Has anyone defaulted with GE Money?

loppylolly

Looking for some advice.

We have missed 2 mortgage payments and are currently waiting for a default notice to join a government scheme to allow the housing association to buy the house from us and rent it back.

So, has anyone defaulted with GE Money? and if so can you please tell me how long it took to get a default notice through the door?

We live in Scotland.

Thanks in advance :j

loppylolly

Come on - someone must have an idea???? Lol

blackclouds

Hi Loppy

Not defaulted but my ex gf did have a nightmare of a time dealing with GE on a car loan, lots of misinformation and so on. Hopefully someone will be along to help, meantime hello, take care and

free bump

loppylolly

Hi Blackclouds

Thanks for that.

Loppylolly

Tigert

Hi,

Not on a mortgage, but On my store cards. Default Notice served immediately after 1st missed payment. Transferred to a DCA after 3.

loppylolly

Hi Tigert,

Thanks for that. All good info.

Loppylolly

blackclouds

loppylolly wrote: »

currently waiting for a default notice to join a government scheme to allow the housing association to buy the house from us and rent it back.


We live in Scotland.

Loppy

I too am in Scotland, any info on the above scheme ????

loppylolly

Hi Blackclouds,

The scheme is run by the Scottish Executive and is called the Mortgage to Rent Scheme. You need to have had a default notice or a repossession order served on you by your mortgage lender. You also need to have a Housing Association (or a landlord – like the council) who is willing to participate in the scheme. It’s not guaranteed, but you will get all the info you need from CAB.

CAB told us all about it when we went blubbering to their door. The Scottish Executive pays off your mortgage and any SECURED debts from your equity. Any money left over goes back to the scheme. The Housing Association then rents your house back to you on a SECURE tenancy. It’s not for everyone and it’s not guaranteed that you will qualify, as there are a lot of different criteria that you have to meet.

We are in serious debt and this is a last resort to stay in the property we love. We cannot buy anything cheaper as we are already at the bottom of the property ladder. A lot of bad luck, sickness and stupidity put us in this mess and we are trying everything and anything to stay in the property. We will lose a lot of equity doing this but at the end of the day, peace of mind is worth the gamble.

Let me know how it goes. Good luck.

Loppylolly

blackclouds

Loppy

Had a read thorugh that, thanks ........

isgman

Loppylolly, Do you know if the Scheme is also available in England ? or is it just the forward thinging Scottish Executive who have come up with this great idea !
Hope all goes well for you , Good Luck
I had a default with GE Money (Loan) and they sold the Debt on very quickly.. (hope that helps)

loppylolly

Hi isgman,

Sorry, this scheme is only available in Scotland.
Thanks for the info and the best wishes.
Hope things turn out well for you and yours.
Good luck.
Loppylolly