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GE Money - argue fees?

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We have just come to the end of a 5 year, secured loan (2nd mortgage) with GE Money.

 

During this period we had huge financial problems (our business fell foul of the recession and then had 2 cases of redundancy - we also have 2 young children to raise)

 

and so we fell into arrears a few times.

 

At one point they tried to take us to court to repossess,

but we sorted it out of court and agreed a payment plan,

which we stuck to and eventually got rid of the arrears.

 

Our last payment was in October

 

last week we got a letter from them saying that we still owe them £1492 and had 2 weeks to stump up

 

Having looked at our statements I am shocked and appalled at the amount that they charge for penalties and fees

- At one point they were charging us £30 EACH for a default notice

they even want £150 in exit fees!

 

Surely these costs are totally disproportionate to the costs incurred by GE Money?

 

We also went back over the letters that we received when they were taking us to court and we can't make their figures add up

- they stated that they are charging us £543.50 as 'legal fees' but on the court paperwork the charges stated were £75 solicitors costs and £300 for 'costs fee'

- now I have never been any good at maths, but that doesnt amount to £543!

 

I have trawled the internet and I have found a couple of bits regarding reclaiming exit fees and old cases of people attempting to reclaim fees

that have already been paid etc, but nothing about cases of arguing them before actually paying.

 

Where do we stand?

 

Can I argue them?

 

How do I do it?

 

I'm slightly afraid as at the bottom of the letter demanding £1500, they stated that our home might be repossessed etc and that they'll add further interests and charges.Any advise would be greatly appreciated.


Eh?... What?... pardon?...Er... What's going on?!

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yes all those fees are PENALTIES and can be reclaimed + the interest they have acccured.

 

dx


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yes all those fees are PENALTIES and can be reclaimed + the interest they have acccured.

 

dx

 

Thank you for your reply. As we haven't actually paid the penalties yet (they kept them as a 'parting gift'), I don't really know what steps to take. I have written to them asking for a full list of fees etc and a breakdown and full explanation of the legal fees from when they tried to take us to court. Is there a step-by-step guide anywhere that I can follow? (I have looked but have been unable to find one on the site).

 

Many thanks for your help :)


Eh?... What?... pardon?...Er... What's going on?!

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link 3 below

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi there, im going through the same with GE Money, infact 1 letter has stated that i havent paid anything towards there fees, and i have statements saying that i have. Good Luck

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And good luck to you too, JH (I think we might need it!) have you completed your loan too?

 

I noticed from our statements that some of our old default notices were charged at £30 per person, but I'm sure I read somewhere that they were slapped on the wrist for that in 2010, so they chanced it to £30


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Paid our last payment a couple of weeks ago, then received the letter demanding the £1500 and have just sent the letter requesting breakdown. So only just getting into it. You?


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I have had a letter stating that i havent paid anything towards charges, looked at breakdown and i have paid towards them.

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Have you argued that the amounts are disproportionate to the actions taken? That's what I'm thinking of doing. I have a nasty feeling that we're going to have to pay it all, but I'm doing it under protest and in the hope that the poo hits the fan for the mortgage companies in much the same way that it did for the banks and that we'll be able to claim some of it back (fingers firmly crossed!)


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PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

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update from the FOS. they have decided that GE Money charges and fees are fair, they have offered a measley 320 quid, dont know what to do know.

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How much were you claiming for?


Eh?... What?... pardon?...Er... What's going on?!

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