GE Money unregulated loan

Etselet

I have a secured loan with GE Money. I had a lot of issues with them, and was in arrears for some time. They attempted to reposess my house a few times, and over the past 4 years have been to court in excess of 6 times, with Eversheds.

Last friday i recieved a letter from GE, stating that basically, they have done a review of my account, and they will in effect be doubling my monthly premium.

I was worried about the letter and started a trawl of the internet, and also tried to find my credit agreement. I found a wealth of information and with this to hand called GE.

I spoke to a lady, who by typical GE Standards does not listern to what you have to say, but i highlighted the following points.
GE state on there web site that the interest rate for mortgages follows the BBBR which is around 4%.
Her reply, was that i do not have a mortgage but a secured loan.i
I also asked what an unregulated loan was, and also what process they follow, and when was it changed, as have found the same letter on forums from over 12 months ago, so clearly no change of process then.

I had with me a letter dated 2007 basically saying that my interest rate had increased by .25% to 10.85%.
Naturally i asked what my interest rate was when i took out the loan, she told me 11.6%, so i challenged her, if my interest rate has increased by .25% and as you say, my interest rate is 11.6%, then i should be on 11.85%, and not 10.85%.
At this point she stated that i must have a mortgage, i told her no, she informed me that current GE Money interest rate was 12.9% and has been that since 2009. I challenged that remark, due to the credit crunch, and all she offered was a copy of GE interest rates.
I also mentioned that as i had been taken to court over 6 times, they had plenty of time to inform me that their interest rate had changed.

I then requested a copy of my loan agreement.
A copy of the interest rates over the term of my loan,
A copy of the process, that they say they have changed.
And to satisfy them a income and expenditure form.

I have received my credit agreement, and income and expenditure form.
No interest rate break down, and no process.
which i will call them for tomorrow.

The credit agreement clearly states on the top in bold
"FIXED SUM LOAN AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974"

Also mentions that interest will be charged at the GE MONEY BASE LENDING RATE.

As i know have a copy of my agreement i will be chasing the for selling PPI that is not worth the paper it was printed on, and there was not a lot of paper....

Any help or more info greatly appreciated..

Etselet

Etselet

Called GE again today to discuss my unregulated credit agreement, and also requested the interest breakdown on my loan.
Actually spoke to the same person, informed her that I received my credit agreement, but not the interest breakdown.
She informed me that she has requested it and was waiting for it to come through the system.
I mentioned again that it seemed strange that GE wrote to me in 2007 about an interest rate increase, but have not written since. Again I was informed that they were unable to write to me because of the type of loan, I asked her to explain, and was told that I had an unregulated loan. However I had a copy of the agreement, which clearly states that the loan was regulated, and I also asked for a copy of the process that prevented GE writing to me.

After a few minutes on hold, she came back and told me that I did in fact have a regulated agreement and that they would send me a copy of the process, along with the interest rate breakdown.

I also asked that seeing as interest rates have fallen everywhere why has the interest on my account actually increased..

I am currently waiting for the letters that I requested...

Etselet

TRACY_T_2

Etselet, i have the same problem with G E Money, i borrowed £5000 six years ago, i made regula good payments untill they started putting the intrest up, i still owe £5000, i have written to a judge for help as with you my loan said at the top FIXED SUM LOAN AGGREMENT, I was defo miss sold this loan.

Tracy:(

Keepcalm

Etselet, Last Septembet (2012) I made usual payment over the phone for my secured loan with GE Money. At the end of the call when next instalment amount and date is confirmed, the figure they said I had to pay was more than 50% more than usual instalment! Since then I have had help from lawyers with letters to GE Money, complained via Financial Ombudsman and the FLA but am not getting anywhere. I now have arrears (according to GE Money!) And my account has been passed to their legal dept.

Just like you they have reviewed account and said that interest should have been increased. In my case original loan was taken out with First National Bank back in 2001, when interest rates went down a little I received a letter from First National stating that interest rate was going DOWN! However by 2004 GE Money had taken over and they kept the interest the same until last October.

They now appear to be a law onto themselves without rational justification for interest rate changes. And I am unclear where to go next!?

Not sure if a repossession Court would be a safe/reliable place to get fair justice.

Any suggestions would be welcome.

HARRIS1997

Evening,

I have read this thread and wondered what the outcome was as unfortunately I am in a similiar situation. Thanks