Jump to content


GE Money - Never ending secured loan

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2457 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

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,


Edited by johnny150

Share this post

Link to post
Share on other sites

Reclaim Mortgage charges here


PPI Forum here

HTH (Hope This Helps) RDM2006





We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation


All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.


However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

Share this post

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.

  • Have we helped you ...?

  • Create New...