ge money help!

[kgrant]

i am having problems with ge money we are currently in arrears with our morgage , its about three months worth of payments , i have written to them regarding it and said that we hoped to resolve it by the end of june, then i recieved a letter saying that they would look into it , then we recieved a default notice saying that if we didnt pay the arrears by the 13th june then they would take it further, i sent them a part payment last month and will be able to pay this months payment and a bit extra off the arrears trouble is they want the arrears by the 13th hubby doesnt get paid till the 15th , its pointless writing to them as they dont seem to read the letters , i cant speak to them on the phone i just clam up or get really angry, i am really worried but hopefully ill be able to pay the arrears off by the end of the month, but i cant bank on it any suggestions?

[tonycee]

Try not to worry... Put everything in writing and send it to them, keep a copy for youselves, dont waste your time speaking to them on the phone, IF and its a big IF they take it further, no judge will take their side at this stage if you have made a just and reasonable offer to settle your arrears..

Good luck.. Chin up.. keep us posted...

 

P.S. If it helps, my arrears was agreed to be paid off over 26 months, GMACS rep would have none of it, but the judge clipped his ear and sent him on his way..

[kgrant]

if i end up getting my bank charges back ill be able to clear the arrears, halifax have just over a week to enter a defence im hoping they just pay up so i can pay these arrears off:D

[tonycee]

Thats good news that you could clear your arrears but as the timing might be all out of sync, you still need to deal with your mortgage problem as if there was NO money coming back from the bank..Then when it does come thru you can go right ahead and pay off more than agreed...They wont wait for the bank to pay up, you have to act now........

[Bona]

Hi There look at your finances over a period of say 6 months can you pay your mortgage and if you can what can you pay off the arreas it dosnt need to be much just something do not take into consideration what might happen only what will ie forget what you might get only sallaries that you know that you will put a proposal to them on writing that YOU CAN AFFORD dont be optermistic if they say no pay what you have suggested if they take you to court the Judge will be on your side if you have been realistic hundreds of us have been in this position it is scary but the companies have a habit of forcinging you to say you will do more than you can this makes matters worse no judge will take your house away if you are honest and trying to do the best you can its tough but dont rush into things you have time make a list of income and expenditure and go from there everyone on this site are here to help so try to relax and realize that what you are going through is not unique to you and you have rights on your side the most important thing is to not make a promise you may not be able to complete keep the faith and come back with any questions

 

bona xxx

[surprise]

If I was you I would check the dates on the default notice and when you received it. They should give you 14 days notice. My daughter has had problems with GE Money with the dating of their letters. They deliberately back date correspondence, I've caught them out 3 times now. I also keep all the envelops.

[kgrant]

they gave me till the 13th of june which is next week, i have written them letters and had replys saying " thankyou for your recent letter, we will look into it and get back to you but they never do i have made a couple of proposals but recieved nothing only the default letter oh and a monthly arrears statement, our next payment is due a week on monday i will be sending this payment next week with a bit extra towards the arrears and also another letter and wait and see what happens i really dont want to go to court we had this problem with our halifax morgage a few years ago but they werent as nasty as ge money, and we sorted that out no problem.

[tonycee]

The 13th June... I forgive you all in advance for not sending me a birthday card. !!!!!

Look all the letters are standard stuff, in fact if i threw mine away you could have the empty Grundon bins.........Just keep making payments as much and as often as you can, If it goes to court, and it wont, you hold all the aces, they have to follow proceedures to protect their interests, i know thats no excuse for acting like pigs, but your probably talking to a student ( no offence )on £7 a year, drafted in to help with the backlog...

Be strong.. You WILL be ok....

[kgrant]

We recieved a letter from GE money stating that they are taking us to court for the possesion of our home, i panicked and rang them they were very pleasent and i agreed and amount and he said that they would contact their solicitor and arrange for a suspended possesion order as long as i contacted the court aswell when i recieve the court date. But i think i was a bit hasty with the amount i agreed to pay to clear the arrears , i was so worried when i rang them i wasnt thinking , i dont know what to do now, ill pay what i agreed but it leaves me with hardly anything to pay my other creditors , im panicking a bit now, i dont want to loose my house.

[kgrant]

We recieved a letter from GE money stating that they are taking us to court for the possesion of our home, i panicked and rang them they were very pleasent and i agreed and amount and he said that they would contact their solicitor and arrange for a suspended possesion order as long as i contacted the court aswell when i recieve the court date. But i think i was a bit hasty with the amount i agreed to pay to clear the arrears , i was so worried when i rang them i wasnt thinking , i dont know what to do now, ill pay what i agreed but it leaves me with hardly anything to pay my other creditors , im panicking a bit now, i dont want to loose my house.

[Goldlady]

Are your other creditors unsecured? If so then pay GE and get that nasty lot off your back for now. I would not trust them and if a court date comes up I would suggest you turn up - just incase.

 

Fought off repossession from GE two years ago - paid them off just before Christmas just gone - great feeling.

 

GE's "debt counsellor" told us not to pay our credit cards etc as they could not do anything - which was quite amusing really as four of the cards were GE's anyway:D.

 

If you need help just shout.

[Goldlady]

Are your other creditors unsecured? If so then pay GE and get that nasty lot off your back for now. I would not trust them and if a court date comes up I would suggest you turn up - just incase.

 

Fought off repossession from GE two years ago - paid them off just before Christmas just gone - great feeling.

 

GE's "debt counsellor" told us not to pay our credit cards etc as they could not do anything - which was quite amusing really as four of the cards were GE's anyway:D.

 

If you need help just shout.

[kgrant]

thats the problem the other creditors are secured aswell, and one of them is welcome finance who are vile people to deal with

[kgrant]

thats the problem the other creditors are secured aswell, and one of them is welcome finance who are vile people to deal with

[Killerschick]

It's not too late, I'd recommend taking advice from a CAB or similar but even before you do that, sit down and work out what you can afford towards your arrears by doing a financial statement.

Once you've worked it out you can put it to GE, it's quite likely they won't accept it if it's outside their company policy but the law says you have up to the remaining term of the mortgage to repay arrears (although you should clear them as quickly as you can comfortably afford).

If GE say no you can put the proposal to the Court either in advance of the hearing in the form of a letter (there's no need to do witness statements in possession proceedings - defendant's evidence is admissable in any form) or by turning up and giving your case on the day.

Your chances of success are good - particularly if you have equity and your proposal will still clear the arrears in up to five years. Even if it won't, if your financial statement supports your offer the Court will want to make a reasonable order to give you a chance to keep your home.

 

Good luck

[Killerschick]

It's not too late, I'd recommend taking advice from a CAB or similar but even before you do that, sit down and work out what you can afford towards your arrears by doing a financial statement.

Once you've worked it out you can put it to GE, it's quite likely they won't accept it if it's outside their company policy but the law says you have up to the remaining term of the mortgage to repay arrears (although you should clear them as quickly as you can comfortably afford).

If GE say no you can put the proposal to the Court either in advance of the hearing in the form of a letter (there's no need to do witness statements in possession proceedings - defendant's evidence is admissable in any form) or by turning up and giving your case on the day.

Your chances of success are good - particularly if you have equity and your proposal will still clear the arrears in up to five years. Even if it won't, if your financial statement supports your offer the Court will want to make a reasonable order to give you a chance to keep your home.

 

Good luck

[Ell-enn]

Hi there, the advice you have been given to contact GE (in writing and by recorded delivery) and put forward a revised proposal for payment of the arrears is the right thing to do at this stage.

 

However it sounds likely that, even if they do acept your proposal, they are still intent on issuing papers for possession. If they do it is in your interests to attend the hearing and defend it. If you do not attend GE will get a suspended possession order in your absence and you will have no control over the conditions of the suspension

If you attend you will get the opportunity to explain and show the judge what you can afford to pay off the arrears.

 

If they do issue court papers for possession. - please post on here and we will help you to complete and submit them.

 

Kind Regards

 

Ell-enn

[Ell-enn]

Hi there, the advice you have been given to contact GE (in writing and by recorded delivery) and put forward a revised proposal for payment of the arrears is the right thing to do at this stage.

 

However it sounds likely that, even if they do acept your proposal, they are still intent on issuing papers for possession. If they do it is in your interests to attend the hearing and defend it. If you do not attend GE will get a suspended possession order in your absence and you will have no control over the conditions of the suspension

If you attend you will get the opportunity to explain and show the judge what you can afford to pay off the arrears.

 

If they do issue court papers for possession. - please post on here and we will help you to complete and submit them.

 

Kind Regards

 

Ell-enn

[kgrant]

hi thanks for the above advise, the amount we have proposed would pay the arrears off by august so its 7 months but we would struggle our normal payment is about £480 a month and we have offered £750 a month which the happily accepted , but i wish now that i had said £650 a month which we would be able to manage, or even £680 which would be £200 on top of our morgage payment, which would take about 10 months to clear the arrears which is still less than a year, i am hoping to sell our car in the next couple of months aswell (when i have had it fixed) and the money from that would clear the arrears. The only other problem we have is welcome finance , ringing the house every two minutes turning up on the doorstep ringing my husbands employer to check that he has been paid (which im sure is not allowed), i wish i could get rid of them!

[kgrant]

hi thanks for the above advise, the amount we have proposed would pay the arrears off by august so its 7 months but we would struggle our normal payment is about £480 a month and we have offered £750 a month which the happily accepted , but i wish now that i had said £650 a month which we would be able to manage, or even £680 which would be £200 on top of our morgage payment, which would take about 10 months to clear the arrears which is still less than a year, i am hoping to sell our car in the next couple of months aswell (when i have had it fixed) and the money from that would clear the arrears. The only other problem we have is welcome finance , ringing the house every two minutes turning up on the doorstep ringing my husbands employer to check that he has been paid (which im sure is not allowed), i wish i could get rid of them!

[Killerschick]

10 months is pretty quick for clearing arrears so GE might still go for it. Hopefully you have made a reasonable proposal to Welcome as well as they are also secured. As Welcome are the second charge they are at more risk and therefore quick to take things to Court. Welcome also charge much higher interest so arrears with them are going to cost you more in the long term. Your proposals to GE, Welcome and any other secured debts (not those secured by charging orders) should clear the arrears in the same amount of time, the principle of pro-rata payments.

[Killerschick]

10 months is pretty quick for clearing arrears so GE might still go for it. Hopefully you have made a reasonable proposal to Welcome as well as they are also secured. As Welcome are the second charge they are at more risk and therefore quick to take things to Court. Welcome also charge much higher interest so arrears with them are going to cost you more in the long term. Your proposals to GE, Welcome and any other secured debts (not those secured by charging orders) should clear the arrears in the same amount of time, the principle of pro-rata payments.

[kgrant]

welcome finance is a 3rd charge, we are still a bit puzzled to how they managed to get it secured as there wasnt the equity in our property, and if we sold up know they wouldnt get all their money

[kgrant]

welcome finance is a 3rd charge, we are still a bit puzzled to how they managed to get it secured as there wasnt the equity in our property, and if we sold up know they wouldnt get all their money

[Killerschick]

Welcome don't do equity checks before lending so it's not uncommon for them to lend over 100% of the value of the property.