GE Money hearing tomorrow URGENT

[walmsley7274]

Hi Ellen

 

No arrears on the Contractual monthly payment, I have over paid on this by £156. GE add each month a 'loan re op' payment which is a payment towards all the charges and interest they have put onto the account, to save there being a large amount to pay at the end in charges, and it is those arrears which they are saying have increased and are demanding are paid. They would have done because of my explanation above.

 

I have finished my calculations of charges are you can see above (pending the any guidance) the charges (including interest 'additional' and 'additional SI) currently stand at approx. £4k of this 2k are the charge arrears which they are going for eviction for.

 

I have prepared my charges letter to send tomorrow.

 

I have provided the judge with the breakdown of my payments since the court hearing in July which demonstrates all my payments of CMI.

 

GE are saying they are contractually entitled to add these charges to my monthly payment and therefore are 'arrears'

 

Best Regards

[walmsley7274]

Good evening ...

 

First off good news I got the suspension

 

However it wasn't easy, GE Money refused to accept any monies toward the arrears (which are loan re op payments) and wanted a full repossession. GE solicitors even had done a 'drive by' valuation to provide to the Judge I think that was because I refused to give GE the authority to liaise with my main mortgage provider for details of my account from them. Even so I pointed out to the judge this was also a consideration I had had to sell the property and obtained 3 valuations and this would only cover my first mortgage which would mean GE would not re-coup anything anyway. That was very sneaky.

 

The judge was very understanding and said that I had given the most articulate defence he had seen by a lay person and that convinced him of my determination to resolve this. However, he said the loan re op was part of the contract and GE contractually can request these monies to be spread out to avoid a large balance. He reaffirmed to GE representative although GE were unwilling to accept any payment proposals he was inclined to disagree. He order me to pay £40 a month on top of both the Cmi + loan re op payments. He said this would avoid me having further admin fees added to the balance and halt any further action GE tried to pursue because of the loan re op payments. He said this would give me time to challenge the charges and if it was found in my favour the payments could be altered.

 

I was happy with this and will buy me some time to challenge the charges and if it is in my favour I will have paid any monies off to GE quicker (I only have 50 months to go) I am pleased with that.

 

I have some further update on the definitions which GE representative put forward in court today, which the judge was unhappy with because it hadn't been shared with me and he ordered a recess. Even though GE representative was there for GE money, the Judge said he had to be my advocate also and then onwards the representative was fine with me.

 

The definitions are (provided in writing) as follows:-

 

(A) interest) interest is the contractual interest that is added to you account in accordance with the terms and conditions of your credit agreement.

 

(B) additional interest: interest calculated on the outstanding balance. Where a payment is not made or is less than the monthly instalment, the outstanding balance does not reduce by the amount envisaged at the start of the loan. Accordingly, as the balance is higher interest is accrued. (the % has not been quoted and I have asked for this to be clarified)

 

© Additional interest SI is simple interest that accuses on the outstanding balance addition interest balance. (the % had not been quoted and I have asked for this to be clarified)

 

Does these three definitions make any sense to anyone?

 

So to finish off I sent the 'charges' letter three days ago so I will sit and wait and see what happens.

 

Thank you so much for the support and i'm sure I will have lots more questions as I go along.

 

Best regards

[Ell-enn]

Great news - well done

[citizenB]

Good start to the New Year for sure.

[walmsley7274]

So just to update, 1 day after being in court with GE and getting a suspended order, I receive another letter from them today dated 6 days prior to the court appearance with arrears quoted hundreds of pounds lower than what GE representative put forward in court, after being asked by the judge, if the arrears amount included all payments I had made and the representative confirming it did !

 

I have written a very strong letter to them today and asked them to explain !!!! its never ending with these people

[walmsley7274]

Good Evening

 

So keep my thread alive and for others to see whats happening I have received a letter from GE re the charges and my complaint

 

(1) with reference to my charges letter they have offered a sum of £1200 (including interest) as a gesture of goodwill. GE have said that the offer will last for 28 days and it is in full and final settlement of my complaint.

 

(2) with reference to querying the actual £40 charge they say "these charges are in fact a genuine pre-estmates of the relevant costs and are valid as the circumstances are such that precise pre-estimates are not possible"

 

(3) they have not stated why I have been quoted different arrears figures 3 times in the space of a week (including the figures from the representative in court) their response was: "With regards to the discrepancy between the arrears balance quoted by our representative and the copy of the judgement and subsequent letters you have recently received, I am enclosing a payment record sheet which show a rolling arrears total. I trust this will help you to understand this aspect of your account"

 

(4) with reference to why the representative from GE was talking about my account to someone in an open environment outside of court and then quoted wrong figures and my request to who they were talking to, GE haven't provided a response.

 

.............. so...........

 

I am tempted to accept the offer they have given as it is money off the balance/arrears (they haven't said what it will come off), but, I want answers and are they able to charge me "pre estimates?"

 

If I took it further would be ombudsman still require GE to refund me the £1200? How can they offer £1200 as a gesture of goodwill if they have done everything above board?

 

Does anyone have any useful advice for me ??

[citizenB]

I am not sure why they cannot be more precise with their charges ? I will try and find someone who can help out.

 

£1200 as a GWG - that is less than your figures isnt it ?

[citizenB]

Point 3 - did the statement help you make sense of the figures ?

[dx100uk]

they can wriggle as much as they like about what 'might' be a fair or a pre-estimate of what might be deemed as fair...for PENALTY fees,

but until the relevant authorities rubber stamp that they are a fair figure [which they woty]

 

go for the throat and you full spreadsheet total.

[walmsley7274]

Hi

 

CitizenB - no they just provided another arrears statement which again didn't tally with any of the other figures provided, In fact it had increased by another £200 to a recent previously dated letter?

 

Yes, £1200 is only half of the costs which I have pre-estimated. They have provided me with a list of the admin fees which they will refund as a goodwill gesture and dates when these were credited to my account but these are random which no apparent reason behind those dates (no explanation given either).

 

I accept that my account hasn't been run great, however, how can they "pre estimate costs?" doesn't it have to be the actual cost they have incurred, how will they ever know if their pre-estimate is over and they haven't detailed what formula they use to 'pre-estimate these costs". They could be making a nice profit off there pre-estimate.

[citizenB]

Walmsely,

 

I have been advised that it is probably in your interest to accept the offer. As this is in Full and Final settlement, you wont be able to raise any further action.

 

HTH

[jaxads]

Hi Walmsley ...... did you accept their offer??