G E Money

[mickkid]

Has anyone else been unfortunate enough to have their car finance with GE Money (formerly GE Capital or GE Capital Woodchester)?

 

I, unfortunately, am one of those very unlucky people who, when I visited the Vauxhall garage to purchase my new car was signed up through GE Capital for financing my car over a 5 year period.

 

The first problem I had was when I initially signed the Agreement for GE Capital to take the monthly payment on the 4th of each month (logically, a few days after I get paid). GE Capital then tried to take the first payment about 2 weeks before they were supposed to - perhaps a simple admin error - anyone can live with that. However, it was a nightmare to say the least to make sure that this was corrected, my bank charges were refunded and the admin fee that GE Capital charge was waived.

 

Recently I changed my bank account - every company I changed my Direct Debit details with made sure this was free and extremely straightforward. However, in GE Capital's evil money-making world, where they don't seem to care who they rip off, decided to charge me a £25.00 Fee to change the bank details. How on earth does it cost someone £25 to change their Direct Debit details. It wasn't as if I was late with a payment. Maybe it was just a great inconvenience to GE Capital so they have to penalise you for making them do more work than they want for their money.

 

As bad as the situation already is, when I was sent the mandate form for changing my bank details, I was asked to pay the next month;s instalment by cheque as the Direct Debit wouldn't be set up in time - fair enough - so I sent a cheque with my mandate form as well as a letter stating my frustration at being charged a ridiculous fee. I then received numerous phone calls - I've been charged another £30.00 for a late payment fee! A sad voice at the end of the phone tries to tell me that the cheque must have been lost in the post - funny how only the cheque got lost and not the Direct Debit mandate which they said they had received - they were both in the same envelope. I was told that there had been no letter received from myself either - maybe they lost that too. Again, a numerous amount of phone calls have been made - the cheque is probably just being processed - the £30.00 charge will automatically come off when it clears... Ok the cheque must have been lost, cancel it and just send another one - I wonder if they will lose this one as well? Wouldn't surprise me seeing how they like to charge £30.00 per cheque that they lose.

 

I've now threatened GR Money with legal action against fees charged to my account for their mistakes - and as for the £25.00 charge for changing Bank Details - Direct Debit doesn't seem to be the most efficient and cost-effective way to pay - for the consumer anyway.

 

I am awaiting a reply to my 3rd letter... hmmm.

[Guest Lueeze]

Typical, if it doesn't rain it pours eh!

 

Good Luck

 

Lou xx

[monkeybone]

My mortgage is with GE Money. It was originally with a company called Igroup, but was recently taken over.

 

The shocking thing is that Igroup used to charge me £2 (according to my statements) for a failed debit payment. GE Money immediately increased that fee to £20.

 

The work involved is the same, and if Igroup can do it for £2, then surely that blows out of the water any claim that it costs anywhere near £20, or even the £12 mentioned by the OFT on 5th April.

 

I have written to GE Money asking for a statement of fees and telling them I want a refund.

 

I will report back.

[mickkid]

I am dreaming of the day I can afford to pay off my car. I am making them wait until I get paid at the end of this month until they get the cheque - two can play the game of ****ing around with my finances - but if they charge me, I will just cause murder with them seeing as I've been told on numerous occasions that these will be refunded. They have also stopped phoning me every day - they do when I send them a payment, and they stop when I cancel the cheque - it makes no sense!

 

Monkeybone, I can't believe you have got your mortgage with them - I hate the fact that they own my car, if I had to live every day they had anything to do with my house I don't think I could cope - I hope they never screw you over, really I do!

 

Will keep you informed when I get an evil letter off them next month no doubt.

[thecornflake]

My car finance was with them until I paid it off earlier in the year. I also have two more agreements with them, so when I get to them it should be fun!

[mickkid]

They sent me another letter yesterday demanding this month's payment be paid immediately and that they had charged me £55.00 in late fees already. I calmly picked the phone up today and actually spoke to someone with more than half a brain cell. He was actually realy helpful. I advised him that I sent the new cheque two days ago and cancelled the cheque that they had lost. He apologised for the letter and to ignore it as me sending the cheque and them sending the letter obviously crossed over in the post. He said to me that all but one charge had now been removed and that he had made sure that as soon as they actually process the cheque, this final charge will be removed. I am desperate to get my finance away from this company though, and never use them again.

[suprasport]

cutting a long story short i took out a secured loan with igroup in september 2000 for £5000, i missed a couple of payments early on, when i was in a position to catch upi asked how much i owe to bring me up to date an paid that amount. i have never missed a payment since but in july 2005 i had a phone call from them to inform me that in 2 months time when the loan was complete i would still owe them £2500, because charges of around £600 from missed payments early on had never been paid and they had been piling interest on interest etc. as i was not aware of these charges, because they do not send statements (a common tactic i have since found out) i refused to pay so they took me to court for repossesion of my house, the jugde for some unknown reason would simply not listen and did not want to know if i owed the money or not, he even refused to consider the debt, and refused me permission to appeal, or pay the debt and has given them possession of my house in 28 days as of 7 days ago. apparantly igroup are well known for this

i am now in the process of taking igroup to court including all interst added to the charges as well as all there costs they have added in trying to claim these charges back

 

do not go near them

[monkeybone]

cutting a long story short i took out a secured loan with igroup in september 2000 for £5000, i missed a couple of payments early on, when i was in a position to catch upi asked how much i owe to bring me up to date an paid that amount. i have never missed a payment since but in july 2005 i had a phone call from them to inform me that in 2 months time when the loan was complete i would still owe them £2500, because charges of around £600 from missed payments early on had never been paid and they had been piling interest on interest etc. as i was not aware of these charges, because they do not send statements (a common tactic i have since found out) i refused to pay so they took me to court for repossesion of my house, the jugde for some unknown reason would simply not listen and did not want to know if i owed the money or not, he even refused to consider the debt, and refused me permission to appeal, or pay the debt and has given them possession of my house in 28 days as of 7 days ago. apparantly igroup are well known for this

i am now in the process of taking igroup to court including all interst added to the charges as well as all there costs they have added in trying to claim these charges back

 

do not go near them

 

That is despicable - both of Igroup and of the judge. It's important in the event of potential litigation to show a paper trail of correspondence showing you trying to resolve matters. I've had this happen in the past (on an entirely unrelated matter). A windows company sued me for non payment when I withheld money. The judge agreed with me, partly because my correspondence was frank, fair and punctual, and theirs was tardy and uncooperative.

 

I'm very wary of Igroup/GE Money as they are a large capital lender and I see them as potentially a company that could do the same to me. I am behind in my payments and have been struggling to make payments on time or make catch-up payments, but I do get them money.

[suprasport]

yes must admit i have been in shock about it, but i will get them back, my solicitor is looking into unfair contract while i am doing the charges so its a two pronged attack, she is looking particularly at a clause that staes they can change my dd payment to insure i pay all costs by the end of the term which they obviously didnt do, brokers fee added to loan amount and charged interest on, and the fact that it was for a car which she implied makes it unenforceable, she was very vaque about these three reasons and i do not the legal side to them. if anyone can thow any light on these it would be appreciated:)

[mickkid]

This topic was closed on 10 March 2019.

If you have a problem which is similar to the issues raised in this topic, then please start a new thread and you will get help and support there.

If you would like to post up some information which is relevant to this particular topic then please flag the issue up to the site team and the thread will be reopened.

- Consumer Action Group