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janis6670
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Could someone please advise me regarding ? excessive charges and interset charged by GE money home lending. I do have significant arrears which i am trying to address, but GE continue to levy this ridiculous £40 per month arrears charge. Apart from this there are legal fees, interest and other seemingly random amounts added. I recently avoided repossession due to the Supreme Court Ruling and their action was deemed as not competant. I want to get some kind of order in my life but am constantly thwarted by GE.

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We believe that they are unfair and recoverable.

Read this and also follow the links to understand why

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I have had personal dealings in the areas I comment on, however, I am not a lawyer. Any advice I give is without prejudice and is merely my opinion based on the information I have gleaned from my experiences, understanding and interpretation of the law. You should always seek the advice of a qualified legal professional.

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  • 3 months later...

I have had arrears for a long time on my mortgage with ge. Last year I narrowly avoided repossession, helped by the Supreme Court decision.

Since then I have been paying £1000 pcm which covers my payment and a little towards the arrears.

I have written repeatedly regarding the charges and additional interset applied with no success.

This arrangement has never even been agreed to by GE.

 

Today I have had aletter from the Customer solutions team asking me for a full months bank statement so that they

can see why I canot afford my contribution and so they can look at restructuring my mortgage.

any advice would be appreciated.

thanx:roll:

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Hi Janis,

 

It's not entirely clear what you're asking here which is maybe why you haven't had a response.

 

You are currently paying in excess of your contractual payments but this is not an arrangement that has been agreed by GE. Is this the amount required under a suspended possession order? Or is it just an ad hoc arrangement by which you pay £1000 without any particular basis for it?

 

If the arrangement has not been agreed by GE they are likely to be adding monthly charges to your account so it would be wise to get the arrangement on a more formal footing to avoid this. You can either go back to court and apply to vary any possession order that has previously been granted in which case you will need to present your financial position to the court to prove that the amount you are offering is reasonable in that you can afford it and that you cannot afford more. There will be a court fee for this and if GE send someone to the hearing they will more than likely add costs to your account so it could be an expensive way to resolve matters.

 

Alternatively you can negotiate with GE and it sounds like they are willing to consider options from what you have said. Perhaps you are seeking advice on whether you have to send them your bank statement and the answer is 'no' but equally they don't have to refrain from taking possession of your property if they have an outright order or you are paying less than you should under any suspended possession order, so a bit of give and take is probably a good way to go. They will want to see your bank statement to see that you are not paying unsecured credit in preference to the mortgage/secured loan or spending all your money in an inappropriate way such as gambling (I am in no way suggesting you might be doing anything of this nature but as someone who has in the past worked for both mortgage companies and the CAB, I've seen all sorts!). I would advocate communicating with GE but others may have a different view and recommend doing everything through the courts, ultimately it's your decision. If you can agree an arrangement with them and maintain it, then they should (according to the tariff of charges published on their website) waive the monthly arrears fee of £40.00. They probably won't waive or reduce interest as it's a secured loan and it's pretty uncommon for secured lenders to waive or reduce interest in general.

 

I hope this helps address the issues you have, but if there's anything specific you may get more of a response if you ask more specific questions.

 

KC

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  • 6 months later...

They can extend the term, they might let you switch to interest only for a while, they might let you have a payment holiday (doubt many do this these days).

 

Its likely they would set up an arrangement to get you to clear the arrears over a set period though.

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Any idea how to negotiate a restructuring of my arrears with this company in writing. I am always being advised to keep things in writing but I have twice nearly achieved restructuring but they absolutely insist on telephone contact. I am really not confident on the phone and will readily agree to anything in writng.

Please help

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Hi jannis6670 , the help varies a lot dependant on the mortgage company, amount of arrears and whether or not you have keep to or defaulted on arrangements in the past. Try posting up some basic information such as mortgage company , approx amount of arrears and how long you are behind and I am sure help will be offered from posters on this site.

good luck ,sleepingdog

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DO NOT phone.the reason being they record everything. All it takes is a sly devious person who tricks you into saying something (anything)that could be regarded as an agreement etc. Insist on paper copies both for YOU and them.This is also your proof so its important.....

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  • 1 month later...
DO NOT phone.the reason being they record everything. All it takes is a sly devious person who tricks you into saying something (anything)that could be regarded as an agreement etc. Insist on paper copies both for YOU and them.This is also your proof so its important.....

Nonsense. They want you to phone as they will want to go through a full review of your finances to discuss what is realistic and affordable. Do you think a call centre worker has the time at the end of the shift to sit and listen to the 100s of calls they took that day. This is just paranoia.

That said. you are entitled to put your offer in writing. If you want to do this, why not just call them and if you don't want to discuss anything just ask exactly what info they would need in the letter? An I&E would be a start.

GE Money will neogtiate a plan which would run up to the end of the term of the loan, but this doesn't means they will accept this if you can afford more. Remember, its better for you to pay as quickly as possible.

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Rorschach, it is not the call centre worker that screens the calls...it's the management. If you agree to something on the phone because you feel pressurised then that "could" be held against you. It is just as easy to complete an I&E in writing as it is on the telephone and, to be perfectly honest, I think this is the best way to do it because you can take the time to get it right...not just make up figures under pressure to answer when a question is put to you. This response is therefore not "nonsense".

 

I would like to ask what your background is please? You appear to have been giving a lot of contradictory information over a few threads. I would be interested to discover your qualifications and background. Thank you.

 

Gemspan

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Oh I'm just a bloke down the pub. Ignore me.

Your right. Every single one of the thousands of people working in finance in this country are out to screw you. And if you do have to call them make sure you put tin foil in your head so the aliens can't hear you.

Background, er 25 years working for mortgage companies, regulatory agencies and advice centres.

Don't bother replying, I won't read it.

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  • 2 weeks later...

Hi - yes always do everything in writing - I have years of experience of these type of calls and have had to get the transcripts of calls to settle arguments about who had said what and what was agreed to. The consumer should not be forced into such time wasting stressful dealings. Without consumers, that's customers, some people wouldnt have jobs at all.

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  • 9 months later...

Do I have a legal right to request that I deal with creditors in writng only.

I am trying to set up a repayment plan but GE keep just writing back to me asking that I call their office to do so.

I keep writing back reiterating my offer

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Absolutely. Deal in writing. Write and tell them that you don't trust them. Tell them that if they don't want to write then they should go and do the other thing.

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Nicely put lol.

 

In your next letter ask them for their account number and sort code and that no further correspondence will be entered into. If you already have these details, then just make a standing order with the amount you can afford.

 

If you call their office, they will try to get your debit card details or set up a direct debit both of which gives them control over your bank account and the amount they take.

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  • 3 weeks later...

Well I wrote and asked that they respect my decision and my right to deal only in writing. I set out exactly what my plans for repayment are and explained that I had set up a standing order. Guess what! At 8.55pm this evening I have had a call asking me if it is a convenient time to talk. I declined!!!

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no they call from several different numbers both to my landline ang my mobile. To be honest, I can quite happily ignore the calls, but I need their agreement to my proposal so that they stop adding their £40 per month administation fee

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