Jump to content


  • Tweets

  • Posts

    • Two further letters from Lloyds Bank. They state the terms offered in the Tomlin order are "standard", I think they left out the part where they meant standard for their client. My understanding is that the terms of a Tomlin order should be acceptable to both parties. While I could get bogged down in the fact the wording of their proposed terms in their Tomlin order were very wide, and while perhaps not relevant they appear to fit very closely the definition of unfair terms laid out in the Consumer Rights Act, this is probably a waste of time and better saved for the judge should the matter of costs arise. I'm not sure there is really any requirement to reply if one is 100% certain the claim will be awarded, however there is an opportunity to save Lloyds Bank from further wasting the courts time. A proposed reply below.     Lloyds - Defendant - Letters 09.08.22 - Redacted.pdf
    • Hello guys, was hoping to get some advice/help in regards to sorting this debt out.   On the 30th April 2016 I got finance approved on a car through Santander.   on the 7th January 2017 I had an accident in this car and it was written off. The insurance company paid the money straight to Santander Consumer Finance who then said I had to pay up £1047 immediately or they would add a default to my name. I originally agreed to pay £500 for 1 month and the remaining amount the following.   Due to difficulty getting the first £500 together I rang them 3 days after the payment was due and apologised telling them of my difficulty, but they said as I had broken the agreement I now had to pay £2247! I was furious and instead offered to borrow some money from a friend and clear the original amount that same day, they point blank refused to accept that so I told them to get stuffed.   In 2021 I received numerous letters from Cabot and didn’t think anything of it as the default had now come off my record.   This year I have received a letter from Mortimer Clarke with threats of a CCJ.   I then decided to email them this;   Dear Sir/Madam   I received your letter regarding the account indicated above, claiming that I owed a specific amount. I would like to inform you that I do not know of any such amount I owe Cabot Financial (UK).  I would also like to call your attention to the FCA’s (Financial Conduct Authority) Consumer Credit sourcebook that states that: A firm should neither ignore nor disregard a customer’s claim that his debt has been settled and/or is disputed and must stop making demands for payment without providing the customer clear justification and/or evidence as to why the claim is not valid. 7.5.3 A firm must suspend or cease the steps it or its agent takes in the recovery of a customer’s debt where the customer disputes or has settled the debt on valid grounds or what may be considered valid grounds. 7.14.1 If a customer disputes the debt on valid grounds or on what may be considered valid grounds, the firm must re-examine the dispute and provide details of the customer’s debt to the customer in a reasonably timely manner. 7.14.3 If there is a dispute regarding the identity of the borrower or the amount of the debt, it is for the firm (not the customer) to establish, that the customer is indeed the correct person/identity in relation to the debt owed or that the amount is correct under the agreement. 7.14.4 A collection firm must provide the customer with information regarding the outcome of its investigations about a debt that the customer disputed or has settled on valid grounds. 7.14.5 If the customer disputes the debt and the firm who seeks to recover the debt is neither the lender nor the owner, the firm is required to: > (1) Pass the information given by the customer to the actual lender or the owner; or > (2) If the firm was given authority by the lender or the owner to investigate the dispute, the firm is required to notify the lender or owner regarding the outcome of the investigation. 7.14.6   You have not ceased your collection activities whilst investigating a reasonably disrupted or queried debt, a method that is considered unfair and deceptive. Furthermore, by continuing to make demands from me to make payment whilst ignoring/disregarding claims that my debts are disputed or settled, your agency is committing what amounts to psychological and/or physical harassment. In light of this, I am asking that you do not make contact with me regarding the above account without providing me with evidence regarding my liability.   I shall wait for your response confirming that the matter I have presented above is closed. If I do not receive such confirmation, I shall file a complaint with the department of trading standards and may inform the FCA regarding your actions. If necessary, I shall also forward a complaint with the Office of the Financial Ombudsman Service and Information Commissioner.   I look forward to your response.     They replied with a copy of the original finance agreement, however the date of that agreement was 30th April 2016, that would now be more than 6 years.    Furthermore the name on the agreement has been spelt differently to mine and is missing part of my first name.   My question now is how do I respond to this?   Thanks in advance for any advice (I may take a bit of time replying due to work constraints)
    • Hi all,   Due to my own carelessness, I ended up with a 2nd charge on my property, via way of a CCJ, because of a debt (approx. £12k) on an old MSDW credit card. This was back in 2004.   Nobody since has ever approached me about this debt, and I have no idea who owns it. I wrote to Morgan Stanley Bank International Ltd about 6 years ago, and they never replied.    I want rid of this charging order. Does anyone have an opinion on what I should do? Go knocking on Barclaycard’s door, asking if they have the debt? I certainly don’t want to go knocking on the doors of the various DCAs, and inadvertently kick off a feeding frenzy.    All opinions welcome, thanks in advance. 
    • I could also add... In a time where the nation has the least amount of trust in Government and their departments, whereby the taxpayers believe the Government is pretty much taking the p*ss out of residents left, right, and centre... HMRC is doing this..
  • Recommended Topics

  • Our picks

  • Recommended Topics

GE Money home lending


Cub
 Share

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4709 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I tooks a secured variable apr loan out in 2004 , the first payment was September 04 and final payment August 2009 (60 payments of £597.27) In April I asked for a settlement figure and confirmation of the last payment date , the balance on the account was £3,199.77. With charges early settlement etc it would come to £3,451.81. I decided that due to the loan only having 5 payments I would not settle early (wished that I had). they confirmed the end of loan date of August 2009.

 

the last payment was taken and I cancelled the direct debit. In September I had a letter from GE saying the direct debit was returned , mandate cancelled..

 

They now tell me that there are 2 more payments totalling an extra £900+

and they say it for interest changes that they felt were too small to increase the monthly payments so left them as was.

 

I have raised a complaint, written and will take it to the FSA.

 

either the settlement figure was wrong or the extra interest required was BOTH can't be right.

 

Had I settled it would have cost me £250 in charges , now I'm faced with finding an additional £900.

 

They are allowed to change the number of payments but they should have written to me. How can I be sure if I'm not being overcharged , what do I do next ??

 

Cub

Link to post
Share on other sites

Did you always pay the same monthly payment even though your interest rate was variable? It sound like the £900 is some kind of balloon payment. If I had let my loan run it's course I was looking at a £17000 shortfall. That was after 5 years of a 15 year loan - I don't want to think about what it might have ended up as!

Link to post
Share on other sites

Yep , the same rate was paid , they never told me their rate was going up or down. no warning that they were extending the number of payments.

 

just on the phone now to get an update of my verbal complaint and was told all that happens is a note is made ..

 

 

Cub

Link to post
Share on other sites

Sounds like your loan is like mine. They gave me a right load of carp about how their base rate is published regularly and that I was supposed to keep track of it myself:rolleyes:. Mind you, I'm not sure how my rate related to the base rate, but that's another story. This would seem to be a massively unfair contract term and I'm waiting to see how the Firstplussers (who are in a worse position re their interest rates) get on and then I'm going on the attack.

I guess you were only informed of your interest rate, retrospectively, on your annual statement?

I started writing a letter of complaint about what I'd been told, but it sounded so ridiculous I never got round to sending it.

Link to post
Share on other sites

I got the same today , its my fault that they never sent me warnings that there was going to be a shortfall, GE told me they were investigating via their complaints procedure , the loan was originally with First National. It gave me a little satisfaction to tell them that they had failed their side of the T&C as I quoted to them from my copy :-)

 

I can understand the reasons for maintaining a fixed payment for the duration of the loan, but having read other stories of GE overcharging I can't trust them

 

 

Cub

Link to post
Share on other sites

This was my thread when I originally worked out the implications of my loan, which, incidentally, was also taken out with First National.

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/197826-ge-money-can-they.html

I am not going to let the matter drop. Operating a loan in this manner can in no way be acceptable.

BTW did you use a broker and if so which one?

We can't be the only people with loans that operate on this arrangement and I reckon many people haven't realised what's happening yet.

Link to post
Share on other sites

Hmm. Another of the companies that has had a "special" relationship with GE, I believe.

Have you tried SARing them? No doubt they received a sustantial commission that they forgot to mention to you, and I bet they didn't explain the impact of the fixed payment/variable interest rate.

 

http://gemoney.co.uk/en/loans/index.html

Edited by Bizzimum
Link added
Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...