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Taking Group Litigation on GE Subrrime Mortgage Loans


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Sent of D P A letter, just recived letter back from G E saying this is not their account and returned the £10 I sent it to

Sarah Wainwright

GE Money

Data Protection Administrator

PO Box 700

Leeds

LS99 2BD

Does anyone know if this is correct address.

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  • 6 months later...
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Im just going through a old mortgage statments from

1999 - to - 2002 First National now the dreaded G E Money. And I see that we had a building and contents insurance which we paid £58.12 per month entered seperatly on the statement but the next line adds interest to that amount of around £ 6.75 going up to £8.38 Also loads of combination Prem Adj, Deeds Supply Red Fee Redemption Admin Fee £60 another arrangement fee £1165, don't know what they all mean but can I claim any of them back

 

Thank Lynn

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Hi Lyn,

Firsrtly the insurance, i would not think that you would be able to reclaim the interest, as there would probably have been some small print when you took out the bdgs and conts insurance (presumably with the mortgage co. direct?!)

not sure what some of your abbreviations are, as different companies have different headings on their tariffs. However just think of reclaiming anything which is a penalty, which could not really be justified by the mortgage company as actually costing them that much.

Definitely cannot claim the arrangement fee.

I think yes to redemption admin fee and with the deeds supply, you need to check what the figure was as quoted in the mortgage t&c's when you took out the mortgage, and compare to what you were charged. You should be able to claim the difference.

not sure what premium adjustments are though, so more info would be helpful!

Red

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  • 4 months later...

In November last year I did a bit of my own research and guess

who the majority of blame lay with in the Subprime Mortgage sector

in America ...... yes thats right G E

 

 

B B C News 13th February 08

 

Sub-prime drives UK repossessions

 

 

Sub-prime lenders are bringing more than half of UK repossession orders, despite accounting for just 6% of total mortgages, a BBC report has found.

The sub-prime market caters for people with poor credit histories and has been under pressure because of an increase in interest rates and borrowing costs.

Official figures showed last week that actual repossessions rose to an eight-year high of 27,000 in 2007.

Analysts have warned that conditions may deteriorate further this year.

The research on sub-prime repossession orders was carried out by BBC Radio Five Live's Wake up to Money programme, which looked at 1,200 cases going through 18 county courts in January 2008.

It found that more than 10% of the cases were brought by two sub-prime lenders owned by US investment bank Lehman Brothers.

However, it must be said that most court possession actions do not always lead to repossession because borrowers in trouble usually reach a settlement with their lender or sell their house to meet overdue payments.

Bad credit

Sub-prime operators say that it is only natural that default rates will be higher amongst their customers, many of whom have bad credit histories.

But the degree to which sub-prime lenders dominated the sample is surprisingly large, experts said.

Southern Pacific Mortgage Limited (SPML) and Preferred Mortgages - both Lehman Brothers offshoots - were named in 148 cases in the sample.

o.gifstart_quote_rb.gif Five out of six are resolved without having recourse to repossession end_quote_rb.gif

 

 

Lehman Brothers

 

 

A spokesperson for SPML and Preferred said a large proportion of its cases were resolved without the necessity for repossession.

"The figures are based on possession claims hearings and are therefore not representative of actual repossessions, which are a lot lower," he said.

"Of proceedings started, where solicitors become involved, five out of six are resolved without having recourse to repossession," he added.

GE Money and GMAC-RFC, two of the biggest sub-prime lenders in the UK, were each listed in more than 100 cases found in the sample. "It should come as no surprise that those lenders dealing with borrowers with past credit problems are likely to have to deal with more cases of default amongst their borrowers," said a GMAC spokesman. "

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  • 4 months later...

I have now retired and have the time to start to sort out some of the finance problems, however would really appreciate some help with this one.

 

We had a secured loan with GE money for £51.000, which we took out on 24th February 2006. We have now paid it back (4th April 2008) and no longer have anything to do with GE Money (thank you God).

 

The settlement letter shows that we have paid

"income on early settlement" of £3,497.85.

 

I have just come across an artical from the Independent dated

29th May 05, which states that

 

"However,changes to the Consumer Credit Act means that, on Tuesday, the Rule 78 will be abolished on all new loans. Providers will now only be able to charge a maximum of two months interest- as opposied to sums that have sometimes been much higher.

 

The reform will apply immediately for new borrowers. ( Thats us )

Exsisting ones who have loans for terms of 10yrs or less and want to settle early, will not benifit until 2007. Those with loans for longer than 10yrs will not be covered untill 2010."

 

Can anyone please confirm that I am reading this right, and that we should not have been charged £3497.85 for the early settlement of this loan, but only 2 months interest.

 

Thanks again for all the wonderfull help and support freely given to me on

this site, and will most definatly make a donation if I do have any money to come back.

Lynn

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well it sounds right to me and if that is the case then i have been done too i had a loan for £18000 with them then a couple of years later needed some more so had to get another loan so the broker told me i could not do a second charge on my home with the same company and they paid off ge and got me a new secured loan with them cant remember what i paid in charges but it was about £1800 i think. I also think i should claim it back what do you think?

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I have now retired and have the time to start to sort out some of the finance problems, however would really appreciate some help with this one.

 

We had a secured loan with GE money for £51.000, which we took out on 24th February 2006. We have now paid it back (4th April 200:cool: and no longer have anything to do with GE Money (thank you God).

 

The settlement letter shows that we have paid

"income on early settlement" of £3,497.85.

 

I have just come across an artical from the Independent dated

29th May 05, which states that

 

"However,changes to the Consumer Credit Act means that, on Tuesday, the Rule 78 will be abolished on all new loans. Providers will now only be able to charge a maximum of two months interest- as opposied to sums that have sometimes been much higher.

 

The reform will apply immediately for new borrowers. ( Thats us )

Exsisting ones who have loans for terms of 10yrs or less and want to settle early, will not benifit until 2007. Those with loans for longer than 10yrs will not be covered untill 2010."

 

Can anyone please confirm that I am reading this right, and that we should not have been charged £3497.85 for the early settlement of this loan, but only 2 months interest.

 

Thanks again for all the wonderfull help and support freely given to me on

this site, and will most definatly make a donation if I do have any money to come back.

Lynn

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this did come into force on 1st june 2005 but your loan would not be covered i think as it only applies to loans under 25k. not 100% sure though and don't know what rules would apply if these don't.

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  • 9 months later...

Hi to all, hope someone can help please,

 

I am trying to claim back PPI from First National now GE. (Loan Processing Company) I am now informed that LPC no longer exsisits.

 

I wrote to GE for SAR in May 2007 and have been trying to get all the information together since them to take this to Court. As you know its like trying to get blood out of a stone.

 

In February 09, I wrote and asked for more information as they had not given me all that I had requested in my SAR dated May 2007. I am nearly ready to take to Court now. However, I have received the folllowing letter back from GE on 24th March 09

 

http://i264.photobucket.com/albums/ii189/1bach/scan0001.jpg

 

Can anyone tell me if they can destroy my file and close there records.

Especially as from my point of view this was still an ongoing case.

 

I had asked for SAR information in (2007) well after the date that the loan was redeemed, and they still managed to find this for me, so how come they suddenly destroyed my file.

 

Nov 99 Loan for £20.000. 00

PPI added £ 4,784. 32

This was shown added together on the statement of Account and does not show if it was single or joint,Interest was paid on the full amount of £24.784.32

 

Loan was redemeed in March 2002.

 

I have since found out that the PPI was with Cardiff Pinnacle, and was for a period of 5 yrs. and the PPI cover expired in 2004.I have had it confirmed by GE that they have personally contacted Pinnacle and they have confirmed "that our details are still recorded with them although no longer have a current policy"

 

I then SAR Cardiff Pinnacle, I received a letter saying "Unfortunatly they are unable to locate a Policy for this customer. and returned the £10 PO

 

Im sorry its so long, but could now do with some thoughts from you all

 

Thanks Lynn

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Over the time of the loan did GE send you any statements. I know in my dealings with them I used to get at least one a year. Mine showed details of loan payments and PPI etc.

 

One of the things that annoy me with GE, is even when you have paid your loan without missing any payments, they do not even send you a letter confirming it.

 

Wish they would destroy my loan with them.!!!!!:-)

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hi bach good to see you still around :).doesn,t sound right that ge can destroy files i would imagine they have to keep records for a specified amount of time on paper then stored on a microfiche system.it wasn,t ge money that was fined it was ge capital selling ppi with store cards although altogether they are part of the same group.as for the ppi bit contact the fos about pinnacle and state to them that they (pinnacle) never issued a policy document even after sar from yourself.ge sold you a loan to purchase this ppi in their t&c,s it would state who the insurance provider is ,so i,m thinking that if pinnacle have withheld the policy info from you they are at fault.how can you check if the policy is suitable within the 30 days cooling off period.also it would have come apparent that the policy would only be for 5 years and not the term of the loan.also what terms and conditions would you have to abide to as laid out by pinnacle not the schedule of insurance from ge.another point being ge state that further insurance would be offered if the insurance ends before the loan term ends,ok so if you made a claim on the policy on the 58th month (you understood that you were covered for the term of the loan hence the hefty policy cost) there is no way in hell that pinnacle or any insurance company would cover you as you are already claiming .pinnacle are covered by fos and they are as bigger rip off merchants(can,t type what i really call them :mad:)as ge money.

give fos a ring .i feel you are halfway there if pinnacle say there never was a policy but ge state that they have sold it (you already have this proof in your cca) one or both have failed ie missold

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Documents should be retained for a period of six years after the last transaction on the account. (This bit deleted for safety) I would still go ahead if you have some statements of your account and stick in a complaint to the FOS.:eek:

Edited by alanalana

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

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

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Hi and thanks so much for your imput, I think your right they have shredded the info regarding the loan on purpose.

 

Having read and digested your thoughts, I have decided to still go ahead with the Claim.

 

One idea I thought was to push Cardif Pinnacle for part reimbursment of the PPI which I belieive we would have been entitled to.

 

PPI was for £4784.32 for the 5 yrs, as we paid the loan off after approx 2 yrs am I right in thinking that there should have been a refund anyway on the remaining 3 yrs.

 

If this is the case Im thinking to go for the part refund and take GE to Court for the rest, as I know we have a good case.

 

Thanks again for all of your help, its good to get other CAG views and support.

 

Lynn

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PPI was for £4784.32 for the 5 yrs, as we paid the loan off after approx 2 yrs am I right in thinking that there should have been a refund anyway on the remaining 3 yrs.

 

Yes. If a loan is settled early there should be a proportionate rebate on the loan and also any PPI attached.

 

I would be careful though if you have been told they have no cca or other documentation I would get the Information Commissioners Office involved to make sure what they say is true. You could start a court action and FN GE could miraculously produce the missing documents and wrong foot you. Best to be aware. Banks are getting up to all sorts of new tricks to get out of paying back PPI.:eek:

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

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

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Thanks Alanalane,

 

I will look into the Information Commissioners Office, not thought of them, thats really useful idea of yours. Never had any dealing with them but will google the site and see how I go about it

 

Thanks again

Lynn

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No need to google it is all in here...

 

links

 

which is at the top of the forum inside you will find this...

 

For the Information Commissioners office. (this is an option if the DSAR is not complied with)

http://www.ico.gov.uk/upload/documen...ess_rights.pdf

 

Information Commissioner's Office - Information Commissioners Office

 

http://www.ico.gov.uk/upload/documen...lain_final.pdf

 

Complaints - Information Commissioners Office

 

My own complaints went to the FSA, FOS, ICO, OFT, BBA some can act some do not but it makes them all sit up and look at what has been and is still going on.

 

Hope this helps out;)

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

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

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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Help please.

 

Im sure Iv read it somewhere on the site, but do you thnk I can find it

 

How long does a Mortgage Company by law have to hold on to your information, is it 12 yrs?

 

Thanks Lynn

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