installments on time Which i will be doing then my arrears are to be put on the back of the mortgage so i will be up to date. As i have other debts i would like to go on interest only on halifax mortgage until i clear all my other debts.But would i be better off getting a new secured loan once my payments are up to date?Oh i owe £39000 to ge and £96000 to halifax 12%and 5.75%repectfully

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Hi all i am about to pay my arrears to ge for my secured loan before i go to court (date for hearing is 1st April).Now i asked gemoney if i could then go on interest only for a short period of time and guess what they said no as it was a second mortgage. My halifax mortgage is in arrears but if i pay the next three installments on time Which i will be doing then my arrears are to be put on the back of the mortgage so i will be up to date. As i have other debts i would like to go on interest only on halifax mortgage until i clear all my other debts.But would i be better off getting a new secured loan once my payments are up to date?Oh i owe £39000 to ge and £96000 to halifax 12%and 5.75%repectfully

 

 

Hi Sowerby. I don't know the definitive answer, so wait to see what others think.

 

I would, however, be wary of taking out another secured loan. The charges with companies such as GE money add on top of what you borrow can be so high. In the long term you may be worse off.

I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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Well before you go and do that... have you checked that this unsecured debt doesn't include unlawful charges ? If so, you can deduct these from the balance.... which could save you a small fortune.

 

Also... are any debts with DCAs (debt collectors) are are they still with original creditors ? If they are with DCAs, then they may not have any legal right to collect anything from you in the first place.... and there are ways of finding this out, before you part with any cash.

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GE are the most unhelpful lender of them all:mad:. Thankfully we managed to get our first mortgage company to take out their secured loan after they tried to repossess our house when we were two months in arrears and had spoken to them endlessly asking for help etc etc. I hate them with a vengeance. They would not extend the loan, convert to interest only - they refused to help in any way whatsoever. We now have a court claim against them for £2k of late payment charges etc and have already turned down an offer of £1k on the basis that I want the whole bl88dy lot after the hell they put us through.

 

I doubt if the Halifax will take out their loan if you have a bad credit rating, but I would definitely look at getting rid of them if you possibly can.

 

BTW some of our unsecured debt was with GE themselves and they actually told us not to pay them. So we didn't - :D

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Gold lady i wholeheartedly agree and would love to be shot of them I do not even want to pay them the arrears but know i will have to to stop court case but will be looking to be rid of them in the next few weeks!

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priorityone you mention there are ways of finding ou about debts with collection agencies can you enlighten me?

 

Are any of your debts actually with a collection agency yet? If so, send them the usual CCA. Their reply should confirm the original creditor and the amount outstanding. Then go from there.

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priorityone you mention there are ways of finding ou about debts with collection agencies can you enlighten me?

 

As Moggie says, a legal request for a copy of your Consumer Credit Agreement will determine whether a company has a right to collect from you or not.... providing that those debts are covered by CCA law. Most debts are, such as credit cards, loans and so on.... but a few are not, such as mobile 'phone debts, utilities....

 

If you currently have any accounts being collected by DCAs, please list them on here and we will help you through the process. If you have any CCJs on these, please also state.

 

There is a template on here for the CCA request...it costs £1 (postal order, not a cheque), don't sign it.... just initial it and send off to each company by rec. delivery. Keep each receipt. They have 12 working days within which to comply, after which you can legally withhold all further payments on an account until/unless they do.

 

:)

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BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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Hi debts are with buchannon clark and wells-Halifax

impact collection services-vanquis.

 

Hmmmm.... :cool: . Send off a CCA request for each of these accounts immediately by rec. delivery, as described above. Do not provide them with a signature under any circumstances.... hence the need for a postal order and the advice for you to initial the requests and not sign them.

 

The thought of you using mortgage funds to pay these muppets makes me come out in hives !!....:eek: :grin:

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THAT MADE ME LAUGH PRIORITY ONE, but at the end of the day i do owe some of the money i actually believe that about one third will be charges so will attempt to claim it back as for the rest not sure yet.

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THAT MADE ME LAUGH PRIORITY ONE, but at the end of the day i do owe some of the money i actually believe that about one third will be charges so will attempt to claim it back as for the rest not sure yet.

 

 

The point is Sowerby that if any of these people are harrassing you for an account that DOESN'T have a legal agreement, they are acting unlawfully. Without that agreement the debt is unforceable. This gives control to you over what you do and don't pay.

 

I have used this technique to get rid of a few debt collectors. I now deal with the original creditors on MY terms.

 

Follow the info from P1 and Goldlady - get those CCAs off ;)

I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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  • 2 weeks later...

Well paid ge £2100 of the arrears and they have agreed to let me pay the other £575 £25 per month xtra to my payments. Wow they helped a little still i would love the loan to be with some one else as i owe them £900 in charges er i have only had the loan for one year! SHOCKING!!!!!!:eek:

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Pleased to hear you have got them off your back for now sowerby.

 

You need to reclaim those charges - look at them as a savings plan for the time being.

 

GE have sent a defence to my £2k claim today, but it is pretty pathetic (a year ago I would have had no idea) and I hope to get my money back fairly soon:D

 

You need to carry on in the quest to get rid of them IMO. Also, how have you got on with your unsecured creditors?

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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not sent the cca to the unsecured ones yet something wrong with printer. Will get round to it eventually. I keep paying them £1 a month although to be truthfull i pay some more than others, just 10% of the balance as they have frozen interest. One good thing that has come from this i check my bank account everyday and not gone overdrawn for the last 5 months good going for me.

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Since I abandoned my credit cards (or did they abandon me?:D) I have lived within my means for at least a year and it is a great feeling. Not so great this weekend as I have about £20 left in the bank - but I will survive. The litre of whisky from my friend whose £20K PPI refund is in the pipeline will help me I am sure:eek:

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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that is shocking 20k ppi there should be laws against ripping people off. Hope you enjoying the whisky think there are only a few of us sad souls on here on a friday night. congratulations on living within your means alas there are drawbacks as in staying but hey no more debt has to be worth it!

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Yes the whisky is going down really well:D. We must be almost neighbours - where I live used to be County Durham in the olden days:). I don't go out much but that also has something to do with having four kids:eek:

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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  • 2 months later...

hi just a little bump for this thread. I sent cca,s to my creditors and only one came back signed and that was a abbey overdraft which is all charges so in process of claiming them back. Little woods sent a cca but it was unsigned.(not sure what to do about that one). I still think i need to remortgage but my rating is so poor, dont think anyone could help me.Gosh we need £350 per week just to pay the mortgage and secured loan, shocking!!

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hi just a little bump for this thread. I sent cca,s to my creditors and only one came back signed and that was a abbey overdraft which is all charges so in process of claiming them back. Little woods sent a cca but it was unsigned.(not sure what to do about that one). I still think i need to remortgage but my rating is so poor, dont think anyone could help me.Gosh we need £350 per week just to pay the mortgage and secured loan, shocking!!

 

 

Hi Sowerby!

 

Good to hear from you. Can you scan the littlewoods 'agreement' up?

 

Are you still paying BCW for Halifax? What sort of account is that one?

I'm midway through the tunnel, but getting closer to the light.

 

 

 

Please be aware that i am not an expert in anything!

I may offer an opinion, but the final decision is yours.

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We managed to get our mortgage company to take out the secured loan and reduced our monthly payment by £250, and I have so many defaults on my record - all unsecured stuff though so the mortgage company weren't bothered. However that was just before the sh*t hit the fan on lending so you might not be so lucky. Worth a try though.

BANK CHARGES

Nat West Bus Acct £1750 reclaim - WON

 

LTSB Bus Acct £1650 charges w/o against o/s balance - WON

 

Halifax Pers Acct £1650 charges taken from benefits - WON

 

Others

 

GE Money sec loan - £1900 in charges - settlement agreed

GE Money sec loan - ERC of £2.5K valid for 15 years - on standby

FirstPlus - missold PPI of £20K for friends - WON

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