Credit Agreement G E MONEY

[HomerJSimpson]

What year would your agreement be dated? as trying to see which solicitors they would be using in 2003 ,.. as definately worth a try as if looking active sure they will get active and address the problems they have caused , putting account into arrears from day one ,.. legal robbery ,.. as interest charge each month applied to balance ,..

 

2004 I took out my loan, but they use a number of solicitors. I just asked GE to tell me which solicitors they had used on my account.

[michellej1]

Void - a void contract is one that cannot be performed or completed at all. A void contract is void from the beginning (ab initio - see the Latin terms below) and the normal remedy, if possible, is to put things back to where they were before the contract. Contracts are void where one party lacks the capacity to perform the contracted task, it is based on a mistake, or it is illegal.

and as my account was put into arrears from day one , I was put into a situation were I could not preform the contract as arrears added to balance so contract could not end on the agreed dates in question ,.. it is based on lenders mistake ,..

[michellej1]

another thing , if interest rate has changed 15 times , and not once informed about change , payments never increased to cover the changes ,so added as arrears ,.. would i not have to be informed with a option to cancel if i could not afford new payments after change ?

[michellej1]

were are all the expert on here , feels like talking to myself sometimes ,..

[citizenB]

were are all the expert on here , feels like talking to myself sometimes ,..

 

 

Your posts are rather emotional. You need to post up a summary of just the facts.

 

Was this a loan regulated under the CCA1974. If so the Financial Ombudsman should be able to look at if for you.

 

If not then you need to write to the original lender laying out your concerns and ask them to address them.

 

You could always write to the papers.. Money Mail will usually feature stories where misdeeds are concerned. GE Money were fined quite substantially in respect of mis sold PPI. If yours was mis sold then you should be able to reclaim.

 

I think perhaps you were not advised that the cost of the PPI would still need to be met by you even though you werent covered after a certain length of time. Perhaps you were not advised that you could get PPI cover elsewhere for a lesser sum.

 

Perhaps you were not advised that the policy would provide the original lender with a nice profit ?

 

There are lots of reasons for mis selling. Identify those that apply to you and write to the original creditor and tell them you want your money back.

 

If you havent already subject accessed them, then do so. Sometimes things you arent meant to see usually turn up

 

I have edited some of your text. Whilst you may have proof of misdeeds. CAG doesnt.

[michellej1]

Your posts are rather emotional. You need to post up a summary of just the facts.

 

Was this a loan regulated under the CCA1974. If so the Financial Ombudsman should be able to look at if for you.

 

If not then you need to write to the original lender laying out your concerns and ask them to address them.

 

You could always write to the papers.. Money Mail will usually feature stories where misdeeds are concerned. GE Money were fined quite substantially in respect of mis sold PPI. If yours was mis sold then you should be able to reclaim.

 

I think perhaps you were not advised that the cost of the PPI would still need to be met by you even though you werent covered after a certain length of time. Perhaps you were not advised that you could get PPI cover elsewhere for a lesser sum.

 

Perhaps you were not advised that the policy would provide the original lender with a nice profit ?

 

There are lots of reasons for mis selling. Identify those that apply to you and write to the original creditor and tell them you want your money back.

 

If you havent already subject accessed them, then do so. Sometimes things you arent meant to see usually turn up

 

I have edited some of your text. Whilst you may have proof of misdeeds. CAG doesnt.

 

Hi thanks for your sound advice ,.. yes agree I do get a little worked up over our situation and the many breaches our lenders have committed, the loan was not regulated , but believe I could claim it is I think after reading on this subject for many weeks , but not sure if I prefer it to be the way it is as I will attack/defend with unfair relationship , the below info is excellent option if agreement varied ,..

 

Removal of the £25,000 limit - the effect on variations to existing agreements

The removal of the £25,000 limit will bring a greater number of loans within CCA regulation and businesses will need to review their processes to determine the extent to which new business is likely to be caught by regulation and the extent to which exemptions may apply. This will be a significant process, but there is concern that not only will the change in the limit affect new business post April 2008 but it may also impact upon existing unregulated loans/hire agreements. The key point is Section 82 of the 1974 Act which governs situations where a loan/hire agreement is varied or supplemented. The effect of Section 82 is that a new agreement is created combining the existing and modifying agreement. Agreements in excess of £25,000 entered into prior to 6 April 2008 will not have been regulated by the CCA but with the abolition of the financial limit, variation of such an agreement can create a modifying agreement under Section 82, which will be regulated. Whether variations to existing loans may trigger Section 82 and create a modifying agreement may depend on the precise terms of the documentation but such triggers may be:

Further advances

Interest rate switches, eg from standard variable rate to a special rate.

Transfer of equity or transfer subject to mortgage where a borrower is removed or added.

Arrears cases where arrears are consolidated into the existing loan.

Release of part of the security or addition to security.

A move from interest only to capital and interest free payments - eg when dealing with a poorly performing endowment mortgage.

Making a one off capital repayment.

Exercise of a payment holiday facility.

The trade bodies have been consulting with the DTI on these issues and the DTI does recognise that there is a problem and, except in relation to further advances, appears to be disposed to use its powers under transitional provisions to deal with it. Organisations will need to monitor this issue as it could impact significantly on the required system changes and future practices.

 

I am not sure the best route as if I go unfair conditions I can hopefully put right the many wrong's they have committed as this agreement would not be left to a judge to decide if unenforceable , it will automatically be unenforceable regardless what the judge thinks ,.. as the latest interest change was only last year and as it would of needed a new agreement and after the date were agreements are not automatically unenforceable no more

(Abolition of automactic unenforceability (new agreements only)

Edited February 18, 2010 by michellej1

[michellej1]

2004 I took out my loan, but they use a number of solicitors. I just asked GE to tell me which solicitors they had used on my account.

 

Hi there again ,.. well going to request these detail from G E Money , just to let them know we are not going to give up and intend to fight till the end , well no option now ,.. but on the bright side recieved a nice letter from our friends G E , so must be shaking the right trees and asking the right questions ,.. they kindly say they have "Asked an independent firm of field agents to arrange a mutually convenient appointment with you.The purpose of their visit is to review your current financial circumstances and to assist you in making a PROPOSAL to bring your account upto date"

 

now that is strange to think we are back at court in 2 weeks time regarding the arrears & suspended warrant for eviction , as we agreed to sell our home to clear account ,.. 10 weeks pass now this after not complying to CPR 31.16 request for underwriters sheet, and why not offer this 10 weeks ago instead of aggressive eviction notices just before xmas ,.. I think they are starting to understand some of my concerns

 

I was thinking of letting this agent arrange a visit , and as I will be covering the costs , will show him my agreement let him view the fake document with double signatures , advise him I do not acknowledge the debt under this agreement and ask him to leave ,.. then his report back to G E Money will let them know I mean business and that they have a BIG problem (well nothing to lose really , as costs will be wrote off , and if I refuse maybe they can use it against me in court and try and show they are trying to help ,.. sure if agent is shown fake agreement , that offer of help will not be mentioned ,..

[frettful38]

Hi michellej1, I have been reading up on your posts and can feel that you must be going through a lot of stress but at the same time can see your determination to fight these people. The Unfair Relationship in my opinion is a very good way forward or so I thought it was. I have received a letter from my solicitor to whom I mentioned many things that I thought would come under the Unfair Relationship route and this was his response.

 

Loans taken out prior to 6 April 2008 which are for more than £25,000.00 are not covered by the provisions of the Consumer Credit Act 1974 and its subsequent amendments. Your loan was over £25,000.00 and consequently was above the limit imposed by the Consumer Credit Act 1974 and consequently your loan is an unregulated agreement and hence the only means to challenge the enforceability of the loan would be under the terms of the general law. It will not be possible to invoke the provisions relating to unfair relationships within the Consumer Credit Act 1974 to assist you in pursuing your claim. The issues regarding an unfair relationship are in place to protect vulnerable individuals such as elderly people or people with disabilities in our opinion. We are acting on a "no win no fee" basis for you and we have to believe that the arguments we are basing a claim on have a reasonable prospect of success. We do not believe that arguments concerning the unfair relationship provisions have a reasonable prospect of success.

 

I believe the argument which is likely to be the most successful for you is the secret commission argument. As we discussed in our telephone conversation on the 11th February 2010 from the documentation we have received it appears that we are only likely to be successful in arguing that the commission paid by your lender to the broker involved is recoverable. However we will not be making any concession to your lender on this issue in our correspondence. We await further correspondence from your lender and will update you when they respond.

 

So you see michellej1 you are not alone in this battle

[michellej1]

Hi michellej1, I have been reading up on your posts and can feel that you must be going through a lot of stress but at the same time can see your determination to fight these people. The Unfair Relationship in my opinion is a very good way forward or so I thought it was. I have received a letter from my solicitor to whom I mentioned many things that I thought would come under the Unfair Relationship route and this was his response.

 

Loans taken out prior to 6 April 2008 which are for more than £25,000.00 are not covered by the provisions of the Consumer Credit Act 1974 and its subsequent amendments. Your loan was over £25,000.00 and consequently was above the limit imposed by the Consumer Credit Act 1974 and consequently your loan is an unregulated agreement

This will be a significant process, but there is concern that not only will the change in the limit affect new business post April 2008 but it may also impact upon existing unregulated loans/hire agreements, if interest rate is varied

and hence the only means to challenge the enforceability of the loan would be under the terms of the general law. It will not be possible to invoke the provisions relating to unfair relationships within the Consumer Credit Act 1974 to assist you in pursuing your claim. The issues regarding an unfair relationship are in place to protect vulnerable individuals such as elderly people or people with disabilities in our opinion.

(Do not agree with that , as sub-prime borrowers are vulnerable) We are acting on a "no win no fee" basis for you and we have to believe that the arguments we are basing a claim on have a reasonable prospect of success. We do not believe that arguments concerning the unfair relationship provisions have a reasonable prospect of success.

depends on the fairness I expect ,..

 

I believe the argument which is likely to be the most successful for you is the secret commission argument. As we discussed in our telephone conversation on the 11th February 2010 from the documentation we have received it appears that we are only likely to be successful in arguing that the commission paid by your lender to the broker involved is recoverable. However we will not be making any concession to your lender on this issue in our correspondence. We await further correspondence from your lender and will update you when they respond.

 

So you see michellej1 you are not alone in this battle

 

Hi Frettful ,.. thanks for your reply have added my thoughts above ,it seems to cover unregulated if interest varified and price change , as new agreement would need to be created regulating your agreement

[frettful38]

Thanks michellej1, my payments have not changed each month. I have not got a clue what the interest rate is. I am on an interest only mortgage at present with GMAC and my mortgage payments at present are very low.

 

My loan on the other hand is Variable Interest Rate loan and my payments have not come down one penny since last year Jan 09. They have always remained the same, I would have though that the payments on my loan would have come down with the Bank of England rates but they have not.

I do not know how my lender works out their interest rate, maybe something to do with Libor and I don't have a foggiest what that is either.

If my interest rate has been changed I have never been notified neither have I received a new agreement.

 

Any thoughts?

[michellej1]

Thanks michellej1, my payments have not changed each month. I have not got a clue what the interest rate is. I am on an interest only mortgage at present with GMAC and my mortgage payments at present are very low.

 

My loan on the other hand is Variable Interest Rate loan and my payments have not come down one penny since last year Jan 09. They have always remained the same, I would have though that the payments on my loan would have come down with the Bank of England rates but they have not.

I do not know how my lender works out their interest rate, maybe something to do with Libor and I don't have a foggiest what that is either.

If my interest rate has been changed I have never been notified neither have I received a new agreement.

 

Any thoughts?

 

My loan on the other hand is Variable Interest Rate loan ,... Then you could regulate the agreement ,..

[frettful38]

How would I do that?

[michellej1]

How would I do that?

 

Loans taken out prior to 6 April 2008 which are for more than £25,000.00 are not covered by the provisions of the Consumer Credit Act 1974 and its subsequent amendments. Your loan was over £25,000.00 and consequently was above the limit imposed by the Consumer Credit Act 1974 and consequently your loan is an unregulated agreement

This will be a significant process, but there is concern that not only will the change in the limit affect new business post April 2008 but it may also impact upon existing unregulated loans/hire agreements, if interest rate is varied

You see a new agreement with new monthly payment if interest rate is varied ,.. so it would regulate your loan , as new agreement will be after 2008 ,.. so covered regardless of the amount of credit ,...

 

[frettful38]

Loans taken out prior to 6 April 2008 which are for more than £25,000.00 are not covered by the provisions of the Consumer Credit Act 1974 and its subsequent amendments. Your loan was over £25,000.00 and consequently was above the limit imposed by the Consumer Credit Act 1974 and consequently your loan is an unregulated agreement

This will be a significant process, but there is concern that not only will the change in the limit affect new business post April 2008 but it may also impact upon existing unregulated loans/hire agreements, if interest rate is varied

 

You see a new agreement with new monthly payment if interest rate is varied ,.. so it would regulate your loan , as new agreement will be after 2008 ,.. so covered regardless of the amount of credit ,...

 

 

Thanks micheelej1, do you have any idea how I could find out if my interest rate has been changed please?

[michellej1]

I would request your full statements and this will show the interest and changes throughout the loan period ,.. as a great way to hide the fact interest had changed by leaving the payments the same , and probably adding the little difference to arrears end of each month , which will attract interest ,.. and probably will need clearing at same time as last payment due in the agreement ,..

[frettful38]

I would request your full statements and this will show the interest and changes throughout the loan period ,.. as a great way to hide the fact interest had changed by leaving the payments the same , and probably adding the little difference to arrears end of each month , which will attract interest ,.. and probably will need clearing at same time as last payment due in the agreement ,..

 

 

Thank you very much, I will do that and also have a sift through someof my statements that I received in my subject access request from my lender, maybe something will pop up there. Thank you for your sound advice michellej1, will let you know if anything comes up

[michellej1]

Thank you very much, I will do that and also have a sift through someof my statements that I received in my subject access request from my lender, maybe something will pop up there. Thank you for your sound advice michellej1, will let you know if anything comes up

 

No problem , good to help each other as one victory could lead the way for others to follow suit ,.. good luck and keep digging ,..

[42man]

I suggest from your last post that you read this - http://www.consumeractiongroup.co.uk/forum/showthread.php?296108-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct