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GE Money secured loan - charges.

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Hi all,


having read through a number of similar threads I thought I would start my own to seek some assistance.


Had a GE Money secured loan for 64 months, £217 per month = £13888 paid to date.


Borrowed £21700, owe as at January 2013 £21,800!!! I have asked them repeatedly why no capital has been paid back in 5.5 years and they cannot provide me a suitable answer.


Received a statement to date, there have been £1243 worth of charges, of which half are solicitor fees and the rest £40 admin charges, £25 failed DD charges, £30 missing instalment fee charges, £30 default notice & £25 calling in notice??


In the last 2 years I have been on the phone to them repeatedly explaining that I was in court due to a separation and custody hearing for my two young sons, this ran up solicitors fees of over £4k and had put me under great financial pressure and led to the arrears. Please not however that we have never been to court to date as all arrears had been cleared before it got to that stage.


I remortgaged at the same time 64 months ago and despite similar issues , I have still seen my mortgage capital significantly repaid in the same time period so I cannot understand why the loan hasnt followed suit. I have set up a meeting with the financial advisor this Thursday to run through it all because at this rate I will never pay the loan off !!


I have seen the letter re: charges on another thread so I will be sending a copy to GE Money this week, I have also read the thread on county court although this seems a more stressful route to take?


Any thoughts or advice greatly appreciated, the last two years worth of financial problems added to the custody court case for my children is bringing me to breaking point, I need to be able to see that these loans are getting paid off so I can refinance and save significant money in a few years one my loan to house value increases ( currently 20%) .



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