secured loan with GE money can i make an over payment ?

no-oneknowsme

Hi , as the title suggests i have a secured loan with GE Money home lending and boy do i regret ever taking it out !

The loan is for quite a sum and im going to be making the repayments until November 2018 (god thats bad:eek:).

Now , it looks as though im going to be getting a gift from a relative of £1k in the next few months and was thinking that if gave this £1k straight to GE money as a one off over payment against my loan what would it do to my loan ?

I dont want to reduce my monthly payments but if i could shave some time of the loan length by doing this it would make life easier.
Its funny how the loans never bother you when you take them out but after repaying for a fe years you wish you had never bothered !

So...does anyone have a secured loan with GE ? Do they accept one of over payments ?

jonesMUFCforever

Their website has a 0800 number for any queries!

no-oneknowsme

well thanks for pointing out the obvious but do you not think that if i had been able to get on their phone lines i would need to be asking the question on here ?

Any body got any decent contributions to my post please?

united66

The chances are that if you are to pay the £1000 lump sump that it would just take £1000 pound off the outstanding balance and they would just reduce the monthly repayment amount accordingly, not the amount of time to pay unfortunately, that's how creditors usually work. You will effectively be paying £1000 off the interest

opinions4u

no-oneknowsme wrote: »

well thanks for pointing out the obvious but do you not think that if i had been able to get on their phone lines i would need to be asking the question on here ?

Any body got any decent contributions to my post please?

Different lenders provide different loan agreements at different times for different customers.

Some will allow overpayments but continue to charge interest as if they haven't paid.

Some will immediately reduce the balance and interest charged will drop accordingly.

Some will simply not allow overpayments.

The previous poster has never had a copy of the loan agreement YOU signed up for. They don't have the terms and conditions to hand.

If you don't have them available, how the hell can you expect people on a message board to answer your question?

The best answer you could possibly hope for is "check the agreement or ring the company".

kev.s

GE money was sold to santander, they do accept overpayments call them and ask. 08715225858

no-oneknowsme

kev.s wrote: »

GE money was sold to santander, they do accept overpayments call them and ask. 08715225858

Thank you , this is exactly what i wanted to hear.

no-oneknowsme

opinions4u wrote: »

Different lenders provide different loan agreements at different times for different customers.

Some will allow overpayments but continue to charge interest as if they haven't paid.

Some will immediately reduce the balance and interest charged will drop accordingly.

Some will simply not allow overpayments.

The previous poster has never had a copy of the loan agreement YOU signed up for. They don't have the terms and conditions to hand.

If you don't have them available, how the hell can you expect people on a message board to answer your question?

The best answer you could possibly hope for is "check the agreement or ring the company".

You will see from my post that i specifically asked the question "does anyone have a secured loan with GE that they have actually made over payments on !!!!!


Seems you havent so you cant offer any advice ?

Gothicfairy

Is that true about GE being Santander ? Cos my repossession forms still have GE as GE with all the details rather then santander..not sure it matters either way but it would be nice to know who I am dealing with

opinions4u

kev.s wrote: »

GE money was sold to santander, they do accept overpayments call them and ask. 08715225858

Kev, how do you know that the OP has the same sort of agreement as you think you are referring to? By the way, Santander may have bought parts of the GE business, but they certainly haven't bought all of it. A lot of the mortgage and secured loan book remains in a state of wind down.

no-oneknowsme wrote: »

You will see from my post that i specifically asked the question "does anyone have a secured loan with GE that they have actually made over payments on !!!!!

GE provided secured loans through a range of different distribution channels and also bought in a good part of their lending book. At different points in time they had different terms and conditions. I don't have a copy of yours to hand.

Seems you havent so you cant offer any advice ?

My advice is clear. You won't be able to guarantee and accurate answer from any post on here that attempts to answer your question. Taking an answer at face value that turns out to be wrong could cost you hundreds of pounds in interest over the next few years.