GE Money Advise

Dino07

Just a quick background into the situation.

About 6 years ago my dad took out a second mortage i think it was with GE money for around 12k? Anyhow over the last 6 years he's been making the monthly payment as set by GE money. However the loan still seems to be stuck at 12k so it seems the money he pays every month is just swallowed by the interest GE money charge.

Theres been a fair few missed payment charges of £40 a month. As well as court charges i think of £500!

Just want to get some information on this? Does this seem right? Is there possibilities to reclaim the vast amount of interest they're charging?

Help and advise is as always much appreciated!

Edit: sorry if it's been posted in the wrong place. If it has could someone move it. Thanks!

toonfish

I presume it's an interest only mortgage,that's why the sum hasn't reduced but if he's missing payments you can't expect anything less than charges to be added.

He could possibly remortgage, but may not improve the current rate if his account is still in arrears.