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Ok,so we have had ongoing issues and arrears with GE Mortgage for a while now.

 

From February this year this year the mortgage came off its fixed rate and our payment has come down by nearly £400 per month. We are managing the new payment but since last September have been dealing with GE Customer Solutions to try and sort out the arrears issue. It would seem they are not keen in offering any capitalisation of arrears?

 

We are uptodate with all utilities but we do have a loan, and a large credit card to pay off, GE will not come up with a solution until we put the loan and credit card onto payplan. BUT we are paying everything, ie we can pay the mortgage, the bills, the cc payment now due to the reduced mortgage payment.

 

I understand them when they say due to our past history they will not offer any other repayment plan but my partner really does want to go on DDM plan as the loan is fully paid in a few months releasing another £192 per month, and he wants to try and retain some credit history.

 

So my question is what do we now do about GE? Can they really refuse any plan unless we do this? We are not building up anymore arrears now as we can make the payments

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I suggest that you read this article and the link attachments – especially the FSA final notices http://www.consumeractiongroup.co.uk/forum/content.php?700-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct

 

In order to find out the kind of requirements that the FSA says that lenders should be satisfying in respect of problems of mortgage arrears.

 

This will give you an idea of the situation – then come back here to discuss further. Please note that if you feel that GE money or not carrying out these kinds of action, then they would be breaking FSA regulations and possibly subject to huge fines

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