GE Money from 2004

[theotherside]

They don't enter these charges on the statement.

It's a seperate account apparently, so I have no idea how they worked out the interest and charges, apart from the total amount that they tell me I owe?

 

The £40 charges and any additional interest is kept in a separate part of your account so you can clear your contractual instalment arrears more quickly (so you dont get anymore charges)

[jansus]

They may be added to the capital part of the loan and therefore you could be being charged interest on them. There have been some success in claiming through the method above and then going to the FOS.

 

However I think some claimants are wary of doing this because of the power of the lender.

 

If you do a search on mortgage charges you may see how posters have got refunds.

[jansus]

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/183434-mortgage-admin-charges.html

[chrisb333]

You would have been advised of them when the arrangement was made and also in the letters.

 

 

Well, thats debatable mate.

You don't think you are going to get into arrears so I didn't even look at that part of the agreement.

 

Letters, yes, they did once they knew I was behind, but anyway, thats not the point.

It's morally wrong!

And should be stopped!

 

You sound like you are justifying the charges to me.

What is your stand?

[enamae]

They don't enter these charges on the statement.

It's a seperate account apparently, so I have no idea how they worked out the interest and charges, apart from the total amount that they tell me I owe?

 

Send them a Subject Access Report Letter requesting all information they hold on you for All accounts.This should include a complete list of transactions and charges relating to the complete history with your organisation from the very outset (do not limit this to 6 Years,you require the complete History) together with any transcripts/recordings of telephone conversations.

 

This will cost you £10 and gives them 40 days to provide anything and everything they have relating to your mortgage/loans etc.

 

 

 

enamae

[Guest suziedarkness]

Well, thats debatable mate.

You don't think you are going to get into arrears so I didn't even look at that part of the agreement.

 

Letters, yes, they did once they knew I was behind, but anyway, thats not the point.

It's morally wrong!

And should be stopped!

 

You sound like you are justifying the charges to me.

What is your stand?

 

 

ChrisB333, I have a strange feeling that "theotherside" is one of GE's diciples!

 

suzie

[theotherside]

Well, thats debatable mate.

You don't think you are going to get into arrears so I didn't even look at that part of the agreement.

 

Letters, yes, they did once they knew I was behind, but anyway, thats not the point.

It's morally wrong!

And should be stopped!

 

You sound like you are justifying the charges to me.

What is your stand?

 

ChrisB333, I have a strange feeling that "theotherside" is one of GE's diciples!

 

suzie

 

My stand is that if you are charged incorrectly then yes, they should be removed. And if they are put on incorrectly, then there is never any quibble about taking them off if the company semi decent!

 

When accounts go into arrears, there is a certain amount of work that goes into letters and calls and obviously employing people to manage the accounts. More often than not, people are more than happy to play by the rules to get the biggest loan of their life but when it comes to giving it back, dont like to take any responsibility for it (and im not saying that is what you did).

 

you can of course call in and ask for a list of any charges applied to the account.

[jansus]

Reference post by theotherside

 

As an ex Halifax employee who dealt with mortgage arrears and possessions for several years I do not agree with your argument. A lot of these charges are for a standard automated letter just for being in arrears and NOT for the extra work involved . I do not believe these charges should be added unless you get to possession proceedings and then they should be fair charges.

 

The amount of work involved in the early stages is negligible and most companies make allowances for "bad debts" and the associated charges within their "costing" calculations of the loan in the first place.

 

These charges are just kicking people when they are down and it seems that the FOS agree. Also many companies are including these charges in the arrears figures for court. Dont even get me started on that:mad:

[theotherside]

Reference post by theotherside

 

As an ex Halifax employee who dealt with mortgage arrears and possessions for several years I do not agree with your argument. A lot of these charges are for a standard automated letter just for being in arrears and NOT for the extra work involved . I do not believe these charges should be added unless you get to possession proceedings and then they should be fair charges.

 

I do see your point but there are people who know how to play the system and keep it from getting to the point of posession. So, should people who are in arrears for genuine reasons be treated the same as those taking the ****, no. Unfortunately, people spend most of the time concerned about the charges rather than the actual payments being outstanding forgetting that if they got their arrears up to date, the charges would stop.

[Guest suziedarkness]

GE Money are leeches in society. They are not interested in helping genuine people. When my marriage broke down I sold everything I had to keep paying them and keep a roof over my childrens head, I phoned them to tell them that I was not going to be able to make full payments and see if they could offer a temporary solution, or come to a temporary arrangement but instead the girl on the phone said and I quote " we cant do anything, you have to pay the full amount or you will be charged an extra £40 per month plus interest."

 

GE repod my house after only 2 months of me not being able to make full payments. They sold my house £40,000 less than it was on the market for, just enought to cover their liability. when I questioned them the woman said, and again I quote "It was the first offer we had so we took it". From the time I went into arrears until the time the property was sold, which was about 6 months, GE had wacked on almost £20,000 in extra charges and interest, that was without the £6,000 asset managers fees and the costs for legal fees bla bla bla.

 

They refuse to comply with Subject Acess requests fully, and why is that I wonder.

 

I have proof of some of the little nasties this company get upto. there are plenty of other people who have too. I will leave no stone unturned.

[jansus]

I do see your point but there are people who know how to play the system and keep it from getting to the point of posession. So, should people who are in arrears for genuine reasons be treated the same as those taking the ****, no. Unfortunately, people spend most of the time concerned about the charges rather than the actual payments being outstanding forgetting that if they got their arrears up to date, the charges would stop.

 

 

In todays circumstance and because none of us know what is round the corner You should remember the phrase " there but for the grace of God go I"

 

I always try to put myself in the persons shoes and think how I would like to be treated and in my experience there are very few people playing games with losing their homes - A few words of kindness and understanding go a long way. Most people just want a break to get themselves back on their feet.

 

IMO:)

[theotherside]

 

GE repod my house after only 2 months of me not being able to make full payments.

 

Your account would have been in arrears for at least 3 months before it was passed over to their litigation department

[Guest suziedarkness]

Your account would have been in arrears for at least 3 months before it was passed over to their litigation department

 

 

Theotherside, you are wrong! not in my case.

[frettful38]

THEOTHERSIDE

When accounts go into arrears, there is a certain amount of work that goes into letters and calls and obviously employing people to manage the accounts. More often than not, people are more than happy to play by the rules to get the biggest loan of their life but when it comes to giving it back, dont like to take any responsibility for it (and im not saying that is what you did).

 

 

 

If it takes that much amount of work in sending letters, and calls then maybe GE Money should seriously think of other ways to send the borrower notification that they are in arrears, like e-mail, text message, or better still tie a little note around a pigeon's foot. These are much cheaper ways.

 

I don't think GE Money give a ####### #### that the anyone gets in to arrears, not everyone is having a good time and if they are could they please post up so we all can see that there are people out there who took out loans and having the best time of their life!

 

Maybe we should start charging these institutions when we send them letters too, because like them we have to spend time, money, stamps, ink, envelopes, recorded delivery/postage, waiting endlessly in PO ques, the list goes on.

[MAGDA]

I do see your point but there are people who know how to play the system and keep it from getting to the point of posession. So, should people who are in arrears for genuine reasons be treated the same as those taking the ****, no. Unfortunately, people spend most of the time concerned about the charges rather than the actual payments being outstanding forgetting that if they got their arrears up to date, the charges would stop.

 

I fail to see why anyone would be in arrears for reasons that are not genuine. We all have our ups and downs in life and unfortunately, for whatever reason, there are times when we can all find ourselves in financial difficulty. Perhaps people are concerned about the charges, as well as the arrears, as obviously, these are going to make any current problem a million times worse, more so once interest has been added. Companies such as GE (whom I presume you work for) are not interested in helping people, contrary to what the 'experts' lead us to believe. As Jansus said it is a case of "kicking people when they are down," which is completely unacceptable. If you ever find yourself with similar problems to many of us on this forum, then perhaps you will begin to understand.....

 

ChrisB, claim back every single charge they have applied, it is completely unfair and unlawful, and you are entitled to that money, depite the opinions of certain individuals.

 

Magda

[MAGDA]

THEOTHERSIDE

When accounts go into arrears, there is a certain amount of work that goes into letters and calls and obviously employing people to manage the accounts. More often than not, people are more than happy to play by the rules to get the biggest loan of their life but when it comes to giving it back, dont like to take any responsibility for it (and im not saying that is what you did).

 

 

 

If it takes that much amount of work in sending letters, and calls then maybe GE Money should seriously think of other ways to send the borrower notification that they are in arrears, like e-mail, text message, or better still tie a little note around a pigeon's foot. These are much cheaper ways.

 

I don't think GE Money give a ####### #### that the anyone gets in to arrears, not everyone is having a good time and if they are could they please post up so we all can see that there are people out there who took out loans and having the best time of their life!

 

Maybe we should start charging these institutions when we send them letters too, because like them we have to spend time, money, stamps, ink, envelopes, recorded delivery/postage, waiting endlessly in PO ques, the list goes on.

 

I agree Frettful, not to mention the 0870 tel no's these companies have, which cost a fortune to ring. Magda

[magiciansgirl]

Hi, agree with Frettful and Magda. Of course these companies send out template letters which they merely change personal details on and they don't send important letters recorded delivery, do they? I would think a letter re arrears would cost 1st class stamp (discounted anyway for franking machines) and a no more than a couple of pence for the template letter and envelope. Staff time? Less than five minutes.

Re their telephone nos, SAY NO TO 0870 is a brilliant tool which gives alternative numbers and the saving is considerable if you use these.

 

Kind regards, MG

[theotherside]

I dont work for them, i work for the CAB who has dealt with them and other companies.

 

They do have a local number you can ring that is available.

[MAGDA]

Well I have to say from my own experience of the CAB, you have been absolutely of no help whatsoever. The CAB adviser asked me what I did for a living, as amazingly, I actually knew more than she did!! It is nice to think that organisations such as CAB, CCCS and National Debtline are all working in our favour, however, I have not found this to be the case, and in fact, the latter two are sponsored by the creditors themselves, which is rather a conflict of interests I would think. From the comments you have posted on this thread, it would appear you lean very heavily in favour of the creditor. Magda

[frettful38]

I dont work for them, i work for the CAB who has dealt with them and other companies.

 

They do have a local number you can ring that is available.

 

 

Well if you do work for the CAB, do you feel that you are helping anyone with posting up these sort of comments?

If you do not have anything positive and constructive to say, or are unable to help anyone in my opinion it would be best if you kept your opinions to yourself.

There are people who are looking for help and suggestions as to how to get out of trouble. It has become a take take world.

I wonder what would happen if everyone stopped paying their mortgages, loans credit card bills altogether. The courts would go bankrupt themselves having to deal with so many claims bought to them by these financial institutions against the borrowers:D, the whole country would come to a complete stand still:D. Just imagine, if it was not for customers like us these companies like GE Money and Blemain Finance would not exist (scumbags).

Sure they help you out when your in trouble then they take pleasure in sucking every drop of blood they can out of you after.

 

The otherside, now I can understand why you have chosen that username, it makes perfect sense. Maybe you should have been called Imonyourside, then that would not be such a giveaway. As you can understand that's why a lot of us think you work for the otherside.

Anyway it don't make no difference to me I'm always up for a good debate;)

[theotherside]

I'm not here to cause arguments, but in the CAB i work for i deal specifically with certain lenders which how I know how GE operates.

I'm neutral in it all, of course I want people to get help and sort their lives out but I think we are in danger of forgetting that businessess do need to survive otherwise your loan/mortgage is just going to get sold on to someone even less scrupulous(sp).

[MAGDA]

I'm not here to cause arguments, but in the CAB i work for i deal specifically with certain lenders which how I know how GE operates.

I'm neutral in it all, of course I want people to get help and sort their lives out but I think we are in danger of forgetting that businessess do need to survive otherwise your loan/mortgage is just going to get sold on to someone even less scrupulous(sp).

 

Could there possibly be anyone less scrupulous - I doubt it. You are correct in stating that a business does indeed need to be able to survive and generate a profit, however, not at the expense of the consumer, by applying excessive and completely unjustified charges to accounts, causing further hardship to those who for one reason or another may already be showing signs of financial problems. These companies, GE Money included, far from helping people to get back on track, which is in everyone's interest, make the existing problem a million times worse. Banks make huge profits from investments and such like and it is completely unnecessary to try to generate further huge profit, which they have been allowed to do for far to long, by applying these charges to their customers' accounts. I have found the CAB, like the other organisations mentioned are very good at arranging reduced payments and DMP type help, but very little else. I believe GE charge pretty high interest rates on their secured loans anyway, and the only people who would consider a mortgage of this kind, rather than with a mainstream lender, are those who are least able to cope with the kind of penalty charges applied. Magda

[theotherside]

Could there possibly be anyone less scrupulous - I doubt it. You are correct in stating that a business does indeed need to be able to survive and generate a profit, however, not at the expense of the consumer, by applying excessive and completely unjustified charges to accounts, causing further hardship to those who for one reason or another may already be showing signs of financial problems.

 

There are a lot of tools available to help customers in trouble at these lenders, some more than others.

 

People come in, say what they want and just expect it to be a yes from the lender. When the lender asks questions, the customers more often than not get their backs up because they are being forced in a way to acknowledge they have a problem.

 

If people are having problems, then ring the lender, say what it is and you should be told what can be done or if anything is possible. Calling in and acting like a spoilt child gets you nowhere.

[Guest suziedarkness]

If people are having problems, then ring the lender, say what it is and you should be told what can be done or if anything is possible. Calling in and acting like a spoilt child gets you nowhere.

 

I didnt act like a spoilt child. I asked them for help and they were not interested. Like I said before they are leeches on society and in my opinion they deserve everything they have coming to them.

[MAGDA]

There are a lot of tools available to help customers in trouble at these lenders, some more than others.

 

People come in, say what they want and just expect it to be a yes from the lender. When the lender asks questions, the customers more often than not get their backs up because they are being forced in a way to acknowledge they have a problem.

 

If people are having problems, then ring the lender, say what it is and you should be told what can be done or if anything is possible. Calling in and acting like a spoilt child gets you nowhere.

 

Ok, so how do you justify the huge charges these lenders apply, not to mention the interest on top. How do you justify their reluctance to accept repayments to clear the arrears, without penalty to the customer, which of course would be the sensible thing to do. How do you justify the very high interest rates these companies are charging at the outset? People do not act like spoilt children on the whole, it is the companies who are behaving in an unacceptable way in refusing to help when people experience difficulties. The saying, kicking someone when they are down, is very apt. Magda