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NN4

So Worried - Ge Money 2 Secured Loans

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I have 2 secured loans with GE Money (IGroup at the time of loans) which I got through Promise Finance as the broker.

 

These loans were taken out in 2002 and 2004 one for £13,000 and one for £15,000

(this one to clear debt from a failed business).

 

I was with my partner when these were taken out but the property is just in my name so he was not named on the loans.

 

I am in arrears with 1 loan paying an extra £100 per month (£264 in total. £164 being the normal monthy payment)

and the payments on the other is £184 per month

 

I have just received a letter telling me that they are taking £215.11 from end of August to include repayment of my fee balance of £3,732.49.

It then goes on to say that should all payments be received these fees will be repaid over the remaining term of my loan.

I have no idea what they are talking about.

 

this is the account in arrears so they will want £315.11 per month from end of August.

It is totally impossible for me to pay that an the £184 as well.

 

I am shortly coming to the end of a repayment arrangement with the Halifax which will enable me to recapitalise the arrears with them

(I am also on a suspended repossession order with them) but even if I give this arrangement amount to GE it still will not be nearly enough.

I have also had a reduction in salary as my guaranteed overtime was stopped due to a downturn in work.

This has cost me about £300 per month.

 

These loans were taken out with Promise Finance as the broker.

I told them that I already had one loan with IGroup/GE but that did not bother them.

 

At no time was I asked by Promise or IGroup/GE to show proof that I could afford both loans.

They were only interested in how much I earned and what my mortgage payment with the Halifax was.

 

I was so focussed on saving the house after the business failing that I would have sold my soul.

 

I will have to pay GE £500 per month from end of August for both loans and with my Halifax mortgage of £600 on top of that I just can't do it.

 

I know that GE will go for repossession if I fail to make the payments.

 

I have written to them to ask if I can extend the loan and make lower payments for 6 months but they will not consider it.

 

They have also told me that I have incurred almost £3,000 in charges over the last 3 years which also need to be paid separate from the loans.

 

If anyone has any ideas on what I can do next I would be most grateful to you all (again).

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Not my area really someone else will probably pick up your thread soon. If not in the next 48 hours click on the red triangle bottom left and send an SOS or mail a site team member working similar threads. In the mean time keep reading and using the search feature to find relevant threads.

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Hi, NN4,

 

Your best option would be to claim back charges, NOW.

 

You say there could be £3000 worth of charges?

Are these late payment charges, returned direct debit charges or arrears admin charges?

If so you can claim a full refund.

 

Do a SAR to get a full list of charges levied,

add the interest they will have added on,

and send them a LBA.

 

If no response, go on to the court stage.

You will be surprised how mnuch your claim will come to once interest is added!

Moreover, it will also be useful to have a full list of charges as this can be a large part of your defence if they do go for repossession.

 

As for whether the loans were missold,

yes they probably were, but you will probably get nowhere by complaining about this.

You're right that they just want your signature on the loan,

whether you can afford it or not, but once you've received the money,

you've little comeback.

 

BAE :)

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Many thanks Blossomandebony. The charges are both late payment and arrears admin charges so tomorrow I will send a SAR and follow through from there. Does this make the account in dispute and if so do I get the same breathing space as I would on an unsecured loan account in dispute?

 

NN4

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Many thanks Blossomandebony. The charges are both late payment and arrears admin charges so tomorrow I will send a SAR and follow through from there. Does this make the account in dispute and if so do I get the same breathing space as I would on an unsecured loan account in dispute?

 

NN4

 

Hi,

 

If you mean can you stop paying, no. The interest and arrears will soon rack up and they will pressurise you even more.

 

If you can pay anything towards the loans, I would, even if it's not the full amount. Contact them and keep them updated about your situation - about the amount you can pay, if they'll accept a reduced amount for a period, etc. (though from what you say, they sound quite uncooperative). Ultimately, it will show you are behaving reasonably - how they behave is a different matter!

 

Finally, I wouldn't consider any more incresing of the loans no matter how tempting it seems - I've been there, done that and it just increased the mess I was in! You're obviously up to the limit you can afford so any furtther lending would just put you into a bigger hole. The way I'm tackling my debts at the moment is by looking at ways to increase my income rather than take on any more lending. From claiming back unlawful charges, challenging dodgy CCAs, car boot sales to a second job, there are opportunities out there to make a bit extra and keep your head above water, just about!! (my head's been in danger of sinking below since 2005 but I'm still here!).

 

Cheers,

 

BAE

Edited by Blossomandebony

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Ok thanks again. What I meant by asking if the account would be classed as in dispute is can they start legal proceedings whilst I am trying to get the charges back and negotiate a more affordable payment plan while making a payment I can afford for the time being?

 

NN4

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can they start legal proceedings whilst I am trying to get the charges back

 

NN4

 

Hi, From my experience, yes, they can and will start legal proceedings, usually when you go over three months in arrears.

 

BAE :)

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Next week I am in court for a repossession hearing brought by GE Money.

 

The arrears are £1,000.

 

I have sent GE a SAR request but have not yet had a response and I have also written to them asking them

to qualify/justify a £40 monthly charge for administering my account whilst it is in arrears.

 

I intend to defend the repossession to the best of my ability.

 

I have written to GE with a proposal but again, am waiting to hear back.

 

Also, I am thinking of getting my loan audited as there is a broker commission on the agreement, but if I remembers rightly,

GE was the only company that the broker put forward so am wondering if there may be a secret commission in there somewhere.

 

I am wondering if I should mention any of this to the Judge when I attend court?

 

Opinions would be gratefully received.

 

Regards

NN4

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Next week I am in court for a repossession hearing brought by GE Money. The arrears are £1,000. I have sent GE a SAR request but have not yet had a response and I have also written to them asking them to qualify/justify a £40 monthly charge for administering my account whilst it is in arrears. I intend to defend the repossession to the best of my ability. I have written to GE with a proposal but again, am waiting to hear back. Also, I am thinking of getting my loan audited as there is a broker commission on the agreement, but if I remembers rightly, GE was the only company that the broker put forward so am wondering if there may be a secret commission in there somewhere. I am wondering if I should mention any of this to the Judge when I attend court? Opinions would be gratefully received.

 

Regards

NN4

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When is the SAR due?

 

Is this a mortgage loan?


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When is the SAR due?

 

Is this a mortgage loan?


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Hi, have you filled in the N11M defence form and sent it to the court?


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Hi, have you filled in the N11M defence form and sent it to the court?


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Hi Ell-enn

 

It is a secured loan. I am going to reply to the court today. I only received the papers yesterday as I've been staying with a relative for the last couple of weeks.

 

I sent the SAR and the letter to GE last Tuesday.

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Hi Ell-enn

 

It is a secured loan. I am going to reply to the court today. I only received the papers yesterday as I've been staying with a relative for the last couple of weeks.

 

I sent the SAR and the letter to GE last Tuesday.

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OK, Q.27 of the form is the most important part, where you set out your defence statment. If you need help with structuring the statement please let me know.

 

If you can't take the forms in person then you should send by special delivery. You will also need a copy for yourself to take to the hearing.


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Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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OK, Q.27 of the form is the most important part, where you set out your defence statment. If you need help with structuring the statement please let me know.

 

If you can't take the forms in person then you should send by special delivery. You will also need a copy for yourself to take to the hearing.


Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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Hi Ell-enn

 

Your help would be appreciated. I'll only have one shot at this so want to get it as right as possible.

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Hi Ell-enn

 

Your help would be appreciated. I'll only have one shot at this so want to get it as right as possible.

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OK, I will be on line later this evening if that's OK? When is the hearing?

 

Ell


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OK, I will be on line later this evening if that's OK? When is the hearing?

 

Ell


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Next Wednesday (9th)

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Next Wednesday (9th)

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Hi - need some info before I can draft a statement for you:

 

Is the mortgage in joint names?

How many months arrears does the £1k figure represent?

What payment proposal have you made to GE? did you put it in writing and do you have copy?

Do you have any children?

What was the reason for the arrears?

 

Have you completed any of the N11M yet? i.e. financial data etc

 

Ell


Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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Hi - need some info before I can draft a statement for you:

 

Is the mortgage in joint names?

How many months arrears does the £1k figure represent?

What payment proposal have you made to GE? did you put it in writing and do you have copy?

Do you have any children?

What was the reason for the arrears?

 

Have you completed any of the N11M yet? i.e. financial data etc

 

Ell


Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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