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johnny150

GE Money - Never ending secured loan

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Hello everyone.

 

I am looking for some help on a secured loan (second mortgage) with GE Money....

 

The loan was taken out mid 2005 for consolidation of credit cards..

 

Figures are:

 

Amount Borrowed £44,800 fixed at 6% above base rate over 180 months

less Broker Fee £500.00

less PPI £4800.00 (yes, we were told we had to have this in order to qualify for the loan!)

Processing Fee £500.00

Amount Received £39,000

 

Monthly payments have been maintained to date, albeit many times payments late so there are loads of charges, (approx £3000 + interest on charges of £800!)

 

The trouble is as of today, having paid GE just over £42,000, they have told us there is STILL £32,000 to go! So we end up paying just short of £75,000 for a £45k loan. I know taking this loan was probably the worst thing we could have done, we were under a lot of stress at the time and wanted to pay off a load of credit cards and other finance.

 

Can anyone tell if this agreement is 'legally' fair? or are there any options available to get our agreement looked at? It would be great to get PPI back/charges or even see if the ridiculous total repayment can be lowered

 

Thanks in advance,

J

Edited by johnny150

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