Can someone please help me with the next step for GE?

[sillysow]

Years ago (2002) I had a River Island account with GE Capital. I got behind with payments, but had the debt down to £160 when they raised a ccj against me. This was paid within the month. Anyhow in Feb I sent them a SAR and yesterday received the statements and have done my sums. There are £450 in charges! Can someone please advise me on how to proceed - hopefully successfully!! Many Thanks, in anticipation.

[Guest Old_andrew2018]

Hi

 

here is a link to a letter suggested by Bankfodder http://www.consumeractiongroup.co.uk/forum/bank-templates-library/671-2-letter-preliminary-approach.html#post3489

 

In my opinion you will need to modify it for credit/store cards, you could hold off for a time as someone with more experience could be along soon.

Have you added any interest, you are entitled to claim this.

 

Regards

 

Andy

[dx100uk]

just follow the step by steps instructions on the home page and away you go.

 

dx

[sillysow]

Okay so I wrote to them with the prelim letter ( although I modified slightly) on 1st Apr. Charges and interest come to £452.13, they have written back saying that a cheques is being processed for £102 in full and final settlement. Please remind me am I meant to bank it and then persue for the remainder? Do I do this with a LBA or straight to court?

[steven4064]

LBA next. Just add a sentence thanking them for the cheque which you accept as a partial settlement only.

[Guest Old_andrew2018]

Hi

 

As i understand it they are offering you £102.00 as a full and final settlement, are you going a head with your full claim if so you could write to reject the settlement, advising that you will accept this cheque only as a part payment.

I am sure there is a template letter somewhere.

 

Regards

 

Andy

[sallysas]

There is but Steve's advice takes the matter on one step while acknowledging their offer as part-payment only. 2 birds with one letter so to speak.

 

Hope you hear something positive soon sillysow (and you're far from being that).

 

Sally

[sillysow]

Thank you for all your help, I am doing this one first as the next three are bigger, and I need to get them right. I have to say I am pleasantly suprised at how quickly they replied! LBA with a thank you for offer of part payment will be on its way tomorrow!

[sallysas]

That's precisely what I did when I started - go for the easy one first to get a feel of the right steps to take and in the correct order. I found GE money easy to crack last year so I hope you hear something positive within the next fortnight. Then (if you're like me) you'll be a bit agreived when they settle before filing at court as the practice would have been useful!!!!!!!!!!!!!!!!

[sillysow]

Just out of interest - what GE have agreed to pay thus far is the difference between the charge and the OFT guided amount for a charge, and no interest. Am I right to go after them for the whole lot or am I likely to lose if it gets to court?

[checkoutdolly]

Go for it they are more than likely to cave in before it goes to court

[sallysas]

You've answered your own query - the OFT is a guideline only. They recommended that customers be charged no more than £12 and the true cost is probably pennies. Don't forget if you accept they have saved themselves over £300 and that is before you file at court with 8% on top. So no you won't lose at court with all the guidance you can have here as the court will not take the £12 guideline into account - it is not legal - just a recommendation.

 

I can just imagine the letter going something like 'although we do not agree with the OFT findings on this occasion as a gesture of goodwill we are prepared to send you a cheque for £102 in full and final settlement of this claim'. And so on and so forth............

 

Am I right or am I right? I've been there before you and doubted myself and I've won thousands now. Just keep going and keep posting.

[sillysow]

7 days in to the LBA being sent - and no response yet. Have started studying MCOL and have bought the rec. book as shown on here to study. Any one had any successes with getting compound interest from them - or would I be better to keep it simple?

[steven4064]

Any one had any successes with getting compound interest from them

Yes, me

 

ps I would strongly advise against using MCOL - it is much better for many reasons to use the N1 form and subit it to your local court by hand or by post.

[sillysow]

Hi Steve, don't suppose you could give me a few hints? I have not done this before. I have started the ball rolling on a few accounts so am new to this stage. Do I claim the 29.9 apr until the account was paid off and closed 2 years ago or to date? Equally I think I am gonna need some guidance on filing the claim. I have bought the patricia pearl book and am just waiting for it to arrive - hope it gets here soon.

[steven4064]

If you reads my thread on GE Money you will see how I did it - I'm sure the POC is there. I claimed 29.9% until the account was closed and 8% therafter which is not how I would do it now. How I would do it now is as I did it in my Golfish claim - in fact I did that claim as a sort of model for claiming with compound interest

 

On interest, read my tutorial.

 

Both linked from my signature

[sillysow]

Thanks steve, is do you think you could give the POC the once over when I have completed it after the weekend. I would really appreciate some of your wisdom. You have clearly had a lot of successes with these case.

[steven4064]

Thanks steve, is do you think you could give the POC the once over when I have completed it after the weekend.

Post it and we'll have a look. Have a good weekend - don't work too hard on it

[sillysow]

Thank you very much for all your kind help and advice steve:)

[sillysow]

Just to say that I filed the N1 through my local courts on the 1st, and GE have until the 22nd to reply. Watch this space. I have also just sent my prelim for another GE account today !

[checkoutdolly]

mine have till 23rd to reply so we more or less at same time scales and im waiting for statements for another G.E account

[sillysow]

H'm all is dreadfully quiet on the GE front

[checkoutdolly]

same here lets hope it stays that way

[sillysow]

Still no news from them. If there is nothing in the post on the 22nd does that mean that I can go to the court and enter a judgement by default on the 22nd - or do I have to give them longer?

[steven4064]

In principle you can go on the 22nd - however, in practice it is better to give tem a few extra days. The court may have the reply in their 'in' tray