GE Money Loan paid but have outstanding arrears account.

[DonkeyB]

It’s just a secured loan – still protected by CCA. But from the information here, I can’t see any evidence of a CCJ on this account.

[DonkeyB]

Can you tell us if the letter re PPI was the result of an enquiry about reclaiming PPI? Has this been taken further?

 

I think they’re wrong in stating that you need to contact the insurer, because either GE or their broker sold it to you.

[Sheila117]

Can you tell us if the letter re PPI was the result of an enquiry about reclaiming PPI? Has this been taken further?

 

I think they’re wrong in stating that you need to contact the insurer, because either GE or their broker sold it to you.

 

The letter regarding PPI was actually to try and claim on it as my father was out of work. Surprise surprise it had run out so he couldn't claim. It never went any further.

 

The solicitor costs might have been the beginning of court proceedings but maybe it didn't get that far? He can't remember :-/ sorry.

[dx100uk]

the sols fees cannot be charged unless they get a successful judgement.

 

dx

[Sheila117]

Good Morning all,

 

Has anyone had any thoughts about our options when it comes to paying our current arrangement, or more to the point, not paying our current arrangement?

 

I imagine not a lot can happen now until we get the SARs through, and then we can start calculating what we feel we are owed?

[jon888999]

Good Morning all,

 

Has anyone had any thoughts about our options when it comes to paying our current arrangement, or more to the point, not paying our current arrangement?

 

I imagine not a lot can happen now until we get the SARs through, and then we can start calculating what we feel we are owed?

 

Anybody?

[dx100uk]

correct

 

dx

[AndyOrch]

I think the point i made earlier has been missed here (apart from DB) hence my suggestion to check the Land Registry

 

This is a Mortgage secured.

They dont need a CCJ.

The CO was placed at the time of the application (Standard)

The Sols fees are not reclaimable that is the process of a secured loan.

 

Nothing can be done Sheila until you are furnished with the DSAR.I assume the debt has now been paid and only arrears are outstanding.

Its your choice to stop payment as from now or wait until you can quantify the unfair charges and then make a claim.

 

Regards

 

Andy

[DonkeyB]

Yup, totally agree. There’s no legal action in place. You need the details from the SAR now to work out what is going on with this suspicious ‘extra’ account with a balance they reckon you owe.

 

Also worth researching a bit on PPI reclaims in the meantime. As I mentioned earlier, there could be more than £5k up for reclaiming here.

[Sheila117]

I think the point i made earlier has been missed here (apart from DB) hence my suggestion to check the Land Registry

 

This is a Mortgage secured.

They dont need a CCJ.

The CO was placed at the time of the application (Standard)

The Sols fees are not reclaimable that is the process of a secured loan. Even though the solicitor fees were in Feb 2005 & May 2005, not when the loan was taken out? (Sorry I don't understand why they are lawful because it's a secured loan).

 

Nothing can be done Sheila until you are furnished with the DSAR.I assume the debt has now been paid and only arrears are outstanding.Yes this is correct

Its your choice to stop payment as from now or wait until you can quantify the unfair charges and then make a claim.Do you think we would be penalised for not paying, or not paying as much (or at least end up in a worse situation? I am going to send a letter today to explain that we are cancelling the direct debit and that we will manage the payments.

 

Regards

 

Andy

 

DonkeyB - yes we will go down the route of both unlawful charges and missold PPI

 

Thanks all for your help. I had come to the conclusion that I was going to have to get a loan to pay this balance off for my father, but with a bit of luck it won't come to that .

[Sheila117]

I was going to go down the hardship route and found this template,

I started to modify it but now wonder if it's necessary. Whilst he is in hardship is it worth it now, the interest has built up and up anyway?

 

I was also going to make a point that he was in hardship and that any further payments would be a token payment but suddenly felt I was getting in above my head..

Anyone got any thoughts?

 

Request for Consideration as a Case in Financial Difficulty (Hardship).

 

Dear Sir/Madam

 

I refer to the Lending Code guidelines to which you subscribe, issued in March 2011.

 

Due to being made redundant, I have been experiencing serious Financial Difficulty since 21st January 2013.

 

I request that you stop adding interest and default charges to the above account. The interest and charges serve only to add to the Financial Difficulties I am currently experiencing. In this connection, I draw your attention to paragraphs 224 - 227 in Section 9 of the Lending Code.

 

This letter serves as notice that the current Direct Debit is to be cancelled with immediate effect and continued payment will be without prejudice and by another method.

Please provide me with another payment method, a paying in book would be preferred.

 

Please give this matter your urgent consideration.

 

Yours faithfully,

[AndyOrch]

" Even though the solicitor fees were in Feb 2005 & May 2005, not when the loan was taken out? (Sorry I don't understand why they are lawful because it's a secured loan)."

 

I wasn't aware that they were later in the process..so yes if there is no reason or incident for their involvement at this date then query the charges.

 

" Do you think we would be penalised for not paying, or not paying as much (or at least end up in a worse situation? I am going to send a letter today to explain that we are cancelling the direct debit and that we will manage the payments."

 

Difficult to advise there is no way I can predict what action they may seek...they all ready have their charge....depends on how and when they can execute.I agree that the DD must be stopped and you control payment manually.

 

Regards

Andy

[Sheila117]

Thanks andy

Difficult to advise there is no way I can predict what action they may seek...they all ready have their charge....depends on how and when they can execute.

 

OK I shall continue to pay the loan at the current arrangement (£200 a month). The current arrangement runs out at the end February, it was set up on the phone and they only agreed for 3 months.

They might start action then? We'll wait and see.

 

When you say execute, does that mean they take him to court to claim repossession their outstanding balance through the sale of the property?

[AndyOrch]

There is no CCJ connected to the Charging order...the CO acts only as security (the Property) against the loan...perhaps execute was the wrong word..options open could be Bailiff/ Bankruptcy ....forced sale would be the very last resort IMHO.

 

 

Regards

 

Andy

[Sheila117]

Bankruptcy - would that not strip my father of his assets (i.e the remainder of his property? (Property worth say £110k, Charges ~£5k, therefore equity of £105k.)

This would be just as detrimental as a forced sale.

[AndyOrch]

Hypothetical scenarios Sheila ...they may not do anything thats why you need to wait for the DSAR and raise a dispute and challenge them.

[Sheila117]

Ok sorry to be hypothetical - I imagine conjuring up the worst case scenario is why most people just pay up.

 

We will carry on paying at the current rate and wait for the DSAR to come back. Thanks Andy,

S.

[jon888999]

Sheila, you've probably seen it. http://www.consumeractiongroup.co.uk/forum/showthread.php?380702-ge-money-charges-reclaim(2-Viewing)-nbsp&

[Sheila117]

No I hadn't Jon. I will have a look over there!

[Sheila117]

[ATTACH=CONFIG]41388[/ATTACH]

 

 

The DSAR has come back from GE Money. Much sooner than I imagined!

It's like a phonebook but I've had a flick through and mangaged to find a mention of court.

 

I've scanned the letters in and uploaded.

I'm waiting for GE Money to get back with a settlement figure for the outstanding balance. I am likely to go down the route of obtaining a loan to pay the outstanding balance, so at least we can get the deeds back and the charge removed.

Then we will make our claim for PPI and unlawful charges.

 

Thanks,

S.

[AndyOrch]

Sounds like a good plan Sheila.

 

Regards

 

Andy

[dx100uk]

so they went for a suspended pos order and got it at £175 PCM for 15 months

 

still dont explain why he is STILL paying £200PCM to this day!!

 

dx

[jon888999]

Sheila, Another victim: http://www.consumeractiongroup.co.uk/forum/showthread.php?382107-GE-Money-secured-loan-charges.&

[DonkeyB]

Name showing – edit and repost!

[maroondevo52]

Post unapproved, advice as above.