GE Money - Unregulated Loan taken out July 2006

[harris1997]

Thank you Caro and Ellen for your support.

 

Everything crossed I will update this evening.

[harris1997]

Went to court today and once again GE failed to show!

 

 

The judge was not happy as Ge sent a letter yesterday to the court yesterday advising they were not continuing and they are going to review the account?

 

Furious they didn't turn up!

[caro]

Looks like your letter about charges made them think twice! I don't suppose costs were mentioned?

[harris1997]

Yes the judge said no costs can be added from Ge

she also said she would leave a reserve clause that if i wanted to recoup my charges

but then said she doesn't know what they are like and wouldn't want to set them of!!!

 

We spoke to an advisor in the court

but they were unable to come in as they were supporting someone else.

 

 

He said the account figures do not add up regarding the amt i am paying and the arrears balance 4 years on!

He said to go through their complaints procedure and then the ombudsman.

He said they had done it all wrong and that it was something to do with a 6 year rule and not about payments.

He said they shld not have tried to enforce but reapply for a new suspended order!

 

Thanks so much for all your support!

[harris1997]

Evening

 

I am back again! I have received the final letter from GE money regarding my claim for all the charges back.

 

They have offered me £1880 which is just for 47 amounts of £40

also stating that the fees will be reversed in such a way that any accrued interest will also be reversed.

 

They are not upholding my complaint and will not pay any other fees back.

 

They have also said any fees applied to my account more than six years ago will be time barred under the limitation act 1980.

Can someone please let me know if this is correct.

 

They also said if I am unhappy with their findings i can refer my complaint to the FLA as my complaint falls outside the FOS,

again can someone let me know if this is correct this is for a secured loan on my house that i took out in August 1996.

 

They have said the costs they apply to accounts are fair and that they regularly review the amount they charge.

They have also said they will suspend my loan-repo till the arrears are paid

 

they have failed to answer my question as to why since 2009 when i am paying additional amounts each month

the arrears have only reduced slightly,

they have avoided to answer this specifically.

 

I would be really grateful if someone could answer my questions ASAP as I only received their letter today only giving me till the 11th Feb to agree.

 

But to be honest I do not want to accept their offer and want to take it all the way as the arrears they have charged me is over 10K incl additional interest.

 

Any advice much appreciated.

 

Thanks

[ukaviator]

The fees do not reflect actual costs incurred.

 

In other words they are penalty fees not actual losses.

 

Request strict proof that the above losses were actually incurred by you and request that these are evidenced in writing

explaining exactly how much time was spent before each fee was incurred

and what steps were taken by you to mitigate such losses.

 

The older fees would be claimable under section 32c of the Limitation Act.

 

Have a read of that .

 

I am at work at the moment I will try to get back to you tomorrow.

[harris1997]

Great, thanks i will have a read tomorrow.

 

If u can get back to me that wld be great. Do you think i should push them and take it further as i am seriously considering it as i have nothing to loose !

[dx100uk]

you also need to bear-in-mind limitations on a secured loan or a mortgage are 12yrs.

 

if you owe them money they would soon chase you using/ within 12yrs!!

 

I really wish you the best result here

 

GE money have gotten away with sidestepping the PENALTY issue for years

 

 

dx

[harris1997]

Thanks dx100uk for the information. I wonder why they are telling me 6 years instead of 12 years!

[dx100uk]

that's GE for you.....

 

dx

[harris1997]

Can anyone tell me why my agreement is regulated by the FLA and not FOS it relates to a loan taken out in 2006.

 

 

Also has anyone had any dealings with the FLA.

 

 

If they are unable to resolve this for me,

 

 

what would be the next course of action I should follow.

 

 

Any advice would be greatly appreciated.

[Pleasehelpme26]

Hiya,

Hmmmm much the same offer as mine.

 

 

They have said they only go back 6 years and said the FOS can't deal with my claim.

They have advised me to go to the CAB.

 

I've written back again this week, requesting all charges back (exl solicitors fees) for the full 10 years

 

 

I've had a mortgage and asked for a breakdown of their actual costs..

..oh and I only have until the 14th Feb to accept!!!!!!!

The lovely GE

[Pleasehelpme26]

Can anyone tell me why my agreement is regulated by the FLA and not FOS it relates to a loan taken out in 2006. Also has anyone had any dealings with the FLA. If they are unable to resolve this for me, what would be the next course of action I should follow. Any advice would be greatly appreciated.

Was it ' a gesture of goodwill and a final offer' with a time limit to accept? X

[harris1997]

That was the same as mine but only till 11 Feb.

 

 

They also advised that they will not respond to me again as they have closed their complaint,

any further letters I sent will be just held on their files!

 

 

they offered 47 times the £40 and said the interest will also be added back

but did not provide the total figure of both of them

and as a goodwill gesture they will suspend the loan re-op till the arrears are paid.

[Pleasehelpme26]

I asked about the interest and the man I spoke to admitted he didn't know. According to him, the interest to be deducted is calculated at the push of a button!!!

[harris1997]

Not very reassuring surely as employees they shld know how it is calculated!

[Pleasehelpme26]

No, not at all!

[caro]

The FSA fined GE IN 2008 for their failings.

 

FLA seems to be a trade association and NOT a regulator.

 

http://www.fla.org.uk/about

Edited February 7, 2014 by caro

[harris1997]

Hi Caro

 

Thanks for that info does that mean they will not really be able to help me? and am I not able to go to the FSA? What do you suggest is my best course of action to take?

 

Many thanjs

[caro]

The FSA has been replaced by the fca, but for now don't worry about that

 

 

. Until you receive the info from your sar there's not really anything you can do.

 

 

They have 40 days from receipt of payment.

[harris1997]

Hi Caro

 

Thanks for the reply.

 

I haven't done a SAR as I had all the statements with my charges on.

 

 

I went through their complaints procedure which they have not upheld and told me they will not respond to any further letters from me

and if i was not satisfied to go to the FLA.

 

 

They offered 47 x £40 charges and would not refund debt fees etc and also advised they would not pay any charges back older than 6 years old.

 

 

I know want to know what my options are,

 

 

should i do a SAR and if so what do i need to do once I have received that information.

 

 

I also asked why my arrears have not decreased much over the past four years

especially when I have been making additional payments towards them.

 

Thanks

[caro]

Sorry Harris. I confused your thread with another.

 

Ok. So you have your statements. Have you put all the charges in a spreadsheet?

 

It's bowlarks that they can't refund over 6 years.

 

What are debt fees meant to be?

 

You need to work out how much you should reclaim and respond to them accordingly.

[harris1997]

No worries

 

the fees they mean are a £40 admin charge, debt counselling charge for when someone visits

even though i refused them as I had a court order in place that i was adhering to,

a few direct debit recall charges.

 

 

I didn't include sols fees, valuation fee and default charge.

 

 

I have them all in a spread sheet and they total £3530 they offered £1880 which is £1650 short

but i suppose that is what they are using the six year rule for.

 

I dont think they will reply to me again as i have no new information to give them i suppose this is why they have pointed me in the direction of the FLA

[caro]

Have you included interest on your spreadsheet?

[harris1997]

No just the actual charges, what interest rate should I use?