repossession, but why? not being reasonable

little_miss_spender

Thanks Mary for the links. I had a look at all of them it made some interesting reading.
But what troubles me even more is the fact that these companies are also making money in other ways from people who are vulnerable. Whenever my husband tries to contact ge money by phone, he has never, not once been put through straight away, they always put you on hold for anything from 10 mins up to an hour or more if you keep holding. I found out that the number they provide for you to ring is actually earning them money. They are making money out of you whilst you are sat waiting and worrying for someone to answer your call. This is disgusting.
Also another way they make money from people, when income support help with your mortgage and send money direct to the lender, GE Money say you have to keep on paying the full amount of the mortgage repayment as well. Common sense says to you that you should now adjust your direct debit to just cover the shortfall, so as to make up the money that income support are sending. But they like to make things complicated so they tell you that they will send you the difference back via bachs, but you cant have it straight away because you have to wait 5-7 days for it to get to your account then you have to phone up and request they send it back to you. In the mean time they are earning interest on your payments that they are retaining. Does that make sense? They have their fingers in every sticky pie you can think off. Swines!

little_miss_spender

i have remembered the other companies now they were SPPL southern pacific loans and kensingtons.

little_miss_spender

just got my letter aknowledged today from the FSO says they are busy but are dealing with my complaint. So thats a step in the right direction lets see what they come up with shall we?

maggie_aitken

little_miss_spender wrote: »

When i read the FSA guildlines for its members it states that the lender should be reasonable and take the customers circumstances into account and the priority should be the customer and any offer of repayment of arrears should be considered, even if over the whole term of the mortgage.
Well thats roughly what it says in the lenders handbook written by the FSA for its members. My mortgage company is one of their members although they are sub- prime lenders ,and i am struggling to get them to agree to any payment proposals that i can afford i am only behind by 1 mortgage payment in total. It is being half paid by income support, so it leaves the remainder of the full payment to be paid by me, so they are saying I am two payments behing but in reality i am not because the alleged two payments only add up to one full months repayment amount.

They know my circumstances that following the death of my father i had a nervous collapse, i couldnt even speak i was so bad, i just locked myself in my room, I wouldnt answer the door or the telephone and that was 12 months ago and and i am still working through this but at the same time just 6 months ago, I fell ill again with something and I am having tests for cancer and other possibilities like MS, my husband had to give up his job to care for me and my 86 year old mother who lives with us, and our 3 children.

My husband has rang the lender and they say their company policy is that 3 months is the maximum to pay off arrears and wont discuss it any further, my husband said what about the FSA Guidlines about being fair and taking the repayments over a longer period. Their reply was that was their rules and as far asthey were concerned they were being very reasonable and fair.

I have written about 15 letters in the last 12 months one of which was a complaint which they promised to respond to in the next 20 days that was on the 20th of July and still noresponse. My other letters have not even been acknowledged. Now i get a default notice they are still adding interest and fees, which i asked them to freeze due to the circumstances which they have ignored. Now I get a letter telling me they are taking me to court and this will cost over £400.00.

I cant believe this it is not as if they are getting nothing at all they are getting over half the mortgage amount and i have told them i will restart my payments in october with money off the arrears and sent them a cheque as goodwill for a hundred pounds in the mean time to show my intention to pay. but they have ignored this too.

I am going out of my mind the last phone call my husband made the woman said (we have people owing us money in much worse situations than yours people with real illnesses like cancer) my husband couldnt believe it, (she then replied have you any proof she is having tests?) totally gobsmacked my husband replied that he just wished i was better,:mad: and put the phone down. Any advice on this would be good I could not go to court as i am not well enough and this whole thing is making me worse. we have been customers of this company for over 6 years and never missed a payment or been late ever in all that time and this is how we are treated.

Hope things worked out for you, I'm currently furious with this lot - advertised as Ocean Finance, their TV advert shows them as rescuing people from dangerous isolated desert islands. More like circling sharks, i must say ...during a short period of unemployment last year during which I claimed on the appropriate insurance policy - taken out at the same time as the loan and with a company supplied by Ocean, in fact I was under the impression that I had to use this company - I kept SPPL in touch with the progress of the claim. Getting the claim settled took until December 2007, although the unemployment period was from June-August 2007, but SPPL were kept in the loop regarding progress and the claim was finally settled. Guess what though? Despite being kept in touch, and with the insurance claim in progress so that monthly payments would be deferred pending settlement, SPPL /Capstone (their other name)slapped on a load of spurious sounding charges such as admin payments, arrears management fees - etc - culminating in threats of legal proceedings, for which, of course, I am apparently to pay the costs! It's now June 2008, my issues have apparently entered into the company's complaints procedure as of 9th May - and today I recieve further legal threats to sell my home from under me!
The Solicitors recieved instructions to proceed on 1 June, so either the so called complaints procedure has been completed and rejected without bothering to let me, as the customer, know, or else different areas of SPPL/Capstone don't communicate with one another.

As it happens, I'm off now to the FSA and my own Lawyer as well as your own good selves... but what a bunch. How would anyone who's down on their luck financially have any chance of repaying these possibly imaginary charges?

minimike2

UK007BullDog wrote: »

Correct, when working for a high street lender any sub-prime cases (people with bad debt record) we would not lend on got referred to GE Money. The risk of subprime defaulting compared to prime is much higher.

Were the other lenders Platform, Rooftop, SPML, Moneypartners by any chance if you can remember?

That would have been a lender with the same name as a Crown Court down south then would it

Conrad

gilligansyle wrote: »

It would be really nice to have a crystal ball, and while you can plan to a certain extent, sometimes the world just bites you back.

In the absence of a crystal ball and because we all know life has a habit of biting us, we can save plenty before we ever even buy our first property.

I get broadly 2 types of clients. Those who plan and save and dont spend all thier income, and those that dont plan, dont save, and just jump in head long.

I'm not suggesting either lifestyle is correct, but it is obvious that the thrifty carful minded people will weather the bites better.

little_miss_spender

Hi Everyone
I just thought I would give you an update on what had happened with Ge Money and the FSO. Well I am pleased to say that I have heard from the FSO and contrary to the views of some on this thread, the FSO was very interested in my case, and didn't just refer it back to the lender. In fact they are now investigating the company in depth. I have heard back from them today and they are very optomistic that I will be able to get some money back from them. So there you have it! All I can say to anyone in the same situation as I have been is (DON'T EVER GIVE UP THE FIGHT).
If you truly believe that you are being treated unfairly then stand your ground and hang on in there. Report these rogues to the FSO, and if you are honest and your case is genuine they will help you. I still have a home and thanks to the interest rates going down I can now sleep at nights. Thanks again to all of you for your kind words and support Little miss spender!xxxxx

little_miss_spender

The outcome GE money v little miss spender ( I JUST THOUGHT YOU GUYS WOULD LIKE TO KNOW THE OUTCOME OF THE FSO INVESTIGATION)
WELL CHAPS I WON!! The FSO made GE money apologise, refund all the charges and court fees etc back to my account and also refund some other amounts that I never asked to be refunded. So my slate is clean once again, back on track, no arrears and my credit file has been adjusted. So one happy bunny ! So like I said in my previous post (NEVER GIVE UP THE FIGHT) if you believe you have been a victim of injustice by any company, take it though to the end because at the end of the day all I wanted was to be treated fairly and given a chance to catch up my payments.
I would like to thank Mary Hartnell in particular for being so supportive and also maggie aitkin,Natalie1974 ,scarlett1974. dylanwing also for being supportive and kind this helped a lot and kept me going, you have no idea how much your comments meant to me at that time, and it is because of you that I came out of this in one piece. Sooooo A Big Thankyou to you alll Little Miss Spender!!!xxxxxxx :A

little_miss_spender

Two missed payments and you could lose your home



I just found this on the internet and thought I would post it for all those who "DIDNT BELIEVE ME OR THOUGHT THERE WAS MORE TO THE SITUATION THAN I WAS SAYING" when I said I had two months arrears and my lender was taking me to court FOR REPOSSESION NOTE THE DATE JUST AROUND THE SAME TIME AS I WAS HAVING PROBLEMS.So what can I say but I told you so!!
Posted: 1 year 51 weeks | By: | Debt News
A high court hearing last month rules reinforced a law that allows lenders to sell someone homes if they are in arrears by 2 months. This means that a lender can effectively sell a property without the need for a court order.
This is likely to come as a blow to Labour who last month demanded that mortgage lender only seize homes as a last resort. The question is, are there any lenders ruthless enough to use it and brave enough to go against the government. Thank goodness we own such a large share in most of them.
Hopefully it won’t be long until is old and out of date law is changed. Until them we could do with measures being put in place to reassure families struggling to meet their debt repayments that lenders are going to work with them to solve their financial problems. Otherwise we’ll see another increase in the number of repossessions, Bankruptcies and IVA's, not to mention the human costs – depression, poor health, divorce and many more.