mortgage been sold :(

ElleKay33

Moonbaby, your story mirrors mine in so many ways and we too got a letter on Monday to say our mortgage was being moved to Engage Credit (Pepper). It was laughable in the fact that the actual letter was dated 17th March telling us that this would come into effect as of 20th March, and I only received the letter on 23rd March!! GE Money are clowns and I cannot say I am sorry that we won't have anything more to do with them, although I must say I did share your worries at first. I have to agree with the others in that our terms and conditions must stay the same so I don't really foresee any major changes.

moonbaby_2

Ellekay33 Thank you for posting.
I have managed to speak to someone at engage no very proffessional and couldnt access all the details until all the documents havent been transfered. She did say the terms and conditions would stay the same. Its what the plans for the arrears and interst charges are that i am concerned about. If we could afford to clear more of the debt then we would im just scared they will be demanding of more. Suppose will just have to check friday that the payment has left my account ok.
I have however spoken to a financial adviser this morning who seems to think our mortgage to ge money was mis-sold and has picked up a few discrepencies. I will be speaking to them again as soon as ge send me all the final paper work and see where we go from there.
Im sure its all legit i kind of felt like our mortgage has been seent to a debt collector.
Good luck with your hopefully it might turn out its for the best.

Jellytott

Hya same thing happened to me also, I looked at the transfer document from getting and they have charges they agreed to withdraw which they have not , called engage who are something to do with pepper who are notoriously bad at reprocessing in Ireland , let's hope the UK is different . To be safe I have asked for copies of my mortgage documents from them and a full / statement of charges to browse through.
I also suspect this handover was not quite lawfully as I was told on the Friday and it was done on the Monday this was just one working days notice and no prior notification or handover period ....does anyone know what the legal timescales are? Thank you

Thrugelmir

Jellytott wrote: »

I also suspect this handover was not quite lawfully as I was told on the Friday and it was done on the Monday this was just one working days notice and no prior notification or handover period ....does anyone know what the legal timescales are? Thank you

Contractually mortgages are transferable between lenders. That's the terms you signed up to. Should make little to no difference to the borrower as you simply carry on as before.

Paul_Easton

I have been with GE Money for the past 7 years and my mortgage was transferred to Engage Credit/Pepper last month.

In September 2012 I had an arrangement to pay an extra £100/month to help clear some arrears. I was able to clear the arrears completely in November 2013 – almost two years ago - and my account has been ‘in the clear’ ever since.

My current monthly mortgage payment is £742.09 but the September payment – the first to be collected by Engage – was for £842.09. I called them and queried it. The person I spoke to said it was because an arrangement was in place! I pointed out – and he confirmed – that I had no arrears so they should not have helped themselves to that extra £100!

I was advised the easiest way to deal with the Direct Debit was to speak with my bank, get them to recall it and make a payment for the correct amount.

This was done – and I also wrote a letter enclosing a copy of my mortgage statement and other documents to back things up.

I have yet to receive a reply – or even the courtesy of an acknowledgement.

I was away on holiday last week and among the mail waiting for me on my return was a letter from Engage Credit saying my DD had been returned unpaid and they would re-present it on Monday 5th October!

Sure enough it went through this morning and, once again, I had to go and see my bank to get them to recall it. I have also cancelled the DD and until Engage Credit has agreed and confirmed in writing that they will only collect the main monthly instalment I shall make a manual payment.

Has anybody else whose mortgage has been transferred from GE Money to Engage Credit/Pepper had any similar problems?



Thanks.

Lost_Sparkle

I've never posted here before but I'm in a state of panic tonight and we haven't been able to get hold of anyone at GE all day. We had a letter from Engage this morning, the first we've heard from them, stating our mortgage account number, property address, arrears amount of £1,523.30 and total fees amount of £6,246.74.

Before this morning we had no idea that our mortgage could be sold, let alone that it had been. We've received nothing at all from GE and, as far as we knew, the account was up to date. Mortgage payments are on direct debit and have been being paid.

We did get into a bit of a mess with it almost 4 years ago when my husband lost his job (I can't go out to work - or anywhere else for that matter - due to anxiety issues). At that time we were in touch with GE and explained the situation to them and were told that they could do nothing until the account got into arrears, then they said they would lower the repayments, which they did - but only for 4 months and then added the difference onto the next payment, which we then couldn't pay the full amount of. Ever since then we have been getting conflicting statements from them, some saying that the account wasn't in arrears, some saying it was, but the monthly payments have always been paid on time and last time my husband spoke to them he was told that it was up to date.

What is worrying me is that I have never heard of Engage Credit before today and when my Husband managed to speak to them this afternoon they kept asking him to give them his bank account number and sort code! He wouldn't give those details over the phone so they wouldn't tell him anything. Also, why is there such a large discrepancy between the arrears amount and the total fees amount? The letter says they have been trying to contact us about the arrears and we need to get in touch with them within the next 5 days. If they are going to demand payment of £6,246 we just don't have that. We've had no heating for the last 3 years as we can't afford to have the boiler fixed. We have no savings as we are still trying to get everything sorted out from when my husband lost his job and I really don't know what to do now.

joannegollins

HI my mother has recently been told that future mortgages had been undercharging her, for the mortgage interest. Now the new company engage credit are trying to get her to pay the backdated mortgage interest. Her mortgage is interest only she has pension credit and is helped with it by dwp. It means they have increased her mortgage by £35 per month.

csgohan4

joannegollins wrote: »

HI my mother has recently been told that future mortgages had been undercharging her, for the mortgage interest. Now the new company engage credit are trying to get her to pay the backdated mortgage interest. Her mortgage is interest only she has pension credit and is helped with it by dwp. It means they have increased her mortgage by £35 per month.

I hope your mother has a repayment vehicle to repay the mortgage when the interest mortgage finishes.


If not she will lose her house.

Mummyto4kids

I think they have sold a lot of their mortgages. My house which I sold on Monday was originally mortgaged with GE Money and approx. 5 weeks ago I was notified that it had moved to Kensington. As I was selling it and didn't have any arrears it didn't really matter to me in the way it might do to others, but might shed some light on why people are getting letters saying their mortgage accounts have been sold on.

dsab

GE as a company is completely moving out of the Money Business globally, and have sold (or are in the process of selling) all their Loan Books.

https://www.mortgagestrategy.co.uk/ge-money-stops-lending-following-loan-book-sale/