purple loansiGroup/GE Money Home Lending - charges court claim

[jmd1307]

Hi dx

 

I've removed the Additional Interest and the SI Additional Interest amounts.

 

Am I ready to send with the covering letter?

 

Just for clarification - in the covering letter - do I state the 'charges' amount or the 'compound interest' amount?

 

Much appreciated!!

 

Thanks

[dx100uk]

bit like the credit card charges letter but no the OFT ofcourse now its the FCA.

 

 

just one point

is the mortgage still running?

 

 

if not the compound int ends the date they stopped their int.

 

 

dx

[jmd1307]

Will adjust letter to reflect FCA instead of OFT.

 

Yes, the loan is unfortunately still active - although the term expired in 2009. Still paying, still incurring additional interest on a monthly basis.

 

 

The SI interest is apparently for the original loan but chargeable since loan expired ... been researching!

 

Would you suggest I wait til I receive the SAR before submitting the claim?

 

 

I see it as nothing ventured, nothing gained - just £1000's in extortionate payments lost!

[dx100uk]

might expose things in the comms log?

 

 

that could nail them

[jmd1307]

Letters ready ..... Sending recorded delivery tomorrow .... 8 weeks is their complaints handling time, unless final outcome is issued - whichever comes first .....

 

Excited to finally (hopefully) make these people pay for their extortion!!

 

Will keep you posted - thanks for your help dx

[jmd1307]

Sent SAR request and separate claim letter for charges plus compound interest (collated from statements etc - without SAR).

Gave them 14 days to respond and will send Letter Before Action giving them a further 14 days to refund before I take it to court.

 

Received SAR Saturday - runs in line with what I'd collated - T&C still illegible so requested they send a true copy, in line with SAR request.

 

Bearing in mind, with interest on charges etc and still live although term of loan expired in 2009, with a balance of £4,880 still owing on a £6k loan

.... Received a letter today, stating that they have:

 

closed the loan account and will not be pursuing any outstanding balance ....

 

instructed their solicitors to remove legal charge on property ....

 

updating my credit file to 'partially settled.

 

To me.

If they beleived that their extortionate charges were 'reasonable and fair'

then they wouldn't have written off the balance!

 

 

Hopefully, this action will be in my favour

 

 

should it need to be taken to court!!

[dx100uk]

who wont be pursuing ?

if they are marking it partial

that means it will be sold on.

 

 

good result mind bar that

[jmd1307]

Hi dx,

 

Thanks for response.

 

GE Money won't be pursuing ....

 

Sold onto who?

 

The charge on property wouldn't stand though, would it?

 

Still waiting for their response on £17k claim back of fees and interest

 

Also, should I acknowledge their letter closing the account and ask why it's only partially settled?

[dx100uk]

I would think the £17k wipes the debt out

that's why they've closed it?

[jmd1307]

Hi,

 

Following our letter to GE Money to claim back charges (11/4) - we gave them 14 days to respond with an agreeable response or we'd send a LBA at the start of May and then commence court action.

 

We have received a letter from them today (24/4) stating that they will investigate the complaint and inform us of the findings before 10th June.

 

Do I hold fire and allow them this time (which is 8 weeks in the complaints handling procedure) or still submit our LBA at the start of May, when the initial 14 days expires?

 

Obviously, we want to do things properly so its in our favour if we have to go to court.

 

Any suggestions?

 

Thanks

 

jaxads,

 

Thanks for your PM, I tried to msg back, but it doesn't allow me to as I haven't got enough 'inbox messages'.

 

Our loan expired in 2009, we just continued to pay installement - no corres from GE. In 2011, we were asked to increase our payment which would make the balance clear in 4 years - lie!

 

They 'closed' our account and said they wouldn't 'persue any outstanding balance' and would 'remove the charge from our property' - following our letter about claiming back charges.

 

We have written to them, to acknowledge this letter and to ask them to confirm why they chose this action, which was actioned after we issued a complaint and claim about their charges levied on our account!

 

Were you successful in claiming back the additiona interest, as well as the charges? Roll on the 4 months when you can be GE free!! Good luck!

[jaxads]

jaxads,

 

Thanks for your PM, I tried to msg back, but it doesn't allow me to as I haven't got enough 'inbox messages'.

 

Our loan expired in 2009, we just continued to pay installement - no corres from GE. In 2011, we were asked to increase our payment which would make the balance clear in 4 years - lie!

 

They 'closed' our account and said they wouldn't 'persue any outstanding balance' and would 'remove the charge from our property' - following our letter about claiming back charges.

 

We have written to them, to acknowledge this letter and to ask them to confirm why they chose this action, which was actioned after we issued a complaint and claim about their charges levied on our account!

 

Were you successful in claiming back the additiona interest, as well as the charges? Roll on the 4 months when you can be GE free!! Good luck!

 

Thank you for the info.

 

I did get charges (plus interest) refunded, just before the court hearing was scheduled to take place. It took some time, but I got there in the end!!!

[jmd1307]

jaxads

 

Wow! That's great to hear!! Will keep thread updated.

 

Did they do the 12 years, or 6?

 

Thanks

[jmd1307]

Hi,

 

Looking for advice on recent question.

 

14 day satisfactory response is up early May, plan was to send lba then start court action.

 

GE Money responded to my letter, saying I'll have a response by 10th June, in line with their 8 week complaints procedure.

 

What should I do? Hold fire or send lba, with reference to their letter?

 

Thanks

[jmd1307]

Sending letter before action tomorrow - let's see what happens next.

[dmcmylor]

Following this with much interest............. any updates??

[jmd1307]

No updates as yet - LBA sent - 28 days up 10th June - which also corresponds with their statutory 8 week complaint handling timescale. Had a couple of letters, starting that they're still looking into it and apologising that as yet unresolved but will provide response on or before 10th June.

 

I think that's their tactic - respond at the final point so you're unable to contact them further .... suits me, as they've still refused to send me some details requested in my SAR.

 

Have no reservations taking them to court.

 

Oh, also had copy deeds returned, charge taken off my property and credit file updated at 'closed' account all of that is a plus

[jmd1307]

So, got the response from GE - they're not upholding my complaint - no surprises there. Went on to say their charges are legal and fair blah blah blah. Also said that their interest charged on admin charges and arrears charges was at 'standard interest rate' and not compound - well, I didn't say it was - said I was charging them compound interest for the period of the charges as they continued to accrue interest!

 

So, next step is getting my head around court papers - if there are any samples I could amend to suit my claim, it would be appreciated!!

 

Apparently, they were also looking to 'close my account' before I sent any letters - likely story but they're known for trying to worm out of paying anything back!!

 

Look forward to getting some advise re court papers!

 

Thanks

[jaxads]

Hi JMD

 

 

I was successful last year in reclaiming charges from GE Money.

 

 

They will squirm, big style and tell you your claim will be thrown out / that there is no basis for it,

they'll defend it and send out pages of their defence (all scare tactics) - but with me they did cave in.....

... although only a few days before the hearing was due to take place.

 

 

I wouldn't care,

I was all geared up to go and face them too!!!

 

 

I'll check back in my papers and let you have an idea of what I put in my "particulars of claim".

 

 

I think it was only admin charges I claimed back, but still a tidy sum to "write off" my balance!!!

[jmd1307]

Hi jaxads

Thanks for response! That'd be great if you could copy in some particulars - I submitted the compound interest on all admin charges and they rejected, as I expected. They've closed my account already so no monies owing to them.

Look forward to some assistance as need to submit a claim.

Thanks

 

jaxads - I found the thread for your N1 and adjusted it.

 

Particulars of Claim

 

The claimant had an agreement with the defendant, dated XXXXX, concerning a second secured loan of XXXXX, Account Number: xxxx. The credit agreement is regulated by the consumer credit Act 1974. Original payments XXXXX (16.5%) with variable rate at 12.5% above Barclays Bank plc base rate.The said loan is subject to the Unfair Terms in consumer Contracts Regulations 1999 (UTCCR). The defendant is statutorily bound by Financial Services Authority Regulations - mortgage : Conduct of Business Rules (MCOB) contained in the FSA Handbook, implemented under the Financial Services and Markets Act 2000. Base rate varied (+/-) from the inception of the loan until March 2009 when base rate reached the low of 0.5%, where it has remained to date.

 

Basic loan repayments have been XXXXX since 10/2002, with the loan 'expiring' in 10/2002. Increased payments of £xxx were made until 03/2015, when the defendant 'closed' the account. The account fell into arrears 01/2003, at which point the defendant levied monthly Administration Charges to the account, at a rate of £30 per month, increasing to £40 per month 12/2004. The defendant failed to provide a breakdown of the £30 and £40 fees. The defendant also levied further Additional Interest upon the said charges. The fees (and interest thereon) on the account total XXXXX.

 

The mortgage administration charges were levied at a rate which exceeded their administration costs.

The level fo charges are unfair because they breach the requirement of fairness contained in UTCCR. The claimant approached the defendant with a view to the charges (and added interest) being refunded. The defendant declined the request, stating that their fees represented the true administrative costs incurred for the undertaken activities and that there would be no further communication on from them on the matter. OTHER UNFAIR CHARGES The defendant had also levied Debt Counselling charges to the account. no meetings ever took place.

 

The claim is therefore for the following charges to be refunded:

Arrears Charges XXXXX Additional Interest Accrued XXXXX Debt Counsellors Fees XXXXX

Interest Accrued XXXXX Court Fees.

 

 

Any kind of assistance/comments at this stage - by anyone (dx100uk, andyorch) would be very much appreciated - I need to submit my N1 ASAP so that I stick to my lba.

 

Thanks

 

Also, GE Money state that the arrears are charged on a compound interest basis, but that the actual 'fees'' applied are subject to 'simple interest' - how do I calculate this? I presumably can't justify compounded interest on N1 if not 'levied' that way by GE - so do I submit fees with simple interest or opt for the 8% statutory interest? I can use the CIS sheet to calc this.

 

Help appreciated!

[dx100uk]

statint sheet

[jmd1307]

Thanks dx - found it!

 

Does the particulars of claim look ok?

[dx100uk]

not my bag sadly

 

 

dx

[jmd1307]

Ok - thanks ....

 

Hopefully someone will advise ... took particulars from jaxads who had success with them - settled out of court, so shouldn't be far off hopefully.

 

Will keep thread updated. Will try to submit by Friday.

[dmcmylor]

I reckon i'll be heading down the same route shortly so this thread is a huge help. Good luck with your claim jmd..........

[jaxads]

Hi JMD Sorry I didn't get back to you sooner with the POC - I've been inundated with other things - but pleased that you found it anyway.

 

I also added to the POC that "The £40 fee is punitive and a penalty and thus unenforceable at common law"

 

.The first response was a letter stating that my claim was poorly particularised and that it was liable to be struck out!! Struck out was mentioned quite a few times - I think as a scare tactic!!

 

At that point I thought I was in too deep!!!!

They did make an offer shortlly after the claim form was submitted, which I declined (although I was tempted as believed that my claim may have been "poorly particularised and liable to be struck out"!!!

 

!However, despite receiving a court date followed by a full defence, they did settle just a matter of days before the court hearing was due to take place. all in all it probably took 10 months

 

.It worked for me, but only start if you are prepared to go to court -- I was worried when the full defence came through a few weeks before the court hearing ---- but so delighted when they caved in just before!!!!

 

It is a risk - which thankfully paid off for me. Good luck and best wishes.