Igroup/Ge money

[precisioncars]

Hi anyone know if Ge money home lending sold mortgages back in 2005 2006.
I understand they they should have used a broker . To my what I remember the mortgage was sold direct to myself and also states on agreement the a fee was payed of £1000 to ge money as broker fee.
Seems that Ge may have crossed the line.

any help or advice would be great.
thanks

[Diana M]

Re: Igroup/Ge money

anyone know if Ge money home lending sold mortgages back in 2005 2006.
I understand they they should have used a broker . To my what I remember the mortgage was sold direct to myself and also states on agreement the a fee was payed of £1000 to ge money as broker fee.

Hello

As far as I'm aware the answer to the first part of your question is 'Yes'.

GE Money was intertwined with GMAC (a subsidiary of US General Motors) which was ordered to pay £7.7 million in compensation to borrowers which it had not treated fairly. https://www.theguardian.com/money/20...gage-customers

GMAC was a 'warehouse lender' which pre-sold the mortgages to UK building societies and (relatively) mainstream lenders. The loan was usually transferred after only one direct debit payment had been taken from the borrower's account.

These deals were always set up by intermediaries (known as 'packagers') introduced by brokers.

I could go on all night about their scruples (or lack thereof) but maybe it's best to ask you to explain your current problem to see what needs to be done to resolve any issues you may have with your lender.

Di

[precisioncars]

Re: Igroup/Ge money

Hi

After reading article from link .

Can confirm that the mortgage that was sold to me by Ge was all a lie as to what money we earned to get the mortgage bye the broker/ agent.

Also due to my wife's ilNess was repossessed in 2010.

Think we should contact the fos ?

Thanks

[JMTW]

Re: Igroup/Ge money

We took a mortgage out with g e money in 2006 and they worked direct with us as they sent their own guy to see us and complete forms. They said they would only lend us £183000 mortgage but introduced us to Mortgage Top Ups who then gave us a second mortgage for £40000. In 2012, after we had continued making payments on both without problem the Top Ups people contacted us and said we had gone over the plan's time and had to pay the £40000 immediately. We were paying interest only as we were trying to sell the house. We asked for time as we had a buyer and they agreed. At that point they had written and said we owed £36000 as we had made payments outside the agreement that had ended. They said they missed that it ended in Feb 2011, as they didn't comtact us until 2012.

We asked them to give us more time and they agreed so long as we kept making payments. So we did.

Things went crazy with us being kept hanging on by the buyers who were talking to the council and so we kept making payments until Jul 2015. At which point Top Ups must have dold the debt but they sold it at £40000 and to Alev.

We only found out when we received a letter stating they now held the loan and ee should continue as we were.

The house sale fell through around Sept 2015 but we did get an offer then but due to health and work problems we were unable to take it.

Then in Oct 2016 Alev wrote telling us we were in arrears and needed to sort it out. We contacted them immediately as we had not missed a payment and they stated our loan ended in 2011 and we had been in arrears since.

We tried then to get it converted to a repayment loan with them and they said they would consider it so we gave them our earnings information but as we are self employed they wanted accounts sent plus rafts of other information - in 7 days - we explained as a small business we had 2 then 3 of our prople ofc with illness or injury and as we were covering for them as well as doing our own work we needed more time.

We are 67 and 70 respectively and doing the extra hours took a heavy toll - hence the need for more time.

So it took about 3.5 weeks for me to get our partners agreement to release dome of the information requested and to put it all together, as we also were bu then coping with flu and our own health problems due to heavy workload. However, we got the package together and sent it mid December and tgen heard nothing more until 23rd Jan 17 when we got a letter dated 18 Jan giving us 21 days to pay £40,835.82 - at the time we were still covering for one man off with flu and a persistent bad cough so we tried to do all we could in the time available.

We wrote to them and sent it special delivery to request more time as we had immediately acted to get a replacement loan and had worked with freedom finance but after almost 2 wks they suddenly said they had just noticed our ages and could not help us.

We contacted money supermarket and began again but knew it would take time so we sent out letter.

We are getting daily calls from Alev with threats of repossession and they never explained why they would not do repayment option at all.

Can they claim the full £40000 plus additional interest of £835.82 when the lian itself no longer exists and when we have paid over £18000 extra money to Top Ups and over £6,200 to Alev - they claim all payments are interest only so how can we owe extra interest. They also state if they instruct their solicitor to act they will charge us £100.

Are we left, having paid so much with still owing over £40,835 ??

Please can anyone help us or tell us who can answer our questions and how to go forward.

We are desperate as at our age our options are limited.

Thank you for reading.

JMTW