GE Money Breach of Contract

[prorsum]

Re: GE Money Breach of Contract

Thanks again Scoobydoo and Amethyst for responses.

I will scan a copy of the contract in at work and post on Monday- The actual contract does not cover/mention anything about the portability section of the mortgage.

Sounds stupid now but I did not really check this at the time because we were using a broker. From day one the broker knew our requirements for a portable mortgage and he told us that this mortgage was portable both by telephone and email.
This has been further reinforced by the emails from Formula Mortgages confirming this.

JUST A further twist to the tale which I have also found out from looking into the contract. The contract had a clause in it which stated I had to give 1 months notice prior to when I wanted to redeem the mortgage. If i did not they would (and did) charge a further 1 months interest (£3k). I gave notice in writing to the broker because when I contacted GE by telephone I was told I had to speak to my broker. However it appears the broker did not inform GE. In addition to the ERP could I also claim this money back somehow?

Paul

[Amethyst]

Re: GE Money Breach of Contract

Sounds more like you have a claim against your broker than against GE.

He no doubt collected a nice commision off the sale of the mortgage and appears to have said anything you wanted to hear to get the sale.

I think you should start looking more into that side of things to be honest.

GE Money appear to have acted inside the terms of the actual contract you signed not the terms which the broker discussed and misrepresented to you. As well as the not informing GE outside of the month.

[Amethyst]

Re: GE Money Breach of Contract

For info:


Regulation

Mortgage advisors, like most other financial services providers, are regulated by the Financial Services Authority. This means that they have certain responsibilities to provide adequate services and truthful advice to customers. As such, if you have lost money as a result of incorrect or insufficient information being given by a mortgage advisor, they are obliged by law to recompense you. This can be achieved either through direct negotiation with the firm in question, or through the use of the Financial Ombudsman.


Similarly, many claims deal with basic incompetence on the part of the advisor; claims are likely to be upheld if the advisor has arranged a mortgage with terms different to those requested by the customer, for example a longer or shorter repayment period, and the customer has lost money as a result.





Finally, it is important to note that the FSCS's statutory ability to deal with claims concerning mortgage advisors was only established on 31 October 2004. As a result, the Scheme cannot deal with claims regarding incidents that occurred before this date.

[prorsum]

Re: GE Money Breach of Contract

I have tried to attach a copy of the contract but it is too large, I will send a Pm to try to see if i can send it by email.

Having read your responses which I am very grateful for - thank you, I think the best approach would be do put a claim in to the Financial Ombudsman for misselling.

I have had a quick look at this and I think there is a standard form I need to fill in. Is there any standard text I should use for this type of action?

Paul

[scoobydoo]

Re: GE Money Breach of Contract

I would say very clearly that the contract with GE says the mortgage is not transferable

It says this under the section for redemption penalties and what happens if you move.


So now I am at a loss as to explain the emails you have unless as Amethyst said it is the broker trying to cover his back.

A strange situation.
------------------------------- merged -------------------------------
Any ideas form anyone else on this one -

My inclination is to go for the broker as recommended above.
------------------------------- merged -------------------------------
Any ideas form anyone else on this one -

My inclination is to go for the broker as recommended above.

[scoobydoo]

Re: GE Money Breach of Contract

So what do you think

Strong letter to Broker stating in clear language exactly what has happened and copy to FOS

I think you have to move fast on this - in the current climate even the Broker may not be around much longer.

I assume they were regitered Broker?

I would check their headed paper and use the registration number on correspondence

So to summarise

Letter to Broker
Copy to FOS
Copy to GE

On the basis of what I suggested before

Post your draft up here and I will have a look

Sccoby

[prorsum]

Re: GE Money Breach of Contract

Thanks Scooby, I am going to go straight to the FOS and make a compalint for being missold a mortgage and see where that goes. Thank you for all your help.

[scoobydoo]

Re: GE Money Breach of Contract

please keep us informed about how you get on

:reindeer:

[prorsum]

Re: GE Money Breach of Contract

I have put the complaint in now but the FOS have given a timeframe of between 3-9months to look into the issue :-(

Will keep you updated and thank you again for everyones help.

P

[scoobydoo]

Re: GE Money Breach of Contract

Well at least they are looking at it - so I suppose that is some kind of progress.

[whizzer]

Re: GE Money Breach of Contract

Have a major 'battle' with GE ongoing. Not exactly your's ..but I'd really appreciate a PROPER name in their 'set-up' & an address rather than Malvern House, building 4 etc.

Have tried many avenues to research GE & Bernard Elliston Sandler & Co ( ?? )

[enaid]

Re: GE Money Breach of Contract

Hello whizzer and a warm welcome to Beagles.
If you would like to start a thread of your own in this forum, then I am sure you will have a better chance of having your question answered.
Enaid x

[Dougal16T]

Re: GE Money Breach of Contract

Good morning all,

Again problems with GE Money (SAR sent to GE Money, thought this would bring out their 'hidden' charges.)

Mortgage balance outstanding seems to have increased from £106,000 to £120,000!! I do not see how this can be when it is an interest only, any increase in payments should be related to the current interest rate-the good news is that it is linked to the current bank rate, and the payments have gone from £640 per month down to £198.

I saw on the site somewhere the thought that any agreement had to be signed by the debtor and the original creditor, and that this might give rise to some difficulties with loans that were 'purchased'.


It would mean that GE will be unable to produce the original agreement in any proceedings, because our original loan was with the I Group and not GE Money......this could make interesting reading if the original contract has to be between the lender and the debtor and cannot be assigned or bought without the debtor's knowledge (and consent?). Should I have asked for proof of this document when facing repossession proceedings?

Am I right in my thinking or just completely 'barking'? (Please pardon the pun!)

Best wishes to all

Dougal