GEmoney interest rate up?

[moveing on]

hi all was not excpecting this got a letter today to tell me ge intrest rate has gone up by 1.95% arrrr :x i was realy hopeing for a fall after the cuts but hey ho thats life when you have to go to these sorts of pep.it was raised on the 4 oct that was handy not. i know there is nothing i can do but i am p*&^%d off by it.

[miziwizzi]

How odd!

 

not sure where it is right now but we received a letter last week saying rate had gone down.

 

I hate these people, they are the worst company we have ever dealt with and never again thats for sure.

[bish]

have just had a letter from GE money to say my rate had come down by 1.5% in line with the recent cut in interest rates, sugest you question this with them.

 

Regards bish.

[moveing on]

yea i was excpecting a cut but this is there base rate what was increased to 13.5% on the 4th oct supose i mite get a cut in 3 mths time.still fed up about it but i know there is nothing i can do except do more flipping overtime lol

[miziwizzi]

have just had a letter from GE money to say my rate had come down by 1.5% in line with the recent cut in interest rates, sugest you question this with them.

 

Regards bish.

 

 

 

yep this is the letter that we received also, deffo need to question it with them, good luck.

[bish]

I am assuming what you are saying is that your mortgage is fixed to the inter-bank lending rate and not the bank of england rate ?. I have some reservations about this, why is your mortgage fixed to that rate ?. Never came across this when I took out a mortgage, just stuck to a basic repayment mortgage 2% above base rate. Had a gut feeling from the last fiasco that interest rates would stay low and not be allowed to go sky high like they did in the early 90`s. Just can not understand why your base rate is so high. Must admit was warned by family member who took out a fixed rate for 5 or 7 years at 8 or 9 %, can not remember the exact figures, but within 18 months found he was stuck paying a lot higher interest than the base rate. Paid a big amount to fix it as well and penalty clauses to get out. So did they know this when they invented these wonderful new mortgages that would save you money. Sounds a bit familiar, endowment mortgages and PPI ring a bell. Be interested to hear why you are paying so much.

 

Regards bish.

[moveing on]

hi i have a secured loan with ge money and i am £ 700 in arrears and have received a letter to tell me they are going to try and reprocess my house i will be paying £200 of it on Thursday can anyone tell me how long it would take for it to reach court and if i pay the said arrears of before it reaches court will they stop it .

forgot to add and make the regular payments as well.

[moveing on]

just had a phone call to say i have a court hearing date of the 2nd of october at 12 pm im worried now need to know if arrears are paid can they stll go ahead with the court hearing

[Lea_HTH]

If the arrears are cleared in full they won't be able to get an order for possession (not that they would for such a small amount anyway). You should, when you receive the court paperwork, file your defence (paperwork will be included in the pack), and attend the court hearing to ensure that the judge is aware there are no arrears. It is unlikely that they will withdraw their case as they will turn up and ask the judge to adjourn with liberty to restore - you should attend and ask the judge to strike the whole case out.

[barbershop0]

If the arrears are not paid in full prior to the court date, they would possibly get a suspended possession order.

 

It is important to attend court as there can be miscommunication between the lender and their solicitors.

 

Take proof with you to the court that you have paid the arrears.

[Lea_HTH]

They will not even get a suspended possession order with arrears as low as 700 quid.

[moveing on]

just came of the phone to them after paying £215 it brings my arrears down to £515 but they will not drop the court auction and said they are going for a suspended possession .

because i get paid weekly it will take me 4 weeks to clear the arrears i did ask her what for 500 pounds were she made it clear the conversion was over she recons that when i clear the arrears they will email the legal team to stop the court action i dont trust them and i still have not had anything from the court.

[Lea_HTH]

If you have not heard from the court yet, the likelihood is that you will have cleared the arrears before the court date for the hearing. In which case, my advice re attending remains the same. They are not going to get either possession or suspended possession on 500 quids worth of arrears, but by taking you to court, they will add additional fees to your mortgage account. You need to attend court in order to tell the judge you had tried to come to an arrangement with them, and made payments to clear the arrears, and therefore court action was unnecessary and against the pre-action protocols - as such you would like the judge to strike the case out (if there are no arrears left at all at that date), and make an order that no costs for the hearing should be added to the mortgage or the security.

[honeybee13]

Hello there.

 

Leah's the expert here, but I just wondered how much of this you have in writing from GE? It could help your case if you get them to write to you with something you could show to the court. If I have to ring, I make a note of the person's name, the date and time and what was said. [sorry if I'm teaching you to suck eggs, I don't like dealing on the phone.]

 

And just another thought, are you happy with the figures they're quoting and how the amount you owe is made up?

 

My best, HB

[Lea_HTH]

Honeybee is absolutely correct - if you have anything in writing it will help your case in court.

 

My guess is GE Money will refuse to write to you in time to indicate that they have rejected your offer - however, you should write to them, make the offer you have indicated above, and tell them that under the pre-action protocols they have 10 days in which to write back to you to accept or reject your offer. If they reject, they are obliged to give you reasons for doing so. If you do go to court, you should take a copy of that letter with you.

[moveing on]

thanks for the reply's i have had court papers through today im at work tonight so dont have time to post anything at the moment will post some more details in the morning.

[ChrisD36]

Hi there

 

We are in exactly the same situation now with GE in that we owe around £900.

 

We have been paying them £60 per month on TOP of our normal monthly payments of £530 - so in total they are getting £590 per MONTH.

 

They are now threatening us with reposession due to the arrears that have built up.

 

We have written them saying that we feel that £60 a month on top of our normal payments is quite sufficient but havent heard anything back from them. This was a week ago.

 

We also asked them to perhaps add the arrears to the end of our contract term which would possibly take a further 15 months to pay off but I doubt they will go with this lol

 

I just think GE are an horrendous company to deal with. They just do not want to help people in situations like this and even though they are getting nearly £600 per month in payments from us they want more!

 

It just seems ludicrous that they are threatening us with action when we havent missed ANY payments throughout this year and they are also getting a further £60 per month to clear the arrears.

[moveing on]

quick update tomorow i am going to pay £710 this will cover all the arrears and this mth payment i have not sent my defence of to court yet . can anybody help to what i should put in it ie arrears paid so no case to answer for or is there a better way of putting it i will take a name of who i pay arrears to and at what time thanks for any help