GE Money being sneaky?

[merlin100]

Hi all,

just got a letter from the above (my mortgage company) saying that they have spotted a wording difference between my Mortgage Offer Letter and the Mortgage Conditions.

Basically, they say that the Mortgage Conditions state that any changes to the Barclays Bank Base Rate will be implemented one month later. But in the Mortgage Offer Letter it states 14 days.

Because of this, they are to credit my bank account with almost £28.00.

 

Now heres the bit Im not sure about -

"In future we intend to continue to operate your account in line with your Mortgage Conditions, and in consideration of this we are also crediting an additional £25 into your bank account. If you have any concerns blah blah blah......."

Being of a highly suspicious nature, and damn certain that money-lenders do not GIVE anything away, I just wondered if any of you smell a rat here?

[theotherside]

Yes, this is correct.It is something that came to light there was a slight discrepancy so if the interest for those days is coming your way.

[merlin100]

Yes, this is correct.It is something that came to light there was a slight discrepancy so if the interest for those days is coming your way.

 

Cheers theotherside - just like to make sure

[merlin100]

Hi all,

got one of the above today with a 14 days deadline to return it and a second-class envelope!

I have a query that Im hoping someone can help with.

 

There are a few declarations on the letter that are somewhat vague and take some reading but the thing that concerns me the most is above the box where Im supposed to sign are the words Applicant 1.

Now, Im fully insured to re-build value and my contents are well insured too, and always have been.

 

So why do they use a term that suggests that I may be applying for something?

 

Is this usual terminology or shall I scan the letter up?

[dx100uk]

scan it up to be sure

 

dx

[unclebulgaria67]

GE lend money and I take it that the Buildings Insurance Declaration is something to do with a secured loan that is being arranged with them. If you have not applied for a loan, you may wish to make enquiries.

[merlin100]

:evil:No application from me for a second loan Uncle Bulgaria, in fact, Ive hardly had any contact with them for around 6 years now.

And dx, will scan it up later. Just been told Ive been drafted in to put the bloody huge trampoline together that my grandson has got for his birthday:evil:

[merlin100]

 

Well this is the document guys. Its the Applicant 1 bit that causes some concern.

Any advise?

[unclebulgaria67]

Too small to read, but I have seen these before. Normally these are sent out to existing loan customers to check whether they have Buildings Insurance on the property the loan is secured against.

 

Do you have an existing loan with GE ?

[merlin100]

Yes my mortgage is with GE Money. Never had a problem with them, no underhand tactics etc. It was just the title of the signature box that caused me some concern. Why call it Applicant 1 when Im not applying for anything?

Just makes me think it might be a sneaky way to get me to apply for something that I dont want.

[unclebulgaria67]

It is a generic form that would also be sent to new customers. At one time, when you applied for the loan, you were the applicant.

 

If you are unhappy with the form, cross out the word applicant and make a note by the side of it or elsewhere on the form, that you are not an applicant and by signing the form you are not applying for anything.

[LAWright]

It seems to me that it coincides with their providing home insurance product and basically trying to market themselves to customers who have mortgages with them. Why else would they ask renewal date? So in November I fully expect some mailshot or phonecall offering me their home insurance ...

[merlin100]

Hi all,

need some help if you dont mind.

 

Ive had a mortgage with GE Money since 2005.

Ive never missed any payments or ever been late with one but

 

going through my annual statements, there are a few things I dont understand here so would be gratefull if someone could explain.

 

After the list of monthly payments etc, there is this -

 

Charges Summary since the start of your loan.

 

Interest Bearing Charges incurred (we will add interest to these if not paid) £40

Additional Interest incurred £16.49

Payment received towards these charges and additional interest £21.63

Outstanding charges balance - Interest bearing £34.45

 

- these figures relate to my most recent Annual Statement, but there are charges like this on every statement.

 

I couldnt initially work out what these charges are for, because like I said, Ive never missed or been late with any payment.

But then thinking back, I vaguelly remember the very first payment being late because GE Money didnt set the Direct Debit up in time.

This may have been something to do with First National who set the mortgage up in the first place.

 

So can anyone tell me what these charges may be?

Thanks all

[renegadeimp]

Ask them Seriously, write to them and demand a full, detailed explanation of what they are talking about.

[merlin100]

Ask them Seriously, write to them and demand a full, detailed explanation of what they are talking about.

 

Hi renegadeimp, thats probably what Im going to have to do. These GE statements are vague and not designed to be easily understood.

For instance, if I quote the 2008 statement -

Interest Bearing charges £40

Additional Interest incurred £10.48

Payments received £4.39

- and then consider them against the 2013 statement see above), it looks like its a one-off £40 charge thats being reduced by pennies each year!

But then who knows with these people?

Was thinking of a SAR but didnt want to alert anyone until I knew for certain whether Im paying an extra £40 a month in my mortgage payment or whether this really is just a one-off charge?

[renegadeimp]

Thats how ge operate. Do a forum search on this site and youll see some right horror stories. They have even been known to try for repossession due to just 2k arrears.

[merlin100]

Thats how ge operate. Do a forum search on this site and youll see some right horror stories. They have even been known to try for repossession due to just 2k arrears.

 

Hi again. well curiosity got the better of me.

Ive just been on the phone to them and they say its a singular one-off charge from when the mortgage began in 2005 and its being reduced by pennies each year - although they cant say what the charge was for!

Interesting though, it seems that the annual interest on this charge almost cancels out the annual payments towards it. Its taken me 9 years to pay a fiver off them! According to my last statement, I still owe £34.45. So by that reckoning, Ill still owe them around £28 when the mortgage is cleared in 2025!

Think Ill send them a cheque to clear it - even though neither I, nor they, seem to know what its for!!

[renegadeimp]

If they wont say what the charge was for, then dont pay it. get that charge into dispute until they come up with a valid reason. Although it may seem pennies, in reality they could be doing this to many many people and charging different amounts.

[merlin100]

Hi all, need a bit of advice if you dont mind.

 

Got a letter today from the above lot regarding a change in how they will collect any future fees on my mortgage and that my Fee balance currently stands at £29.xx.

 

Now as far as I knew, I had never had any arrears whatsoever on the mortgage so I rang them.

 

It turns out that the first payment in September 2005 didnt reach them until October 2005. This must have been because of initial set-up procedures,Ive had this mortgage a lot longer than that, but 2005 was when I remortgaged to get rid of the ex wife.

 

Now Im a little bit suspicious because without any asking by me, they are now cancelling any outstanding "fees" and crediting my account with any past payments Ive made on these fees plus interest. Does anyone, like me, think that was a bit too easy?

 

When I asked about amounts etc, thats when they got a bit vague. Maybe they didnt know there and then? So I asked for written confirmation about the amount of refund, theyre not doing that either. I got left with a phone jockey saying she would keep an eye on the account and ring me when it is sorted.

Am I missing something here folks? If they were that eager to refund me then maybe I could have reclaimed it by cheque rather than against the balance of my mortgage. Either way Im not too bothered, but it just seemed all to easy?

Thanks all.

[dx100uk]

sar time to check they are correct?

[merlin100]

Thats what I thought dx, but then maybe I should let this money be credited to the account and then send a SAR? That way I have a definate figure to challenge if any calculations I make give a different sum.

[Peterbard]

Yes an SAR would be good. Also check that they have added compound interest. I think GE calculate there interest on a monthly bases, based on the ammount outstanding, this could be a tidy sum if it has been going on from the beginning of the mortgage, dependant on its age of course.

 

Also have you checked for PPI.

[dx100uk]

Watch for lines in the statements that say additional int

That means they only charge stat 8% not compounded

 

On the charges

 

Dx