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GE Money-charges
mikeb222
Posts: 149 Forumite
I have about £350 mortgage arrears with GE money.
This has created £40 per month charges so I also owe about £240 in charges which is a seperate account apparently.
Due to the recent rate decreases I have received a letter every time informing me of the new repayments.
For example in January they wrote
"We are writing to advise you that following a change in Barclays Bank PLC base rate from 2% to 1.5%, the interest rate pplicable to your loan as decreased from 4.5 to 4.
I accordance with the T & C's of your mortgage, your monthly instalment has changed to reflect the change in base rate. We will also be adding a further change to your monthly instalment to include repayment of £234 which has been added to your account. Your new monthly instalment will be £380 with effect from 28th Feb 09
The sentence in red is the part I dont understand as this £234 isn't showing in my statement and their is no mention of what it's for.
I have a charge of £40 per month for the 6 months I have been in arrears but it doesn't say that it's for that.
Anyone any ideas?
I have phoned them but they keep saying its the charges added to the mortgage, but I can't see how it can be as I have had one of these payments everytime the rate has decreased!
This has created £40 per month charges so I also owe about £240 in charges which is a seperate account apparently.
Due to the recent rate decreases I have received a letter every time informing me of the new repayments.
For example in January they wrote
"We are writing to advise you that following a change in Barclays Bank PLC base rate from 2% to 1.5%, the interest rate pplicable to your loan as decreased from 4.5 to 4.
I accordance with the T & C's of your mortgage, your monthly instalment has changed to reflect the change in base rate. We will also be adding a further change to your monthly instalment to include repayment of £234 which has been added to your account. Your new monthly instalment will be £380 with effect from 28th Feb 09
The sentence in red is the part I dont understand as this £234 isn't showing in my statement and their is no mention of what it's for.
I have a charge of £40 per month for the 6 months I have been in arrears but it doesn't say that it's for that.
Anyone any ideas?
I have phoned them but they keep saying its the charges added to the mortgage, but I can't see how it can be as I have had one of these payments everytime the rate has decreased!
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