GE Money from 2004

[theotherside]

They do (or GE does) let you pay back the arrears over a period of 2 years. If you agree to clear over a sooner period of time, the charges can be looked at and waived if the arrangement is kept to.

They allow Interest only paymentd and with the new homeowners support scheme, reduced payments for 2 years. It depends on your situation what you are entitled to get help with.

 

The interst rate with sub prime lenders are higher because of the higher risk, if you dont like the interest rate there is nothing forcing you to sign for it.

[MAGDA]

Are you sure you don't work for GE Money? I realise tht they are a sub prime lender, but in actual fact a lot of people when they sign really don't have a choice as they are unable to get a mortgage anywhere else, and given the sheer lack of council housing etc, this is often their only option. Also, people are often not fully aware of what they are actually getting themselves into as these agreements can often be quite obscure. Magda

[frettful38]

I think what we all should do is start a new thread and invite all those people who are happy with GE Money and the way they handled things when they got in to arrears. and how graciously they were treated by GE. All I see and read on here is how unhappy and unfairly the borrower is treated the first sign of xxxx he/she gets in.

 

When I got in to arrears I informed my lender 2 months in advance that I would be having trouble and the only help I got was I could pay off in installments but they would charge 35.00 each month penalty. So they profit from the borrower even if he pays on time, they profit when the borrower gets in to arrears, and they profit even more if they repossess the borrower if they get in to extreme difficulty. For them its a win win situation.

 

The otherside how about posting up something positive on this thread for people to learn, instead of defending these institutions. After all if there were no borrowers,there would be no lenders like GE Money, Blemain Finance.

Does the phrase the customer is always right not apply in this situation, or is that only in restaurants and shops:D

[theotherside]

 

The otherside how about posting up something positive on this thread for people to learn, instead of defending these institutions. After all if there were no borrowers,there would be no lenders like GE Money, Blemain Finance.

Does the phrase the customer is always right not apply in this situation, or is that only in restaurants and shops:D

 

The customer is always right has to be the worst possible phrase ever because more often than not, they arent:grin:

 

As I have said before, there are positives to all the lenders, some more than others. With the ones i deal with, there are positives but as i say, each are reviewed individually for help, its not a blanket NO when something is asked for. Ask if you can reduce your payment, if the answer is no an alternative can be found.

[MAGDA]

The customer is always right has to be the worst possible phrase ever because more often than not, they arent:grin:

 

As I have said before, there are positives to all the lenders, some more than others. With the ones i deal with, there are positives but as i say, each are reviewed individually for help, its not a blanket NO when something is asked for. Ask if you can reduce your payment, if the answer is no an alternative can be found.

 

No disrespect intended, but is that the best the CAB can come up with???

[theotherside]

No disrespect intended, but is that the best the CAB can come up with???

 

If someone asks me a specific question they will get a specific answer, i cant list all of the options because as you are aware, theres quite a few different circumstances:)

[MAGDA]

If someone asks me a specific question they will get a specific answer, i cant list all of the options because as you are aware, theres quite a few different circumstances:)

 

Hi, what advice would you (the CAB) give if someone came to you and said that they were being pursued for a debt for £5,000, but the creditor did not have an enforceable agreement, i.e., it was missing some of the prescribed terms, and in addition to this, significant (unlawful) charges had also been applied to the account. Would you still suggest they entered into a payment plan to clear the full amount? Magda

[frettful38]

The customer is always right has to be the worst possible phrase ever because more often than not, they arent:grin:

 

 

That was meant as a joke. NO need to take it personnel!

[theotherside]

The customer is always right has to be the worst possible phrase ever because more often than not, they arent:grin:

 

 

That was meant as a joke. NO need to take it personnel!

 

I know, hence the smiley afterwards.

[biddy65]

If someone asks me a specific question they will get a specific answer, i cant list all of the options because as you are aware, theres quite a few different circumstances:)

how can a company charge you £15 for not paying by direct debit even though you are paying by standing order

[theotherside]

how can a company charge you £15 for not paying by direct debit even though you are paying by standing order

 

Which company does this?

[chrisb333]

Well, got a reply back from GE. Very predictably saying they aren't going to refund these charges has they were clearly shown on the original agreement (which I don't dispute) and that wasn't my argument anyway.

 

My argument was how can you justify a £40 per month charge for one letter?

How does that constitute a monthly £40 charge?

 

Anyway, any ideas on my next move?

[chrisb333]

Oh, and interest on top of all those charges!

[frettful38]

Well, got a reply back from GE. Very predictably saying they aren't going to refund these charges has they were clearly shown on the original agreement (which I don't dispute) and that wasn't my argument anyway.

 

My argument was how can you justify a £40 per month charge for one letter?

How does that constitute a monthly £40 charge?

 

Anyway, any ideas on my next move?

 

 

No one can justify these charges, its just another word for legalised stealing chris

[MAGDA]

Oh, and interest on top of all those charges!

 

Hi, it shouldn't matter whether they were shown on your agreement or not. In the case of credit card charges, for example, i.e., £25 a time, these were also shown on the agreement, but it didn't make them right, and in fact many people have now successfully claimed them back. It doesn't cost GE Money £40 and if asked to justify these charges in court, they wouldn't be able to.

 

Magda

[chrisb333]

OK, I think we all agree they aren't fair or right, but how do I make GE refund these charges.

 

A stern letter isn't enough obviously!

 

Whats my next move?

[Guest suziedarkness]

Chris,

 

I think your next step is through the courts.

 

I am about to hit GE with refund of charges soon and that is what I will do when I get the go away letter from them.

 

Suzie

[Guest suziedarkness]

chris, send them a 14day Letter before action (you should find one in templates), then if they dont respond file a claim.

 

Suzie

[theotherside]

Chris,

 

I think your next step is through the courts.

 

I am about to hit GE with refund of charges soon and that is what I will do when I get the go away letter from them.

 

Suzie

 

 

Have you paid the charges/additional interest up to date then?

[MAGDA]

Have you paid the charges/additional interest up to date then?

 

That doesn't make any difference, the charges and interest are reflected in the o/s balance, so they need to be refunded for that reason, and if the account has been paid up to date, then the sums paid in charges would need to be paid back by the creditor as a direct refund.

 

Magda

[theotherside]

That doesn't make any difference, the charges and interest are reflected in the o/s balance, so they need to be refunded for that reason, and if the account has been paid up to date, then the sums paid in charges would need to be paid back by the creditor as a direct refund.

 

Magda

 

Yeah, if all the charges/interest has been paid then it would be a refund otherwise it would just be a case of removing them from the account so not really a refund as no one gets anything from it.

[MAGDA]

Yeah, if all the charges/interest has been paid then it would be a refund otherwise it would just be a case of removing them from the account so not really a refund as no one gets anything from it.

 

Well I think someone actually does get something from it, namely the person who supposedly owes the debt. For example if you claimed I owed you £6,000 and £5,000 of that was unlawful charges and interest on top of that, pretty much wiping the debt out, I would think I certainly would benefit from that. That's the whole point. Lenders are applying charges (unlawful) to accounts which cannot be justified and a very small debt can very soon become out of control.

 

Magda

[chrisb333]

chris, send them a 14day Letter before action (you should find one in templates), then if they dont respond file a claim.

 

Suzie

 

 

ok, So how do I file a claim and under what president do I use?

As anyone been successful and what procedures did they use?

 

I dont want to just issue a claim if im not entitled to!

 

And I haven't seen any legal facts saying these charges are illegal, have you guys?

[Guest suziedarkness]

chris,

 

I am just about to do a similar thing with GE. As far as I know, these are unlawful charges and can be challenged. There are many threads on here from caggers that have been successful in claiming back unlawful charges.

 

I have read and read and read on this site trying to absorb all the info but I have never actually actioned anything yet apart from challenging an hp agreement and requesting SAR's.

 

I have ordered the lawpack from here which includes everything you need to claim back charges and set by set procedure together with template letters, court forms etc.

 

You might want to pm Micko19, he has had lots of dealings with GE and I think he won charges back from them.

 

Suzie

[theotherside]

Well I think someone actually does get something from it, namely the person who supposedly owes the debt. For example if you claimed I owed you £6,000 and £5,000 of that was unlawful charges and interest on top of that, pretty much wiping the debt out, I would think I certainly would benefit from that. That's the whole point. Lenders are applying charges (unlawful) to accounts which cannot be justified and a very small debt can very soon become out of control.

 

Magda

 

I know what you saying and yes, if that were the case it would be just £1K left to pay but a lot of people (and no, im not saying you or suziedarkness are ones) think that if the charges are removed, the get a chq for them when in fact, they never actually paid them!