GE Money Secured Loans Ltd going for repo - PENALTY charges & PPI?

[Baviaanuk]

We took out a 2nd Mortgage in 2003, as we had a few credit problems

we had to go through an adverse credit lender in order to be accepted.

 

When we applied we were told that as we have had problems in the past,

the lender would 'insist'on us taking PPI and would reject us if we said no....

 

We needed the money badly as our 1st mortgage was heavily in arrears at that time

and we had no other option so went ahead with the application with PPI.

 

I understand this means we should be entitled to a refund on this basis?

 

Here is where it gets confusing and I hope someone can point us in the right direction.

 

We applied through Dial4aloan Ltd,

I have searched the web and they do not appear to be in business anymore.

The loan was taken through a lender called Igroup Servicing Ltd who were taken over by GE.

 

Could someone please tell me who I should be addressing my correspondence to?

 

Many thanks

[dx100uk]

GE money but they'll wiggle

 

type in GE Money PPI in our search

 

have a read.

igroup have coughed several times

 

dx

[Baviaanuk]

Many thanks for the prompt response, I have all the original paperwork to hand and as the payment was singular,it should make things a little easier.

[dx100uk]

they are all front loaded

 

you still have to do the calculations though

 

see 1 below

 

dx

[Baviaanuk]

Have another question I hope someone can help with. My loan is due to expire within the next 4 months and I have received correspondence from GE stating that if I continue making my normal payments, the loan will not be fully repaid on the end date. We had a few problems in the early years and although we managed to deal with the arrears, the interest has obviously built up to the tune of nearly £5000.

 

Now the problem is, this does give us some time to get some savings together although we certainly will not be able to save 5k over this period BUT the savings we will be able to make combined with the PPI refund will cover this amount.

 

Would this be taken into consideration should they get nasty at the end of the term? Any assistance appreciated.

[dx100uk]

if they've levied PENALTY charges then get them back too!!

 

 

dx

[Baviaanuk]

Hi guys, could really do with some help as I have received a response now from GE. They have responded to my claim for a PPI refund. The main parts of their letter state the following:-

 

'From my initial investigation I note that whilst GE Money provided the finance to you for the PPI, GE Money did not sell it to you, this was taken out through Dial4aloan Ltd.

 

As your complaint is specifically about about the advice you were given, and because GE Money neither sold this PPI to you, nor were they present at the point of sale, I do not feel we can investigate your complaint fully or fairly.

 

We would normally recommend that your contact Dial4aloan Ltd who sold the PPI and ask them to investigate the complaint as they would be in a better position to do so however, they are no longer trading and in this instance you would need to identify and to contact the company administrators to make any claim.'

 

My first question really is....... is this correct? Are GE Money able to totally wash their hands of this matter like they say? My loan is due to expire in a few months although on the final day, there will be a few thousand pounds outstanding as a result of charges I have faced on the account since its inception, these relate to missed payments throughout the loan and the charges as a result. For the last 2 years things have been fine and we have not had any difficulties repaying the loan.

 

I am in pieces right now and I really do not know what to do, the stress of this matter is truly damaging me, I am trying to be strong for my wife and shielding her from all the worry at the expense of my health.

 

If anyone could help me with a way forward I would be extremely grateful.

[dx100uk]

that's a typical response from GE

 

they NEVER accept responsibility for PPI

 

sadly they are WRONG

 

section 56 of the CCA regs applies:

 

Consumer Credit Act Section 56. refers...

— (1) In this Act “antecedent negotiations ” means any negotiations with the debtor or hirer—

(a) conducted by the creditor or owner in relation to the making of any regulated agreement, or

(b) conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

© conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement and “negotiator ” means the person by whom negotiations are so conducted with the debtor or hirer.

 

 

what have they said on the charges reclaim..

 

they certainly cannot duck that one!!

 

dx

[dx100uk]

you might also find it useful to type in

 

ge money

 

in our search in the grey toolbar top right

 

there are lots of threads on GE money reclaiming to read

 

dx

[Baviaanuk]

Many thanks Dx100UK for your help, much appreciated. With regards to reclaiming penalty charges, am I right in thinking I can only reclaim back 5 years worth?

[dx100uk]

6yrs worth

though i'd try them all at first

 

dx

[Baviaanuk]

Could you point me in the right direction of any documents necessary to start this claim, had a search although I want to be 100% sure I am using the correct one, many thanks.

[dx100uk]

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

 

either the cisheet or the foscisheet

 

depending upon you eventual route if the claim fails

 

cisheet if you will go thru court

or

the fos one via them.

 

and a covering letter.

 

Account number

 

 

Dear Sir/Madam

 

 

 

I recently became aware of media reports on the investigation into credit card charges by the Office of Fair Trading.

 

 

I now understand that the regime of fees which you had applied to my account in relation to late and over limit charges

are unlawful at Common Law & under both Statute and Consumer regulation as they do not represent a genuine pre-estimate of your actual costs, but more a fixed PENALTY.

 

 

 

I would draw your attention to the terms of the contract which you agreed to at the time that this account was opened.

 

 

It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law

and in consideration of fair business practices and good faith.

 

 

 

It is my contention that you have failed to operate my account in a manner conducive to the above and have demonstrated a lack of fiduciary duty.

 

 

 

I calculate that you have taken £240.00 plus £878.70 which you have charged me in interest which totals £1,118.70.

 

 

 

Therefore this letter demands a refund of all PENALTY charges indicated including interest to the date you settled,

 

 

 

As the account concerned is closed, I request that payment is made directly to me, either by cheque or by BACS transfer.

 

 

 

I trust this clarifies my position.

 

 

 

 

 

Yours Faithfully

 

 

 

Enc; Schedule of charges

[Baviaanuk]

6yrs worth

though i'd try them all at first

 

dx

 

Here is the part which really grates me..... In the last 6 years I have picked up charges which amount to £40 The previous 4 years though saw me pick up charges that are now worth over £6k..... can you imagine almost 25% of the loan value in 4 years.. Makes me so angry to think that, yes, these charges have been proven to be unfair yet I will be unable to claim for these charges.

 

What if GE try and take me to court at the end of the term? Would they have a good case as they would be claiming money deemed to be unfair?

[dx100uk]

no they wouldn't!!

 

regardless to it being outside of 6yrs

once it goes to court

the gloves are off.

 

would the total of the charges spread and the PPI spread wipe todays debt?

 

dx

 

 

that's why I said include them.

 

point out to GE that the balance

[Baviaanuk]

no they wouldn't!!

 

regardless to it being outside of 6yrs

once it goes to court

the gloves are off.

 

would the total of the charges spread and the PPI spread wipe todays debt?

 

dx

 

 

that's why I said include them.

 

point out to GE that the balance

 

Thanks once again Dx100, I have already prepared the cisheet, I cannot seem to locate the correct spreadsheet for working out the charges I have incurred (failed payments etc) If you could point me in the right direction I would be most grateful.

[dx100uk]

link top of post 13

 

dx

[Baviaanuk]

Just to clarify, I am compiling the charges list on the spreadsheet Cisheet v101. I am guessing that under the interest rate (within the personal details section) I simply enter 8%?

 

Thanks

 

** edit **

 

I am really struggling to work out how I will be left with over £6k remaining on my loan at the end of its term.

 

My charges (non PPI) equal almost £600 and this is including the 8% interest I am allowed to add

Edited April 16, 2013 by Baviaanuk

[dx100uk]

you use the loan rate [APR]

not 8%

dx

[Baviaanuk]

I am such a clown, I honestly feel incredibly stupid with every post I make on this board and I apologise if I am annoying you DX. Just realised when looking back over my statements, I have missed entering the monthly admin charges at £40 a time in most cases!! So will need to go through once again now as this looks substantial!!

 

Now, my next question, my credit agreement shows the following

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

Date Of Issue **/**/****

Barclays Bank PLC Base Rate on Above Date

Xpress 3 plan - 3.75%

Base Rate + Margin 13.25%

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

 

Then under the financial and related particulars it says

 

Interest Rate 13.25% per annum fixed for an initial period of one month from the date of this agreement and thereafter at a rate of 9.5% per annum over the Barclays Bank PLC lending rate from time to time (Base Rate)

 

So as the APR varies in accordance with Barclays rates, surely that APR figure will change from time to time or do I just leave it at 9.5%??

 

I really appreciate all your help so far DX, sorry for the stupid questions

 

Just actually noticed on my Credit Agreement

 

It states

CREDIT AGREEMENT Capital Repayment

(Not regulated under CCA)

 

Does this change matters?

Edited April 16, 2013 by Baviaanuk

[Baviaanuk]

Just worked out the correct charges, my claim now outweighs GE's by a few thousand pounds (using the 9.5% APR)

 

Has to help my cause, surely??

[dx100uk]

you are not a clown and no-one on cag annoys me

 

not what i'm here for ...

 

9.5 is not right I think

 

its 13.25+9.25

 

over the base rate is the key.

 

so even more to you pocket

 

dx

[Baviaanuk]

Not sure if you saw my edit on a previous post.

 

My credit agreement states

 

CREDIT AGREEMENT Capital Repayment

(Not regulated under CCA)

 

Not sure how this changes matters

 

I have made a few calculations, I am paying the Barclays Rate + 9.5%, this seems to have varied widely throughout the loan (see below)

 

Barclays Bank Bank of England

Date Base rate Base Rate Date

06/02/09 - 05/03/09 1.00 1.00 06/02/09 - 05/03/09

09/01/09 - 05/02/09 1.50 1.50 09/01/09 - 05/02/09

05/12/08 - 08/01/09 2.00 2.00 05/12/08 - 08/01/09

07/11/08 - 04/12/08 3.00 3.00 06/11/08 - 04/12/08

09/10/08 - 06/11/08 4.50 4.50 08/10/08 - 05/11/08

10/04/08 - 08/10/08 5.00 5.00 10/04/08 - 07/10/08

07/02/08 - 09/04/08 5.25 5.25 07/02/08 - 09/04/08

06/12/07 - 06/02/08 5.50 5.50 06/12/07 - 06/02/08

05/07/07 - 05/12/07 5.75 5.75 05/07/07 - 05/12/07

10/05/07 - 04/07/07 5.50 5.50 10/05/07 - 04/07/07

11/01/07 - 09/05/07 5.25 5.25 11/01/07 - 09/05/07

 

Not 100% sure what rate I am supposed to be claiming for my charges, ranges fairly widely over the year.

Edited April 16, 2013 by Baviaanuk

[Baviaanuk]

Hi, really need to get some documents out. The 2 questions I have before I can continue are:-

 

My credit agreement states

 

CREDIT AGREEMENT Capital Repayment

(Not regulated under CCA)

 

Not sure how this affects my claim although it does mean my original letter cannot be used as I am quoting the CCA.

 

As my APR would have changed at various times throughout the loan, which APR should I be using for calculations on the spreadsheet?

 

Sorry for bumping this but I am under pressure to get this sent off.

 

Regards

[dx100uk]

cca or not as such makes no odds.

 

the rate would thus need to be an average if it varies all the time.

 

you wont get 'refused' upon a wrong rate issue anyway

 

dx