GE Money - Unregulated Loan taken out July 2006

[caro]

The rate that you've been charged. Have you got a spreadsheet that'll calculate that?

[harris1997]

No i haven't and the rate has changed over the years how wld i work that out?

[ims21]

Hi

 

Popping in as requested by Caro.

 

The spreadsheet you will need is the second one down in the first post here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011(1-Viewing)-nbsp

 

CISheet c101.

 

For the interest you should work out the average of the rate you have been charged since the first charge that you wish to reclaim and use that average rate.

[caro]

Thanks ims. Hope that helps Harris.

 

I suggest you work it all out and see what it comes to.

 

You may struggle more with charges over 6 years so you could see what it comes to with or without older ones.

[harris1997]

Thank you both very much

[harris1997]

Hi

 

I wonder if anyone can give me any advice on an unregulated loan with GE Money.

 

 

The broker was Loans UK and until recently when I have checked my signed agreement I noticed it was unregulated.

 

 

Stupid I know that I never checked the paperwork.

 

 

To be honest I didn't even know there was such a thing as an unregulated loan

and it was certainly never explained to me or brought to my attention that I was signing an unregulated agreement.

 

I would like to know where I stand with it and who I can go to for help.

 

 

The FLA are useless and the FOS can only look into things from April 2014.

 

 

I have successfully defended two possessions with the help of this forum and have made regular payments since 2009

despite this GE money continue to add charges.

 

 

I asked for an interest statement and I am staggered to learn the total amount of interest is £25k on a £31k loan.

 

 

I just feel like there is nothing I can do and GE money can do what they want as the loan is not regulated.

 

Any advice would be greatly appreciated.

Many thanks

[Peterbard]

unfortunately second charge loans over 25k were unregulated if they were made before 2008.

 

Ther has been some cases in the European courts which have brought the question of unfair terms regarding charges and possibly interest into the spotlight of late, but this very much depends on the agreement in question. Also if the agreement was still running in 2008 the unfairness provisions of the CCA apply

[harris1997]

Thanks dodgeball.

So there is nothing i can do, i did a little bit of research on unfair agreements but it looks like very few win.

 

Could i apply for a time order or does this not apply to unregulated agreements.

 

I could kick myself for not noticing or being aware it was unregulated, it has been a real eye opener!

[dx100uk]

did you ever get that reclaim in?

 

 

dx

[harris1997]

did you ever get that reclaim in?

 

 

dx

Hi,

I did but they offered me a pittance and then wanted me to accept within 3 days

 

 

by the time i received their letter that must have been posted 2nd class!!

 

 

They wanted me to accept full and final settlement and it was only for a few of the 40 quid charges!

 

Because of one thing and another i never got chance to reply within their deadline.

They have just offered me 50 quid for when i went to court in dec 2013!

Because they never turned up, again as full and final settlement!

 

I need to sort something now asap as it ends in 18 months or at least ut should do!

 

I have lodged a complaint with FOS but i not holding me breath!!

[dx100uk]

you need to revisit the whole charges reclaim

and you need to include those sols fees where they failed to turn up

and the default fees.

 

 

I'd be inclined to get the FCA involved in this.

 

 

GE are wholly wrong when they say there is a 6yrs limit on PENALTY charges on a secured loan

its not its 12yrs.

 

 

dx

[Peterbard]

Hi

No time orders are only applicable to regulated loans unfortunately.

I don't know any history on this. Can you tell me where in the enforcment process they are, and what is the extent of the arrears on the account.

[harris1997]

Hi Dodgeball

 

Shame dont really know what or where I can go....really frustrating!

 

Apparently the arrears are now at £6k even though I have not received a statement for months..

 

 

They just keep rising despite me paying my CMI of £402 and £88 towards the arrears because of the loan re-op (whatever that is)

 

 

I have stuck to the court order of £500 per month since 2009....

 

 

Despite this they tried to repossess in Dec 13 but then never turned up at court..

 

 

.So as it stands at the moment I continue to pay,

they continue to increase the arrears and nothing on a new hearing yet.

 

 

But I am expecting this sooner rather than later as I have £17k left to pay and it ends in 18 months.

 

 

..So I assume they will trt and go for possession again.

 

The loan agreement I signed has diff terms and conditions on the back to the one I signed for the mortgage deeds

even though they were signed at the same time the small print on the back is diff,

 

 

i would like to know which terms and conditions apply...or do they both apply....confused.com

 

Dont really know where I can take this now and these cowboys appear to be able to do what they like..

 

 

.. i can only apply for the charges to be refunded and then they will only give me a pittance and want me to accept full and final settlement!

 

Any advice would be greatly appreciated....

 

Thanks

[Peterbard]

Hi Dodgeball

 

Shame dont really know what or where I can go....really frustrating!

 

Apparently the arrears are now at £6k even though I have not received a statement for months..

 

 

They just keep rising despite me paying my CMI of £402 and £88 towards the arrears because of the loan re-op (whatever that is)

 

 

I have stuck to the court order of £500 per month since 2009....

 

 

Despite this they tried to repossess in Dec 13 but then never turned up at court..

 

 

.So as it stands at the moment I continue to pay,

they continue to increase the arrears and nothing on a new hearing yet.

 

 

But I am expecting this sooner rather than later as I have £17k left to pay and it ends in 18 months.

 

 

..So I assume they will trt and go for possession again.

 

The loan agreement I signed has diff terms and conditions on the back to the one I signed for the mortgage deeds

even though they were signed at the same time the small print on the back is diff,

 

 

i would like to know which terms and conditions apply...or do they both apply....confused.com

 

Dont really know where I can take this now and these cowboys appear to be able to do what they like..

 

 

.. i can only apply for the charges to be refunded and then they will only give me a pittance and want me to accept full and final settlement!

 

Any advice would be greatly appreciated....

 

Thanks

 

HI

 

NO idea what re op is. there is a term called roll up this is when the payments made do not cover the interest so the balance of the debt instead of going down each month increases, this is then compounded by interest on the interest., it is a nightmare.

 

Have They given you a figure which you would need to pay to finish the loan within the original period.

[caro]

If you haven't done a sar yet, then do one, calculate the charges and if they don't refund them all, going back to the start of the loan, take them to court.

[harris1997]

Hi

 

Dodgeball - I am not sure what the settlement value is as I have not received a letter from them for ages with this info - if only i could source money to pay them off and get them out of my life!

 

Caro - I have a full statement of all the charges so i don't think i need to do a SAR - or do I? they told me i could only claim the charges going back 6 years.....

 

I have sent a complaint to FOS but they can only look at it from April 2014, when i complained to the FLA they were a waste of space.

 

I am so sick of dealing with them, they have been the bain of my life for 8 years now!

[harris1997]

Just another quick question Caro if i take them to court for the charges what would i need to do and do you know if there have been and success stories by doing this? thanks

[caro]

Well they would say you could only go back 6 years wouldn't they. I'm pretty sure you'd find a judge would say different.

 

If you have all the info then you don't need to sar them. If you haven't done so yet, then list all the charges in an excel spreadsheet, put in the rate of interest they're charging you on the spreadsheet to calculate interest on them. When it's all calculated send them a letter before action saying if they don't cough up that you'll take them to court. See what happens.

 

Only do this if you are prepared to take them to court.

 

Yes people have got charges back but they'll probably just be removed from your account which is fine. You have to be firm and take control. I suspect if you ask for final figures as DB asks you might need to sit down when you see a ridiculous figure, so start taking positive action to make it realistic.

[caro]

You need the second spreadsheet in this link. http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011(2-Viewing)-nbsp

[harris1997]

Thanks i do have this spreadsheet that i will need to update later. I assume i put the average rate of interest charged over the loan so far.

 

I definitely need to take positive action sooner rather than later and would be more than willing to go to court I am just nervous in case by going to court the judge sides with them, but I suppose that is a chance I will have to take sooner rather than later!

[harris1997]

Hi

 

I'm back again!

 

I have just done the spreadsheet and

 

 

i have only included the £40 charge per month initially as i wanted to see what that figure alone gave me and it is £4800.

 

 

I know i can put the direct debit recall charges and the debt counselling charges even though i always refused them.

 

 

They say my arrears are £6k so mostly made up by these hideous charges!!!

 

Does anyone know from experience what they base their additional interest amount they charge each month on and how it is calculated.

 

 

I am struggling to understand it because as the overall balance gets lower, each alternative month the interest amount is higher than the previous one.

 

Thanks

[caro]

Is there no clue on the statements or in any t&c's?

 

Are you saying the monthly interest amount is increasing?

[Peterbard]

Probably the payment is being knocked of the balance monthly then the interest based on the previous balance is added,

 

 

since the payment is not enough to cover the interest the balance will increase and thus the following months interest will increase.

 

Need to see the statements really.

[harris1997]

Hi both

 

I will have to look at the t&c,

 

 

I signed 2 docs - 1 was the loan agreement the other was the mortgage deeds..

..the terms and conditions on the back of both of them are different. I find it all so confusing:???:

 

The normal interest is reducing every month,

the additional interest they charge - 1 month it is higher,

the following month lower,

the next higher than the previous month and so on.

 

 

So i find it confusing.

 

 

I have the statment of account they sent me where it shows the amount they charge month on month.

When I am in work tomorrow I will scan one in, PDF it and upload so you can see what I mean.

 

 

If the additional interest is based on the arrears balance I would assume it would increase each month

seen as though that is what the arrears balance is doing, but one month is is higher than the previous.....confused.com:???:

[caro]

So are they still charging £40 a month for being in arrears since going to court?

Edited February 10, 2015 by caro