G E Money Loans

jnowlin123

Hi

I am looking for help on the following problem with GE Money.

I took out a loan with GE Money and got into arrears with them through my ex husbands fault.

I have now paid the arrears up to date but they are currently charging me £9,000 in fees on top of which they are adding interest to the fees of £80 per month.

I have spoken to GE money and they have said that this is correct.

Is there anything I can do to stop these fees?

thanks

halifax71

You need to detail the terms and conditions that supposedly allow them to do this.

Do you have your agreement to hand?

jnowlin123

No unfortunately I can't find the original agreement. It was taken out 10 years ago and stupidly I left my ex-husband to deal with finances back then.

I have spoken to them and they told me that it is all above board and I have asked them how much I need to pay per month to pay this off. They were not able to tell me that information. I also asked if they could stop adding the interest to the fees so that I could at least just pay the £9000 fees on top of what I am paying per month. I really feel as if I am dealing with loan sharks as I can't ever see how I will pay this debt off? I am currently paying £200 per month and they are charging me interest of £180 per month so I am only paying £20.00

any help would be greatly appreciated.

Tixy

You need to get a copy of the original agreement from them.

I'd suggest sending a subject access request under the data protection act which will get them to send you the original agreement and details of all transactions made on the account etc and copies of any rate changes etc to the interest. A subject access request has a £10 fee.
Those items should help you better understand the current position on the account and see if what they are charging is in line with agreement.

Is the loan just in your sole name? or is it a joint loan with your ex?
I guess this is a secured loan?

halifax71

You need to ask them for the info, copy of the agreement etc. If they refuse send a Subject Access Request.

Until we know what your terms say you wont know what they can and can't do.

If memory serves me right GE are secured loan company, with "widely drawn" terms, see the Firstplus thread.

Once you have the agreement / SAR info we can then see what's what and maybe go to the regulators.

jnowlin123

thank you they are sending this information to me in the post.

yes GE Money are a secured loan company. I will have a look at the first plus thread.

thank you so much for your help