GE Money home lending (formally i group)

[Bona]

Your best option is to go to court well armed with a plan of your expenditure and income If people are realistic and can pay of the arreas in a reasonable time then thats fine what is reasonable well it depends on what life the mortgage has left, Onece all the areas are paid and you are back to normal then I must admit I thought the case died but I was wrong you need to apply for the possession order to be dimissed otherwise they can make an application for it to be reinstated, As i have said before NO District judge will take a house away if they feel that you are making an effort and you can pay what you say so it is VERY important that you do as you say. Boy with that 900 can you put part of it aside for you mortgage if you need and use the rest for bills then if you dont need it use if for other bills

 

Bona

[:Boy:]

Thanks for all of the advice, there is certainly a hatred for GE Money, and it makes you wonder how they can treat customers (valued customers at that, think how much money they make from us, rather than a High street lender) like this. The FSA/Trading Standards/Council of Mortgage Lenders/Financial Ombudsman etc etc must be able to get involved here.

 

They are not looking after their customers, period. Their are guidelines they have to follow, and they are not. i.e taking you to Court for repossesion on 2 or even in my case 1 months worth of arrears. Providing a debt counsellor, and not heeding any advice they give, i.e they phone GE Money to explain the situation to whatever person he reports to and they say 'tell them to sell their car/borrow money from family/SELL THE HOUSE!', how does this help. Why can't they put the arrears onto the term of the mortgage, like what the do for on the 'fee balance'.

 

If we could find one example of GE Money adding arrears to a term of a mortgage, either through Court or a decision they make, surely that would be enough, and it would also prove that this can be done.

 

Something has to be done, christ at least Dick Turpin wore a mask!

 

Lets go and get them!

[:Boy:]

Had a letter today from Wragg & Co who are representing GE Money. It states (after we have got the letter from GE Money to confirm our arrangement):

 

We are instructed by our client that an agreement has been reached with you for repayments under your mortgage, subject to a suspended possesion order. We will be asking the Court for a suspensed possesion order at the forthcoming possesion hearing. This means that even though an agreement has been reached, the hearing will go ahead. A suspended possesion order is an order for possesion of the mortgaged propoerty but one which cannot and will not be enforced provided that you maintain the agreed repayments and do so on time. However if you fail to do so, our client will be immediately entitled to enforce the order by writing to the courts to fix an apopointment for the county court bailiff to evict you from the property. It is our advice that you still attend the hearing to confirm to the District Judge the agreement that has been reached with our client. However if you default on the arrangemnt prior to the hearing, our cleint may instruct us instead to ask the court for possesion of your property.

If you have any queries about the terms and effect of a suspended possesion order, you should seek independant legal advice as soon as possible.

Some questions I have:

 

1. Should the Hearing be adjourned, and not suspended?

2. Can the Mortgage company 'fix an appointment (great use of language there!) for the County Court Bailiff to evict us from the property' without us attending a hearing for our reasons, and them doing this by writing?

3. Isnt it an abuse of the Court system to still go to the Hearing, as we will probably be paying the Soliciters fees and not the mortgage company, even though an agreement is now in place?

4. I feel like I am still going to get bullied in the Hearing!

 

I look forward to some help and advice please.

 

Best regards

[maybelline]

there has to be a hearing for them to get the possession order, I believe, which they would have asked for with an agreement in place or not I reckon, but going to the hearing gives you a chance to arrange affordable payments the judge will think is reasonable rather than what GE would like you to pay, also, ask the judge not allow them the costs since they are pushing for a hearing when they have an arrangement they have already accepted in principle.

 

(hopefully more advice will follow)very best wishes.

[gizmo111]

Some questions I have:

 

1. Should the Hearing be adjourned, and not suspended?

2. Can the Mortgage company 'fix an appointment (great use of language there!) for the County Court Bailiff to evict us from the property' without us attending a hearing for our reasons, and them doing this by writing?

3. Isnt it an abuse of the Court system to still go to the Hearing, as we will probably be paying the Soliciters fees and not the mortgage company, even though an agreement is now in place?

4. I feel like I am still going to get bullied in the Hearing!

 

I look forward to some help and advice please.

 

Best regards

 

1. The hearing is not suspended they are going to the hearing to apply for a suspended possesion order.

2. Yes - the baliff comes round to evict at an agreed time withthe court - you would get about 14 days notive of this. Not sure this is the correct terminology but in essence this is waht happens.

3. Not an abuse of process as the agreement is to pay the arrears, they want the suspended possession order to be granted atthe hearing.

4. More than likely - but stick to your guns and go, so they can't spring any nasty surprises in your absence.

 

Good Luck with this.

[zootscoot]

Hi Boy,

 

I received your pm in relation to your other claim. I'm just in the process of updating the witness statement following on from reading Jamorgan's Transcript and once this is done I'll be able to get back to you on the items you need for your bundle.

 

With regards to this case. A suspended possession order is granted where the lender wishes to apply for possession but the court grants the borrower one last chance. GE can not go for a possession order as you are offering payments to meet the arrears and in these circumstances the court would normally suspend the possession order subject to you keeping up repayments.

 

The effect of a suspended possession order is that you are given time to pay off the arrears and if you do this the possession order is removed. However, if you fail to meet one payment of the arrears, GE can go straight for possession.

 

Do attend the hearing and bring with you evidence of income and expenditure. Let the judge decide the amount you are to pay. This is likely to be far less than GE are demanding. Its important you don't agree to a sum that is too high otherwise you will not be able to keep up the payments and will lose your home.

 

Also if it is possible, it would be best to try to arrange a re-mortgage as soon as possible as this will free you from having the threat of the possession order being enforced at any time.

 

Obviously do be careful in choosing another mortgage. The choice is limited in the sub-prime market and as you know there are some unscrupulous lenders out there! Watch out for those with variable discounted rates (which are initially low but shoot up very soon) and hefty ERC. Go for a fixed rate if possible.

 

All the best

 

Zoot

[:Boy:]

Thanks for the help.

 

My point on question 2 was, can they just write to the Court and then get Bailiffs in without coming to a hearing. i.e what would happen if my wife had a serious car accident (god forbid) and we struggled to pay the arrears? I would have no chance advising the Court of the problem.

 

Also, WILL the Court allow a suspended Possesion order on arrears less than 2 months?

 

and while I am thinking about it now, If I pay off all of the arrears, say next month, could I have the suspension order taken off?

 

Thanks for all of your help, it is greatly appreciated.

[:Boy:]

Thanks for your advice Zoot.

 

Even though I have made a payment arrangement with GE Money, could the Judge change this, if he believes it is too high?

 

Best regards

[gizmo111]

Thanks for the help.

 

My point on question 2 was, can they just write to the Court and then get Bailiffs in without coming to a hearing. i.e what would happen if my wife had a serious car accident (god forbid) and we struggled to pay the arrears? I would have no chance advising the Court of the problem.

 

 

As I understand it they will inform you and you get around 14 days notice of eviction.

Also, WILL the Court allow a suspended Possesion order on arrears less than 2 months?

 

Difficult to answer - will depend on the court on the day.

and while I am thinking about it now, If I pay off all of the arrears, say next month, could I have the suspension order taken off?

 

As far as I know yes, the order remains whilst there are arrears.

 

Thanks for all of your help, it is greatly appreciated.

vvv

[:Boy:]

Cheers for your help!

[Bona]

Yes the court will order a suspension over three months of arreas we had a years the test is can you pay back in a reasonable time that can be years not months. When you have paid it back the case goes cold but I have just discovered that if you make an application to have it dismissed and can prove your upto date then the Judge will do that and the company have to start again .

If the worst comes to the worst they will write and tell you they are are applying for a Bayliff appoitment you then have 14days but in reality is is more like a month , but that isnt the end you make an application for it to be suspended again and say why you got into arreas and ask the judge for more time as long as he thinks you can pay it he will do it when our company went to the wall we had 9 bayliffs appointments and each one was supended over a period of 3 years , you dont want it to come to that

but dont be alarmed.

I believe that as you have made an offer which has been accepted and you are not that many months in arreas you have a case that there actions are unreasonable and that they should have waited rather than proceed and waste the courts time, and you should not have to pay the costs

 

Bona

 

Bons

[Bona]

Zoot

If a mortgage company takes you to court and obtains a repossession order is that breaking their contract with you for the mortgage to go full term therefore if under that threat you remortgaged surley the erc would not be valid as they instigated the change

Bona

[The Avengers]

Hi Boy

 

I have just been dealing with a Guy called Briad who runs the Mortgage Mediation service,he helps in cases like yours to mediate a settlement if you need him give him a call is really nice really helpful and takes a load off your shoulders as he does all the work.Talking to the lenders going to court on your behalf etc etc.

 

Thought this might be helpful,he is also lobbying for the removal of ERC charges.

[coldcarpet]

sell up son you clearly are unable to afford the property both you and your wife are just working to pay this mortgage down size for a couple of years until back on your feet then buy again. might be harsh but will save you both grief in the long run,

[:Boy:]

Can afford the house, difficult work situation I am in. Long story which I am not going into.

 

We would sell the house but there is a £10,100 ERC on the property, which would eat into our equity.

 

The mortgage we actually have for the property amount, is actually not that bad, considering interest rates have gone up, and everyone I know mortgage amount have raised, bar us (we are on a fixed rate for 4 years).

 

Thanks for your advice though.

[gizmo111]

Can afford the house, difficult work situation I am in. Long story which I am not going into.

 

We would sell the house but there is a £10,100 ERC on the property, which would eat into our equity.

 

The mortgage we actually have for the property amount, is actually not that bad, considering interest rates have gone up, and everyone I know mortgage amount have raised, bar us (we are on a fixed rate for 4 years).

 

Thanks for your advice though.

 

How much longer are you tied in for?

[:Boy:]

August 2009

[shaokahn]

Hi all,

 

I hate this company with a passion.

 

I recon that their charges and fees amount to extortion!

 

I suppose the simple answer is, change lender. I will be investigating the options on this very soon.

 

Just because people get into difficulty and need a "helping hand" doesn't give these companies the right to take the p**s and charge such high fees and interest. OK we may be a "high" risk customer, but we have put our homes as collateral and that surely negates some of the high risk charges.

 

If GE charge enough interest and fees eventually GE will reposses someones' home and make another fast buck.

 

Enough is enough. Vote with your feet!!!

 

 

pj

 

"Vote with your feet"

 

That is exactly what we are doing at the moment.

LloydsTSB are doing a 5 year fixed mortage through C&G and the repayments work out less than GE Servicing,and the move is not costing anything up front.(slighty higher rate as normal,but worth it as this will enable us to rebuild our credit score being back with the high street banks).

GE stitched us up and went all out for blood,and almost got our house,they will never have the chance again!

Shaokahn

[:Boy:]

Is your credit good enough for a mortgage with C & G, if you ghad a mortgage with GE?

 

I did not know they done mortgages for people with adverse credit, if they do I will look into this.

[:Boy:]

Just had post, no news to update on yet.

 

Best regards

[pj41]

Hi Shoakahn,

 

If your credit score is as bad as mine and you are successful please let us know.

 

Good luck

 

 

pj

[shaokahn]

Mortgage adviser at Lloyds TSB did a credit score check,she advised me that an excessive amount of checks was not good for us but I told her to go ahead anyway.

I was told we were ok and she explained that the interest was slightly higher than normal,but after she worked out the figures I agreed to call the next day to sign the papers with the missus.

The surveyor has called and the mortgage completes at the end of the month.

The only main issue is that GE have stung us a few grand for jumping ship but I feel that it is well worth the cost,I've put the cost onto the mortgage and with a 5 year fixed rate,now we can rebuild our lives.

Another point of interest is if you are more than 1 month behind with your mortgage with GE then you need to get upto date otherwise it's a no no.

Hope this helps you

Shaokahn

[:Boy:]

Still no news as of yet!

[juicy]

Hi there,

 

Just been reading through all your posts and have decided to do my 1st letter to GE Money. Myself and my husband took out a secured loan on our house with these people when they were known as I Group, what a big mistake that was!! We have been paying interest for the past 3 years and haven't paid anything off the capital! We have loads of charges totaling about 800 quid for late payments and arrears, as you know they charge 40 quid a time.

 

Do you think I will be able to get these charges back? Also we are hoping to be able to settle this loan soon but GE are going to charge us 3,000 quid redemption penalty for settleing early? Can I get this back too??

 

Thanks for your help everyone

 

Juicy

[:Boy:]

Well I have today paid my first instalment of the arrears (£184) and my monthly payment. They were even kind enough to advise me that I am still going to be charged £40 for every month that I am in arrears!

 

When I made my debit card payment, they put me on hold for 5 minutes. They then stated that they are going to stop the Court hearing, and that the Court will notify me. I asked who is going to advise Wragg & Co, and they said not to worry about that.

 

I feel that this is an abuse of the Court system/process, and a waste of money, as I will now be billed for the additional Soliciters costs, and not get a chance to ask the Judge for them to pay. Me and the wife have booked days holiday for this case (from work) and now we will not be going. There must be something that I can do about this?