GE selling mortgages to another company

[PesteredbyGEmoney]

The information is from my own experience.

For many months there were charges added to my account whilst the DWP were contributing to my payments. During this time GE money were levying charges to the account. I had been paying these charges for the time they were applied. After reading about charges and making a phone call to the accounts department, it was told to me the charges would cease whilst the DWP were making payments and as long as this was being paid by them & as per guidlines from FSA. Despite many many months of fees added up to this point. No further charges would be applied. No mention of a refund however till January 2014, incidently about the time they were taking me to court for £835.00 of allegged arrears & some months after these were applied. They offered me £480.00 and then £600.00 as a gesture of good will. Again, no mention of the interest they accrued on this, just the amounts of £40.00 admin fee's.

I must add, the amounts offered were not accurate either as there was an issue about time limitation of 6 years yet on one letter dates stated came up short by two dates. Their letter dated 17/01/14 that refers to a refund of £650.18 show the date of 03/02/08 inclusive and compare to Alis** Ca**idy first offer of £480.00 & how they come up short by 2 dates 03/12/07 03/01/08 & how the figures differ by £170.00 Note there was no interest mentioned in any of the refunds.

If calculated as compound interest over 7 years at 8% the figure repayable would be £1251.40 which far exceeded the alleged amount owed to them as of 20/08/2013.

At the time I declined their offers simply because I was told that if I accept I must not talk about the offer to anyone. Also, if I accepted. I would be saying that they are not obliged to pay out but did so and that would be the end of any further claim of any sort. Effectively a gagging clause!

Edited June 30, 2014 by PesteredbyGEmoney

[jacqui_o]

We are currently paying £83 towards these fees and charges........no choice if we don't they deduct it from the cmi and that's how the arrears accrued ........

 

Thus far over the past 4 years we ahve paid £3,500 towards them. they cliam this will make sure they finish with the mortgage...... (another story misold)

 

We are being charged £135 interest plus £35 additional interest per month..... odd thing in 11 years the amount we owe has not reduced!!!

 

They have offered to take £1905 off the fees and charges balance but not pay it to us!!! obviously going to refuse......as its nto accurate...

 

I wrote to them in may pointing out that between the dwp and out payment made between the 03/05/2014 and the 30/05/2014 the cmi due ont he 02/06/2014 is fully paid so the payment made by the dwp on the 2nd will be carried forward....... they hae refused and stated it has been deducted from the arrears.........there is a court agreement for those and it is being met......

 

Not knowing enough about it but feel they cannot do this with dwp payments.........

 

I ahve given them my charges figure and told them payment within 14 days or court action..... guess we knwo what it will be lol.......:mad2::mad2:

[jacqui_o]

GE have sold our mortgage to Engage credit, has anyone else had this?

[harris1997]

I have a secured loan with GE and they haven't done this to me. However, I am sure I have read elsewhere on this site the same thing has happened to other people.

[dx100uk]

http://www.google.co.uk/cse?cx=partner-pub-8889411648654839:6449422593&ie=UTF-8&q=Engage+credit&sa=Search+CAG#gsc.tab=0&gsc.q=Engage%20credit&gsc.page=1

[jacqui_o]

Thanks DX for that link.

 

Nothing recent on it. Just wondered if other GE customers were getting their mortgage transferred.