GE Money Loan paid but have outstanding arrears account.

[Sheila117]

Many thanks for spotting. I went through it about 3 times and still it slipped through. :/

 

Settlement figure has arrived,

note the early settlement fee!!

 

[ATTACH=CONFIG]41618[/ATTACH]

[DonkeyB]

Thanks Maroondevo

[Sheila117]

Just a quick update,

I have been accepted for a loan with Zopa and expect the money to come through the beginning of next week.

 

 

Once it's in I'll send a cheque (it will be in my name) by special delivery.

 

Speaking to Jon888999 a while ago he said I should say it's paid without prejudice. Is there anything else I should include?

 

The letter will probably go something like this:

 

Dear GE Home Lending,

 

I have included a cheque to the value of £xxxx.xx to pay the settlement figure that was provided on your correspondence dated 07/02/2013.

I wish to make you aware that this is payed without prejudice.

 

As per your correspondence I expect to have my title deeds returned to me within 28 days of the payment being taken.

 

Many Thanks,

S

[Sheila117]

Sorry to be a nuisance, has anyone any further advice on whether I should include anything else in my letter/payment to GE Money?

I'm hoping to send it today.

Thanks,

S

[Sheila117]

I am going through the statements entering charges etc onto spreadsheet, has anyone come accross 'CAC Payment Auto' before?

It's a credit to the account. Now my father used to have a paying in book - could it be that?

S

 

edit -

just found an entry where 'CAC Payment Auto' credits the account with £150

then the next line 'Transfer cac payment' with a debit of £150.

Then an administration fee of £40.

 

I could understand this for a direct debit bouncing but not paying in cash.?

[DonkeyB]

Looks like a bounced payment – tried to take it but failed.

[Sheila117]

Thanks DonkeyB, I was curious to what form of payment it might be?

[DonkeyB]

Most likely a failed direct debit – only profile that fits.

[Sheila117]

I have completed the spreadsheet which I have attached.

 

I hope I've filled it out correctly. I've gone through the statements and listed all debits from the account (excluding normal interest payments). Some may be lawful and I've highlighted these in red.

The interest rate of the account is 0.750% a month so I've put 9% as the APR.

 

The loan amount at the beginning was £11600 and £1600 was PPI, so you will see this is the first entry.

 

I will send cheque off now with letter I wrote a few posts ago.

 

Thanks

S

[dx100uk]

you can't put PPI on the same spready and thats not how you do PPI anything.

 

 

remove these

 

additional interest

 

nor the bottom 3 in red

 

i dont think you can sols fees if it HAS been to court that many times?

 

dx

[Sheila117]

dx I'm confused :S

 

you want me to remove:

additional interest

& bottom 3 (in red)

 

I believe it's been to court once.

[dx100uk]

the legal fees should all be around the time of the court cases

if they are not

then becareful they could be spof

[seen this beforewith GE]

 

as for the other bit,

 

remove all entries for additional interest [unless it's to do with penalty fee interest]

 

and the three inred at the bottom of your sheet too

 

i dont believe any of those are reclaimable

 

dx

[Sheila117]

I believe the additional interest is the interest that has come from the administration charges and other fees/costs.

I suppose this would be claimed back when the charges are reclaimed + interest.

 

Thanks dx.

S

[Sheila117]

I have revised the spreadsheet.

 

I have now removed -

Addition interest (this was the interest they added on that was amounted due to fines/charges etc)

Valuation fees x 2

Default notice charges x 3

Litigation referral fee x 1

Counselling visit x 1

Solicitor fee x 2 (one when suspended possession order was applied for, one just after suspended possession order was granted)

 

Also looking at the original credit agreement, the APR was infact 13.2% as per calculated by the loan analysis spreadsheet.

Does this look a more accurate representation?

 

S.

Edited March 2, 2013 by Sheila117
wrong interest rate.

[dx100uk]

DN you can include

councrlling you can include

prob referral lit too

val fees ,

if at the start then fair comment

but if not

i'd suspect those too put them in

[dx100uk]

you cant include the ppi on this sheet

 

and thats not the way to do it

 

you need to put in the PPI inevery month

at the % of your PCM it was

 

on its own sheet

 

dx

[jon888999]

you cant include the ppi on this sheet

 

and thats not the way to do it

 

you need to put in the PPI inevery month

at the % of your PCM it was

 

on its own sheet

 

dx

 

Hi , The PPI was added to the loan as a lump sum at the start, increasing the balance. It wasn't charged on a monthly basis.

[Sheila117]

So the PPI is 13.79% of the total loan amount £10,000 (loan) + £1600 (PPI).

 

The payments are all over the place (various times, various amounts).

Do I enter on the spreadsheet 13.79% of the payment made and the date?

 

i.e. Spreadsheet entries:

27/11/03 (Paid £100) £13.79

12/12/03 (Paid £50) £6.89

01/01/04 (Paid £150) £20.69

 

Sorry, I'm reading the PPI - Single Premium tutorial but can't get my head round it.

[dx100uk]

Hi , The PPI was added to the loan as a lump sum at the start, increasing the balance. It wasn't charged on a monthly basis.

 

yes it was read no.1. below

 

dx

[dx100uk]

So the PPI is 13.79% of the total loan amount £10,000 (loan) + £1600 (PPI).

 

The payments are all over the place (various times, various amounts).

Do I enter on the spreadsheet 13.79% of the payment made and the date?

 

i.e. Spreadsheet entries:

27/11/03 (Paid £100) £13.79

12/12/03 (Paid £50) £6.89

01/01/04 (Paid £150) £20.69

 

Sorry, I'm reading the PPI - Single Premium tutorial but can't get my head round it.

 

sounds ok i'll check it later

 

dx

[Sheila117]

Am I meant to be using the "PPI REDRESS CALCULATION UNDER FOS RULES - SINGLE PREMIUM POLICIES" spreadsheet?

[dx100uk]

probably

unless you can identify they are charging int on the outstanding on a monthly basis.

i pers think it is comounded

dx

[Sheila117]

Another 1hr30 of spreadsheet entering later -

 

Looking better?

Thanks,

S

 

edit: I have edited the spreadsheet, I hope the respective owner doesn't mind. Many thanks.

Edited March 2, 2013 by Sheila117
messed it up

[dx100uk]

take out fos in the other filename and it will attach properly

 

dx

[Sheila117]

Thanks dx, think its attached properly now