Main site > MoneySavingExpert.com Forums > Essential Money > Debt-Free Wannabe > GE Money Lenders - repossession??? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
GE Money Lenders - repossession???
Closed Thread
Views: 2,377
Thread Tools Search this Thread Display Modes
# 1
homeworkgirl
Old 12-07-2009, 11:42 PM
MoneySaving Stalwart
 
Join Date: Sep 2007
Posts: 313
Default GE Money Lenders - repossession???

For once I am able to forget my own woes and am posting on behalf of friends of mine. They have a repossession hearing this Thursday, lenders are GE Money Lenders. They got into 3 months arrears last year and have not been able to catch up, they asked if arrears could be capitalised but lender said no. They did let them start paying interest only but they are still the 3 months in arrears from before. They have been late paying for the past 3 months (by 2 or 3 weeks but always within the month it is due).

The husband has a well paid job but has a back problem and has to take odd days off work for which he does not get paid. His GP has written a letter for the court to back this up. The wife works part-time. They have two dependent children.

Their joint earnings can well support the mortgage they have so there is no problem there.

They would like your honest opinions about the likelihood of the repossession being granted please.

Last edited by homeworkgirl; 13-07-2009 at 10:08 PM.
homeworkgirl is offline
Report Post
# 2
fatbelly
Old 13-07-2009, 12:25 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2005
Posts: 7,601
Default

They need to show that they can pay the contractual monthly instalment plus something towards the arrears. They may need to stop paying non-priority debts to achieve this.

The judge will award a suspended possession order. They stay in the property for as long as they stick to the order.
fatbelly is offline
Report Post
The Following User Says Thank You to fatbelly For This Useful Post: Show me >>
# 3
Toni23
Old 13-07-2009, 9:00 AM
MoneySaving Convert
 
Join Date: Jan 2009
Posts: 54
Default

A court will always look to see that the Lender has considered all options before issuing a possession order.

If your friends are still paying on an interest only basis, then perhaps they can continue to pay the normal monthly payments as they can then reduce the arrears until GE revert the account back to capital and interest.

If they are not paying on the due date, and this is by direct debit then it is likely that they will be incurring charges for a failed direct debit. Ask for a change in the repayment date, if the payment is still being made in the month it seems a shame to be penalised.

Go back and ask for them to reconsider the capitalisation on the basis that the circumstances which occured at the time of the arrears has been resolved and normal monthly payments can be maintained. The court would take a dim view of the lender pushing the case to court and incurring extra charges unnecessarily.

The Court could adjorn the case to allow time for the arrears to be paid off between the two court dates if there is a real possibility that this can be done or issue a suspended possession order, which would only be enforced if the agreement made in the court was not maintained.

Lenders always have to treat customers fairly, it is part of the FSA guidelines. If your friends think that there request has been unreasonably refused, then they should complain in writing to GE in the first instance but then take the matter through to the FSA if necessary ( It may be worth mentioning the amount of charges being made ). However, these things take time which may not be on their side, but I have found that lenders do not want negative attention from FSA and may be more likely to reconsider the capitalisation.
Toni23 is offline
Report Post
# 4
RAS
Old 13-07-2009, 9:58 AM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Mar 2007
Posts: 25,408
Default

Hi

have they taken advice from any of the debt charities, if they have other debts? See http://www.moneysavingexpert.com/loa...help-plan#help

Have they spoken to anyone like shelter?

In the immediate aftermath of Thursday, do they have anythig that they can cut back, sell on amazon, e-bay or at a card boot sale?

They might benefit from putting their SOA on here and seeing what could be done.

And stop paying non-priority debts until the arrears is cleared.
The person who has not made a mistake, has made nothing
RAS is offline
Report Post
# 5
homeworkgirl
Old 13-07-2009, 10:13 PM
MoneySaving Stalwart
 
Join Date: Sep 2007
Posts: 313
Default

A bit more info.....they have been paying interest only for 6mths. Also they have today made this month's payment over the phone which was due on 4th. They could not afford the full amount but have paid about 80% of it.

Any more opinions on what might happen on Thurs would be greatly appreciated as obviously they are extremely worried about it.
homeworkgirl is offline
Report Post
# 6
fatbelly
Old 13-07-2009, 10:42 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2005
Posts: 7,601
Default

Quote:
Originally Posted by homeworkgirl View Post
A bit more info.....they have been paying interest only for 6mths. Also they have today made this month's payment over the phone which was due on 4th. They could not afford the full amount but have paid about 80% of it.
This is not good news - it looks like they cannot afford the contractual monthly instalment, let alone anything to the arrears.

I just read your post more carefully. I take it this is a second loan, a secured loan, separate from the mortgage.

If it was originally for under 25k, and taken out 1998-2008, it will be a loan regulated by the Consumer Credit Act. And this gives the possibility of an adjournment to give time to prepare a Time Order. I suggest they run their case past National Debtline even if this isn't true, and look at this factsheet.

Factsheet | Time Orders

They also have good advice on mortgage arrears

Phone them for advice 0808 808 4000
fatbelly is offline
Report Post
The Following User Says Thank You to fatbelly For This Useful Post: Show me >>
# 7
homeworkgirl
Old 13-07-2009, 11:49 PM
MoneySaving Stalwart
 
Join Date: Sep 2007
Posts: 313
Default

Quote:
Originally Posted by fatbelly View Post
This is not good news - it looks like they cannot afford the contractual monthly instalment, let alone anything to the arrears.

I just read your post more carefully. I take it this is a second loan, a secured loan, separate from the mortgage.

If it was originally for under 25k, and taken out 1998-2008, it will be a loan regulated by the Consumer Credit Act. And this gives the possibility of an adjournment to give time to prepare a Time Order. I suggest they run their case past National Debtline even if this isn't true, and look at this factsheet.

Factsheet | Time Orders

They also have good advice on mortgage arrears

Phone them for advice 0808 808 4000
Hi, no this is their main mortgage we are talking about. They admit the arrears and the late payments but the amount of charges that GE have been adding on is absolutely disgraceful and all the time that is happening they can't catch up.
homeworkgirl is offline
Report Post
# 8
fatbelly
Old 14-07-2009, 1:04 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2005
Posts: 7,601
Default

Quote:
Originally Posted by homeworkgirl View Post
Their joint earnings can well support the mortgage they have so there is no problem there..
I think it was that sentence that confused me
fatbelly is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 2:19 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 16 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile
  • RT @MoneySavingExp: Weekly email:Free breaking bad, top shares ISA, HOT bband deal ending, 2.5% cash ISA, Tesco wine sale, £10 champers.. h?
  • RT @MoneySavingExp: Ovivo closure: MSE?s reported the mobile firm to authorities. If you?ve been affected, here?s how you can complain http?
  • Right switching off Twitter now. Going back offline. Thanks to those of both sides tweets for making it a more enjoyable watch.

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • THE VAMPSMEET THE VAMPS (DELUXE VERSION)
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.