G E Money - in court 9th Feb

[Sparkie1723]

You must get a copy of your agreement or if you have one PLEASE post it after removing your peronal details, agreements can be boken and rendered unenforceable but to find out if it can be lets have a look at it. Its getting late in the day , you must get that agreement.

 

sparkie

[Tweeney]

Good idea. Will get CCA and subject access request sorted. I've seen letters on the forum that I can use to request these, so will get it sorted this weekend.

 

Once again, I really appreciate everyone's help. I would be at a total loss without this forum!

[Tweeney]

Update.............. made the payments on time, then received a notification from Eversheds saying that there is a court hearing for 16th April.

 

I requested CCA from GE and received it. I'll post it up.

 

I'm not sure what to do now. I haven't filled in the forms from the first court date as it was postponed. I assume I have to follow the same procedure now? If so, I will need help from our wonderful Ell to fill in the defence bit.

 

Also, the interest rate currently with GE is about 14%. Do I wait until the hearing day in front of the judge and ask judge about amending the agreement? Also if the CCA is unenforceable, can I stop the court hearing?

 

Sorry to ask so many questions...................my panic has come back!

 

http://i580.photobucket.com/albums/ss245/suepovey/GEmneyCCAfrontpage.jpg

 

http://i580.photobucket.com/albums/ss245/suepovey/GEmoneyCCAbackpage.jpg

Edited March 31, 2009 by Tweeney
Title

[theotherside]

Hi

 

They adjourned the hearing for 2 months as stated they would therefore giving you that time to work something out ongoing in regards to the arrears.

 

Payment holidays & capitalisation are not available on GE Loans, your best bet would be going to court and putting a SPO in place with the judge:)

 

Dont panic.

[HomerJSimpson]

I see you took your loan through a broker. GE Money have been very naughty at giving backhanders to brokers for your business. This thread may interest you...

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/155866-g-e-money-secret.html

[Tweeney]

Hi

 

They adjourned the hearing for 2 months as stated they would therefore giving you that time to work something out ongoing in regards to the arrears.

 

Payment holidays & capitalisation are not available on GE Loans, your best bet would be going to court and putting a SPO in place with the judge:)

 

Dont panic.

 

Sorry to be a bit naive - what is SPO? Is it to do with setting up an arrangement to pay extra each month towards the arrears?

 

Do you think it is worthwhile trying to sort out a payment plan with GE first to see if the court date can be postponed?

[theotherside]

Sorry to be a bit naive - what is SPO? Is it to do with setting up an arrangement to pay extra each month towards the arrears?

 

Do you think it is worthwhile trying to sort out a payment plan with GE first to see if the court date can be postponed?

 

 

Suspended Possesion Order

[Tweeney]

Thanks. There are so many abreviations on here I can't make them all out!

[Tweeney]

Hi Ell-en. I'm hoping for some help in completing the defence form for the court. I'm in court on 16th April, and I know you are a wizz on them, so was hoping you could work your magic for me.

 

No children

Secured loan with GE money just in my name, but married

Self employed as a mortgage advisor and work on commission only - income drastically reduced over the last 8 months

Want to ask court to take into consideration a time order to reduce the interest rate to enable me to make an offer to clear arrears

 

Hope this helps! Thanks Ell

[Tweeney]

Forgot to mention - it's a secured loan under the CCA 1974, so the Cheltenham & Gloucester v Norgate won't apply.

Edited March 31, 2009 by Tweeney
Title

[Tweeney]

Sorry to keep pestering you Ell-enn as I know how invaluable your help is here on the forum. I have to get my forms back to the court in time for 16th April and need help with the defence. Can you help please Edited March 31, 2009 by Tweeney

[Tweeney]

Update.............. made the payments on time, then received a notification from Eversheds saying that there is a court hearing for 16th April.

 

I requested CCA from GE and received it. I'll post it up.

 

I'm not sure what to do now. I haven't filled in the forms from the first court date as it was postponed. I assume I have to follow the same procedure now? If so, I will need help from our wonderful Ell to fill in the defence bit.

 

Also, the interest rate currently with GE is about 14%. Do I wait until the hearing day in front of the judge and ask judge about amending the agreement? Also if the CCA is unenforceable, can I stop the court hearing?

 

Sorry to ask so many questions...................my panic has come back!

 

http://i580.photobucket.com/albums/ss245/suepovey/GEmneyCCAfrontpage.jpg

 

http://i580.photobucket.com/albums/ss245/suepovey/GEmoneyCCAbackpage.jpg

 

Just bumping this up. Thanks

[Esio Trot]

I have looked at the your agreement and notice firstly that it looks like your agreement was assigned to GE, as on the front page it has FNB as the lender. Secondly, on the back page I notice in particular a clause in the first column. It is the second clause (2), probably 2(2) with the 2 not scanned.

 

I believe you said earlier that you have done a subject access request. This should, as part of the package, give you a compete statement of your account, the charges and interest added.

 

The above clause says that if the base rate of FNB increases or decreases, the rate you pay on the front page reflects this in 1/12 increments.

 

I suggest that you need to research the base rate of FNB, maybe using as a guide the historical rates from the Bank of England site.

 

I don't see how they can be charging 14% now with the BoE base rate at 0.5%. Particularly as the BoE base rate when you took out the loan was 4%

[Ell-enn]

Hi Tweeney, are you filling in an N11M form? Q. 6 gives the option of asking for a time order.

 

What are you actually offering to pay each month?

 

Are you also questioning the interest rate you are being charged? and are you saying that if the interest rate had come down in line with the BOE you would be able to make monthly payments?

 

Ell

[Tweeney]

Hi Ell-enn

 

I have been having sleepless nights over the court appearance, and I had some extra money from work. So, I called GE and paid extra to bring the arrears down to 3 months. They agreed an arrangement to pay off the arrears over 24 months at an extra £38 per month. I know I could have probably fought over the interest rate, but I was making myself ill over the thought of going to court.

 

Do you think I have done the wrong thing? Do you think I should have held out and tried to sort something? My idea was to ask the judge to change the terms under a time order. GE told me that their interest rate isn't governed by the bank of England so basically implying they charge whatever they want!

 

I know.....I am a panicker!!

[Esio Trot]

GE told me that their interest rate isn't governed by the bank of England so basically implying they charge whatever they want!

They are correct - no bank or lender is governed by the rate the BoE sets. However every institution has a Standard Variable Rate that will broadly follow changes to the BoE rate.

 

You need to find out what the SVR rate is, particularly as the rate you are paying at the moment seems very high.

 

Your original loan was with FNB, and must have been assigned to GE.

 

My thoughts are that your terms should follow that of the original agreement - not those with GE.

 

You say you called GE and have made an arrangement. Get this in writing, and check with the court that the case has been withdrawn. Don't assume GE is right when they tell you they have agreed an arrangement with you - they may still go to court to make this part of a possession order, and if they do and you don't show up it will not go well for you.

[maybelline]

I see you took your loan through a broker. GE Money have been very naughty at giving backhanders to brokers for your business. This thread may interest you...

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/155866-g-e-money-secret.html

 

I would try to get a solicitor/barrister to look at the agreement, GE are very bad on the brokers stuff and they know it!!

[Tweeney]

You say you called GE and have made an arrangement. Get this in writing, and check with the court that the case has been withdrawn. Don't assume GE is right when they tell you they have agreed an arrangement with you - they may still go to court to make this part of a possession order, and if they do and you don't show up it will not go well for you.

 

I asked for confirmation in writing and got the guys name who I spoke to. He said he would confirm it, but still waiting! I will give them a call again and chase it up. However, I have had a letter from Eversheds to confirm that the hearing isn't now taking place. Best to get GE to confirm the arrangement though I suppose as well, just to be on the safeside!

 

Thanks for your thoughts on this.

[Tweeney]

I would try to get a solicitor/barrister to look at the agreement, GE are very bad on the brokers stuff and they know it!!

 

Good idea, but I don't have the money for that kind of thing. I have a case with a solicitor at the moment which has been going on for 3 years nearly, which is to do with my late mothers estate, and a barrister is involved. I know their fees aren't cheap, so this isn't an option at the moment. Thanks for the advice though.

[Chilli501]

hi. im having the same problem. i have a repossession order on my house and the hearing is dated 24.4.09. i have written the letters recommended and have to post the last one today. this is the one asking them to capitalise the debt ect. sorry, cant remember the wording offhand. my situation is this. i have a loan for 20000 with ocean finance. in july 2008 i had an operation that went wrong and i was off work for 3 months. on 26 august i had a call from a social worker to say that my eldest daughter couldnt look after her 2 kids anymore and if i didnt take them they would end up in care. obviously i wasnt going to let that happen and took bthe children. because of this i had to resign from work, giving up a very good career and losing a salary in the process. ocean have been informed several time of the situation but wont give an inch. im now 2800 in arrears and they are trying to reposess my home. my question are

how likely is it that the judge will grant the repo order?

im at court on 24.4.09 - what do i need to take with me?

do i need a solicitor?

i did a stupid thing and ignored them ofr a few weeks. will this affect the order?

i havent been able to pay anything off the arrears. will this affect the order?

i dont have regular access to the internet so will try to check it as soon as i can. any help is greatly appreciated! im panicking!!!!!