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GE Money Home Lending - Help & advice needed please

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[ATTACH]42796[/ATTACH]

 

[ATTACH]42796[/ATTACH]

 

Good evening,

 

I have been reading some of the forums recently with regards to GE Money and would like some of your expert advice please. Let me summarize...

 

 

 

  • Took out a loan for £26,000 ( Secured) in March 2005 over a 15 year period
  • Had difficulties early on in the loan and started to incur some charges and additional interest, this was then on/off like this for the next 7 years. With repayment plans put into place etc etc
  • Seperated from my Ex Wife in 2011 and ended up having to sell the house for a large loss due to pressure from GE Money & Halifax
  • Paid off the GE Money loan in January 2012

Now....I am ready to take these guys on :mad2::mad2:,

 

I requested a SAR which came within 2 weeks (yesterday),

 

I have been through this document today and the anger grew as I listed all the charges that had been applied to the account over the 7 year period!!!

 

It seems to be over £7,000 pounds in admin fee's, additional interest, solicitors fees, lunch for GE directors ( made that one up :wink:)

and I am very very confused how they distributed the final payment which I will summarize later.

 

I am going to attached a full excel spreadsheet showing my findings but below is a brief summary which may give you some idea of what I want to claim and if I can??

 

Charges I think I can claim

 

NARRATIVEFEEADDITIONAL INTEREST£3,387.61

ADMINISTRATION FEE£2,000.00

SOLICITOR INTERIM LEGAL FEES£1,089.86

INCOME ON EARLY SETTLEMENT£353.92

REFUND OVERPAYMENT 999999 CHAP£204.16

INTEREST DUE DATE CHANGE£130.01

REPAYMENT OF ADMIN CHARGE£84.00

DD RECALL CHARGE£65.00

DEFAULT NOTICE CHARGE£65.00

INTEREST ADJ£5.38

£7,384.94

 

Summary of the loan

 

ACTUALTOTAL MORTGAGE PAYMENTS£33,111.02

FINAL PAYMENT£28,006.26

£61,117.288 2MONTHS LESS INITIAL LOAN AMOUNT£26,000.00£745.33TOTAL COST OF LOAN£35,117.28ORIGINAL LOAN PLANINITIAL LOAN AMOUNT£26,000.00180£404.76

Months/Payment£72,856.80

 

 

 

In the 82 months I was paying this loan my average monthly payment was £745.33!!!!!!!!!

 

Final Payment Redemption

 

Below is the last few transactions on the loan account before it was cleared, I am confused on what all these payments mean, in particular the payment for repayment of fees and additions ( £4,539.22)

 

DATECODENARRATIVEDEBITCREDITBALANCE26/12/20114004ADDITIONAL INTEREST£67.60£0.00£27,498.4106/01/20124443REDEMPTION ( TT THE LAW PRACTICE)£0.00£28,006.26-£507.8508/01/20124004ADDITIONAL INTEREST£3.93£0.00£503.9209/01/20124444INCOME ON EARLY SETTLEMENT£353.92£0.00-£150.0009/01/20124439SOLICITOR DISCHARGE FEE£66.00£0.00-£84.0009/01/20124342BLANK?£84.00£0.00£0.0009/01/20124420REPAYMENT OF ADMIN CHARGE£0.00£84.00-£84.0009/01/20124414REPAYMENT OF FEES AND ADDITION£0.00£4,539.22£4,623.2209/01/20124416REPAYMENT OF CAPITAL£0.00£20,622.58£25,245.8009/01/20124063BALANCE TRANSFER ON SETTLEMENT£25,245.80£0.00£0.00

 

 

 

Please based on the above could you give me some advice on the following

  • Can I claim back all the charges? If not which ones do you think I should aim for?
  • If yes to the above, what is the next suggested move?
  • Can I claim back interest on these charges? I have used 8% on the charge calclulator ?( Tab 1)
  • Do the redemption figures look correct?
  • Figure on the calculator shows £9k + does this mean I have to go to court?

I am really sorry that it is such a long thread for a newbie bit wanted to try and give you as much information as possible to try and get some valued comments

 

Hope someone can help :-D

 

I will keep this thread as fully up to date as possible with all my results to aid other people in there claims.

 

Regards

 

Steve

 

Excel Sheet

 

Tab 1 - Compound Interest Calculator

Tab 2 - Summary of charges and mortgage payments

Tab 3 - Full breakdown of charges by date

Tab 4 - Final Redemption Summary

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very dif to read some of that.

 

can you not PDF some of it

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi dx

Can you see the excel sheet that is attached, has all the details

 

Thanks

 

Steve

 

 

very dif to read some of that.

 

can you not PDF some of it

 

dx

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the blues a bit dark for the text.

 

if that a reclaim spread

you can't reclaim additional or any interest entries.

 

as this is a secured loan that they charged int on the bal every month [inc the PENALTY] charges]

you should be using the foscisheet.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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So you can reclaim additional interest charges that are added to statement

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Hi DX

 

Can you point me in the right direction of the foscisheet??

 

Thanks

 

Steve

 

 

the blues a bit dark for the text.

 

if that a reclaim spread

you can't reclaim additional or any interest entries.

 

as this is a secured loan that they charged int on the bal every month [inc the PENALTY] charges]

you should be using the foscisheet.

 

dx

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Thanks Sheila

 

I have looked at yout thread at that just makes me even more determined to get these people

 

Good luck and I will keep you as updated as possible

 

Thanks

 

Steve

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Can anyone please advise what cover letter should go with this claim ? Your help would be appreciated

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So you can reclaim additional interest charges that are added to statement

 

no you cannot

that was a typo

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Can anyone please advise what cover letter should go with this claim ? Your help would be appreciated

 

you can adapt the credit card charges reclaim letter from the library top left

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Morning All

 

Letter sent 24th April recorded post for charges and additional interest, they have now sent me a letter saying they have 8 weeks to look into this?? Is this correct?

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yes sadly

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Good Afternoon All,Happy Friday,

 

well I received a very quick reply from GE Money virtually saying thanks for the letter but get lost because we are right.

 

They are saying that they are well within there rights to charge £40 admin fees and I signed up for that at the start with the credit agreement.

 

They are asking why I think it should be less?

 

I am a little confused how to reply,

 

I am attaching the letter back from them along with the initial credit agreement we signed

 

.Please could someone have a look and see if I can at least reply and say you are wrong and the amount charged was illegal .

 

I am also attaching the letter which I sent them which shows In total for a £2k0 loan

 

I have paid back over £61k ( average £745 per month) through 82 months of the original loan period of 180 months,

 

if I would have continued to pay at this rate I would have paid back a staggering £134k

 

I know everyone is busy

but if anyone could help

 

I would be very grateful

 

Regards

 

Steve

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att un-approved your name isshowing.

 

i'm not sure where this went wrong

 

but you cannot reclaim the add int unless you can prove it was all due to their PENALTY charges.

 

you cannot reclaim the sols fees as its been to court

they are allowed to charges them to the account.

 

it seems to me you placed the claim with checking back here first.

 

the only fees you can reclaim are those detailed as

 

admin fees.

default notice fees.

dd failure fees

 

as for the £134 k bit astonishing!

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi DXThanks for your prompt reply, noted that I left my name showing but not overally concerened about this unless it is against forum rules.Noted your comments with regards additional interest but I am sure I have read or been informed that this is OK to reclaim?? Is there a standard reply with regards the admin charges on how I can justify that these are in fact unlawful and unjustified? Any help would be appreciatedRegardsSteve

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the FSA now the FCA

 

on PENALTY charges

 

clearly stated that ANY punitive fixed sum penalty charge must reflect the 'ACTUAL ADMIN COSTS' of the company.

 

mere ly stating they are on / in our T&C

or that we confirm they ar a suitable level is bowlarks.

 

sadly you'll find whatever you want out of GE

 

they ALWAYS wriggle

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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