GE Money charges claim

[dmcmylor]

Morning all,

 

i'm going after GE Money for excessive fees over the past 10 years of my 2nd mortgage.

 

 

So far, i've sent the SAR letter (from on here, thank you)

and actually got the information requested back in under a week

and before the letter saying they were happy to provide the info,

so that was a good start.

 

 

Going to start ploughing through the pages and pages of info but need to know,

 

1. if there is an up to date spreadsheet available to collate the fees

 

2. can I include default fees, admin fees, additional interest, direct debit return fees

 

3. should I add interest on to this initial claim, if so, at what rate?

 

Thanks for the help,

Dave.

[joe 13]

hello dave and welcome to cag,

 

i see we are in much same position,seems like court action is the only option with ge .

 

in my claim i included all the charges you have mentioned and debt counselling if they have added any of them.

 

im sure some of the more experienced ones will come along soon with some advice .

 

just out of interest have you paid the charges or have they added them to your account.

 

this is the link for spread sheets i have taken from my posts .

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

good luck with your claim ,

 

 

i will update when i get any joy with my court claim joe

[dmcmylor]

Hi Joe and thanks for the welcome.

 

The charges I am after have been added on to the account and there is also counselling fees too so i'll add them.

 

The SAR returned info for 2 loans,

the 1st was paid off by the second,

but the 1st also has ppi on it (no loan agreement with that lot though, so I need a copy of that)

 

 

so I reckon i'm heading down the 2 claims route.

 

 

one for charges and

 

 

1 for ppi.

 

 

Or can I add them and make reference to both accounts in 1 claim?

 

Cheers,

Dave.

[dx100uk]

nope 2 claims

 

 

don't forget as you had PPI rollover

you need to calc things carefully

 

 

see link 1 below.

 

 

GE will wriggle and wriggle.

 

 

sadly I don't know of one successful claim thru them directly certainly for PENALTY charges

 

 

dx

[dmcmylor]

Thanks dx. 2 claims it shall be then.

 

The ppi on the 1st loan was paid off by the second and no record/mention of ppi on the load agreement for the 2nd. I'll have a read at no.1 as you suggest.

 

Dave.

[dx100uk]

then its a carry over.

 

 

post 5 in link 1

 

 

but simply don't count the loan 2 ppi calc

just the carry over sum

 

 

a % of the refinance was PPI from loan 1

 

 

just follow that bit

 

 

dx

[dmcmylor]

Right folks, now the silly season is out of the way, I'm revisiting this.

 

Done the reading as suggested and it's starting to make sense with the rollover ppi amounts and I have c.£2,200 in charges to go at too. Going to start getting some of the maths done and get my 2 claims underway. Will keep you posted.

 

Cheers,

Dave.

[dx100uk]

PPI is the statint sheet

 

 

PENALTY/arrears fixed sum charges are the CISHEET

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

[dmcmylor]

Thaks dx, much appreciated

[dmcmylor]

Right folks, bit of a delay with this but underway again.

 

FOS questionnaire done today along with the statint sheet. Please can some one let me know if im heading the right way with the numbers though?

 

Original loan £16000

PPI Added £2011.41

Monthly payments varied due to circumstances and the %age below was used to calculate the ppi portions of each on the spreadsheet

%age to be used in calcs 11.167%

 

Spreadsheet says

 

Monthly payment of ppi - £2535.91

8% simple interest - £2244.01

Total - £4779.92

 

Now, is this the total that I claim, or do i add this figure to the original ppi amount of 2011.41 giving a total claim of £6791.33

 

Also, do i need to calculate the %age of interest that was applied to each payment and add that on too or does the fact that the spreadsheet monthly payment says £2535.91, but the original ppi loan was £2011.41, so does the difference of £524.50 account for this interest that GE applied as part of the loan agreement?

 

Hope this makes sense.

 

Cheers,

Dave.

[dx100uk]

attach your spreadsheet

[dmcmylor]

Here you go, should be there as an attachment...........hopefully

[dx100uk]

post 6

its a carryover

refinance

so where are the payments under load 2

 

 

dx

[dmcmylor]

Ah, that was my mistake. Loan 1 was paid off in 2004, Loan 2 didn't start till 2005. I thought that i had 1 pay off the second but according to the docs provided on the SAR this is incorrect. So, simplified now as only one loan to deal with

 

Also, when I send the stuff off, do I give 14 days then send a 'letter before action' or wait a full 8 weeks before any follow up?

 

Cheers,

Dave.

Edited May 6, 2015 by dmcmylor

[dx100uk]

then that spreadsheet is surely wrong?

 

 

how was the loan settled?

 

 

dx

[dmcmylor]

According to the sar, redemption cheque of £18947.18 on 16/06/04 hence the final ppi of £2115.83 or 11.167% of the redemption value.

[dx100uk]

ok good all seems sorted'''

 

 

they have 8 weeks

 

 

dx

[dx100uk]

a simple covering letter is in order

[dmcmylor]

Phew! Thanks dx, you're a star!!

 

Finally back to my earlier post, can you clarify the following for me

 

_________________________________________________________________________

 

Spreadsheet says

 

Monthly payment of ppi - £2535.91

8% simple interest - £2244.01

Total - £4779.92

 

Now, is this the total that I claim, or do i add this figure to the original ppi amount of 2011.41 giving a total claim of £6791.33

 

Also, do i need to calculate the %age of interest that was applied to each payment and add that on too or does the fact that the spreadsheet monthly payment says £2535.91, but the original ppi loan was £2011.41, so does the difference of £524.50 account for this interest that GE applied as part of the loan agreement?

------------------------------------------------------------------------------------------------------------

 

Cheers,

Dave.

[dx100uk]

how can you re-add the initial ppi again

and the interest they charged again...

 

 

think about it.....

 

 

you have, from the agreement, calculated the % of the loan that was the PPI.

 

 

then you've used that to workout what figure that actually was of each payment you made...

 

 

and those payment already included the PPI and the interest they charged.......

 

 

dx

[dmcmylor]

Seems simple when you put it that way lol....seen that many numbers and posts today that it's become a bit of a blur!!

 

Thanks again, it'll be away in the post in the morning.

 

Cheers for the expertise,

Dave.

[dmcmylor]

Right folks,

 

PPI Claim gone in the post and received at the other end so just a waiting game now.

 

Next.............charges on another GE account.

 

Done the CISheet v101 with all default fees, admin fees and dd reclaim fees

and applied the 14 or so % APR from the original credit agreement document.

 

 

Firstly, is this the correct interest rate to apply?

 

 

Do I then also add statutory 8% interest as restitution?

 

Cheers.

[dx100uk]

you cant label stat int as restitution.

its stat [simple] int 8%

 

 

what you have done is correct

[dmcmylor]

Simple interest it is.

 

I've revisited my interest rate though as having read the credit agreement it actually states that the rate tracks bank of england base rate plus 7%. So see if this sounds right as i'm a little stunned TBH!

 

Listed all 69 charge dates and then put the appropriate BOE rate in the next column. Next to that, ran a quick formula to add 7 to each figure giving me the monthly interest rate applied on each charge date. Auto summed at the bottom of that column gave a figure of 708.25. Divided that by 69 charge dates, gave me a monthly avg of 10.26449%. Used the stoozing apr converter found on another thread which gave an apr of 223.02% compounded.

 

So I presume i put a whopping 223.02% in to the apr box on the spreadsheet?? Then add 8% simple to the total claim from the spreadsheet?

[dmcmylor]

Right i'm convinced i'm wrong, when put it in the spreadsheet, apparently they owe me tens of millions............. so much so that the spreadsheet won't show the numbers lol oops.

 

So, do i ignore the +7%pa bit and just average the BOE interest rate applied at the time of each charge? Then convert that figure to Apr giving 13.07% apr compounded.

 

Or does the 7%pa equate to 7/12 months giving a monthly 0.583% on top of the BOE base rate?

 

Confused again now.......