Old GE money mortgage now Kensington - Arrears & Payment Arrangement

[surrey_36]

I wonder if someone can help me

- Ive got a interest only mortgage with GE MONEY which has been in arrears but OK now.

 

Over last few years have had a few payment arrangements with them and as a result they have added lots of £40.00 admin fees.

I think these add to over £2500 throughout my hardship.

I just wanted to check that was all above board, seems a bit harsh in times of hardship that they actually made more money out of me.

 

Any advice as always is appeciated!

[42man]

Did you read this ? - http://www.consumeractiongroup.co.uk/forum/showthread.php?296108-Hot-news-for-anyone-who-has-suffered-mortgage-arrears-charges-irresponsible-lending-or-other-unfair-lender-conduct

[surrey_36]

This is interesting thank you Ive read right through it but not sure what the next step should be and if county court would see these as unfair charges, thanks foir your help 42man

[42man]

In the first instance you should tot up all the 'admin' and various penalties, and write a formal letter asking for a refund....at least if you aren't happy you should give them the chance to rectify.

[surrey_36]

Thanks 42man thats great,

 

Im not sure that I have got all the letters still with the notifications of admin charges

 

should i write to them and ask them for a statement of account since i started the mortgage?

 

Would that be the right thing to do?

 

thanks for your help!

[42man]

A good place to start would be a SAR....(unless of course you already have FULL statements from them)

[surrey_36]

Can anyone advise me how i go about working out how much i should be claiming back from GE money

- ive had lots of £40.00 admin charges for late payments going back to 2004.

 

Ive got a reply to the SAR request but Im not sure if i should be including interest and if so how much interest as its an interest only mortgage which the amount/rate has varied over the last few years

 

- cheers for any help out there!

Edited February 23, 2019 by dx100uk
merge

[ims21]

The process is exactly the same as your Very/NDR charges reclaim

 

Here is the spreadsheet to use.

 

CISheet v101.xls

 

The interest rate should be at least the rate they are charging you on the account

[surrey_36]

thansk ims21 you have been helping me lots this eve!

How does the interest work if back in 2004 it was 7.45% but more recently its 2.45 % - how do i work that with the compund interest calculator?

THANKYOU V V V MUCH

[ims21]

You can take an average of the rate being charged over the period of time.

[surrey_36]

OK great thanks Ims21 - im feel slightly nervous about doing this as I had a suspended repossesion order on the house when i had to go to court some years ago, I suppose im worried i might annoy them and they might try and take the house away from me if i start demanding charges back. Is this something i should not be worrying about?

 

Is there a template letter on here that i can use for them?

 

CHEERS IMS21

[ims21]

It's your call.

 

Before you make a decision have a read of the stickies in this forum.

[surrey_36]

:-)Thanks again ims21 - how do i get back to the stickies to read up?

I cant seem to get to them

 

Also how do i go about clicking your star?

 

cheers

[ims21]

Here you go

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?171-Mortgages-and-Secured-Loans

 

The top threads all have the word "Sticky" in front of them.

 

Star is at the bottom left of each post (next to the black triangle with the ! in it

[surrey_36]

Got it thanks ims i didnt know about the star thing!

I have donated whenever i have had help but ill have to go back and add stars now!

 

Ive been having a read through the stickies this afternoon and found that I am certain the charges they have made have been unfair and also that perhaps they were a little hasty in taking me to court.

 

I dont know much about a suspended reposession order but do they only last for a certain amount of time

- would it have expired by now or do they last for as long as the mortgage term? I

think the court case took place around 5 years ago.

There doesnt seem to be any paperwork relating to the court case/repossesion order in the SAR.

 

Im just worrying that if i start rocking the boat they might decide to proceed with the order or something like that.

 

So far i have added up about £2500.00 worth of arrears admin charges.

 

Cheers

[ims21]

The SPO (Suspended Possession Order) remains in place until you have completed the order made by the court. After that you can apply for the SPO to be removed. Much depends on what the SPO was granted for, what the terms were that the court set and whether you have kept to or completed the order made by the court.

[surrey_36]

do you think i should try and find out a bit more about this before i go ahead with trying to reclaim any charges?!

[ims21]

Have you not got copies of the documents relating to the court repo hearing i.e. a copy of the court's order?

[surrey_36]

Yes I have - after much digging have found the attached court order.

 

Any advice you can give on this would be appreciated!

[ims21]

OK so you have not been repossessed then.

 

Have you kept up to date with the order of the court and/or are all of the arrears now paid off?

[surrey_36]

Thanks ims21.

No was not repossessed I kept up with repayment plAn on the order.

 

I have got into arrears since then being sometimes a month behind payments but am currently up to date.

[surrey_36]

Ive just got a letter from GE Money saying;

 

"Following a review of your account your monthgly instalment has increased to 393.73 with effect from 30th december 2012.

We have made this change to include repayment of your fee balance of 2436.63.

Should all payments be received, these fees will be paid over the remaining term of your loan.

If your account is up to date you have the option of making additional payments towards the balance of fees and charges or to clear them completely if you wish". etc

 

Just wondering what i should do if anything, not sure what to do next!

[surrey_36]

Hi ims21,

I was just wondering if you could possibly point me in the right direction with this,

I dont know whether i should be issuing a claim to them or not,

I dont want to rub them up the wrong way.

 

Im out of arrears and up to date with payments currently,

I received a letter from them recently advising me of the increase in my monthly installment to include repayment of all the admin charges

- but if they have charged me wrongly then i guess it would be good to see some money back !

 

can anyone help thank you

[ims21]

Hi

 

Sorry you were missed.

 

So have you completed your spreadsheet?

 

Your first step would be to approach GE with a request for a refund of the charges and the associated interest.

 

Here is a template letter you can adapt for this purpose

[surrey_36]

thats brilliant thanks im21 will do that exactly,

cheers again,

 

will donate to site today the help is greatly appreciated and a massive help