ge money interest only term end 2015 no money please help

[cher69cher69]

Hi everyone i am back again for support and advice on an issue that i can not think of any way to solve.

 

 

I made a bad choice in 2002 and opted for an interest only mortgage because it was quick cheaper payments and

i had the intention of swapping to a repayment mortgage as soon as i could.

 

 

However money i was owed by my sister was never received and i became ill in 2006 and ended up in arrears with this company.

 

 

It went to the FOS who agreed with me they had been unfair and had not shown forbearance

their fees and charges were refunded and arrears remaining original arrears capitalised and suspended repossession order removed.

 

 

This was the one time that i am aware of that the FOS actually made a company comply completely with their requests.

I have been paying in full on time ever since. 2006.

 

 

Then last year i got a letter from ge money stating my term was up in 2015.

I got the shock of my life because i thought it was up in 2020.

 

 

I had arranged my morthage through a broker and this was the third time i had remortgaged with this company

and the other times the mortgage term was for 15 years so i stupidly presumed this one was 15 years also.

 

 

I remember my broker saying did i want it over the same term and i said yes so i dont know why this one is only over 10 unless the broker made a mistake.

 

 

However i am in a situation now with no money to pay off the mortgage next year

and ge money saying tough u signed the agreement.

 

 

I was wondering if there was anything i could do because the extra five years would allow me to stay in my home

and i would have the money to pay it off then.

 

 

It just seems so unfairi i have a mental illness and couldnt cope with having to sell the house

i am so tired of all the fighting with these companies as i am with the other demon too acenden

and am on the 4th complaint to the ombudsman with them.

 

 

I was so naive ten years ago. I thought companies were fair amnd if you were honest with them

and genuine they would bend the rules a bit to suit individual circumstancres like they used to back in the day when you dealt with a manager face to face.

 

 

I feel like giving up i dont have any more strength left in me to fight. Its just making my ilness worse and

 

 

on top of that i have suddenly developed a problem with my legs that keep giving way

and have been yold it could be cauda eguima which is serious and if left untreated could cause me to become inconyenant and never walk again.

 

 

I am beside myself i just wish i had a magic hand come out of the cloudsto help lift all this worry from me

i usedto be so confident and sure of myself but i just dont know were to start anymore

or even if i should bother anymore as all these companies seem to win in the end .

 

 

I have just had enough thankyou for taking the time to read this

 

 

i know its long but had to give it one last go in hope of a miracle cher69.x

[theoldrouge]

How far are you off retirement age?

 

Have you approached GE Money and asked them to consider extending the term of your mortgage by 5 years?

 

do you have any equity in your property?

 

How long does your 2nd charge have to run?

[cher69cher69]

Hi the oldrouge thankyou for your reply i am 47 my husband is 52.

I was going to write to ge money today and ask them to extend it but i dint hold out much hope as they are not one of the best lenders to deal with.

The second charge is until 2020.

Thanku again cher69

[cher69cher69]

Oh yes i forgot to say no there is no equityin the property kind regards cher69

[theoldrouge]

Will await GE reply, then we can look at your options

[cher69cher69]

Hi there i got ge moneys response today and to be honest it was what i expected they sent me a letter about 5 pages long including a copy of the agreement I signed which wasnt an issue i know i signed it. However they state there is nothing they can do and have forwarded a copy of my letter to the broker. Ge money will not extend the loan term their reasoning is because it is a management decision not to do so. So there we go not much help. What next is there anything i can do ?? Cher69

[cher69cher69]

Just to add ge money stated this was their final decision and to take it to the ombudsman they dont even want to discuss it no suprise there though .

[theoldrouge]

please post up everything that they sent you,with all personal details removed

[cher69cher69]

Thank you oldrouge sorry for the delay i will post them up asap!.kind regards cher69

[cher69cher69]

hi sorry it took so long to post up i just hope i did it right this is the letter i received from ge money . thank you cher69

[citizenB]

cher, you need to convert your images into pdf format to enable us to read them

[cher69cher69]

Hi i hope you dont think i am ignoring you i just dont have a pc at the moment to enable me to cange the above docs but as soon as i have i will do it thankyou cher69

[theoldrouge]

look forward to seeing them cher,

 

in view of your previous victory at the fos,

 

this may well be seen as unfair, retaliatory and vindictive action on the part of ge money

as well as being in breach of mcobs and the fca guidelines, when looked at by the fos.

 

When we have seen the letter, we can help you to formulate a new complaint to the fos,

 

you are after all only asking for a 5 year extension

 

which is quite reasonable given your ages