GE Money getting all legal on me Help please

[stormo]

Hello All and good afternoon,

Going to be in a bit of bother with GE Money soon so any help will be great.

I`ll start off with the how this scenario got going so please bear with me.

Way back in 2005 myself and my wife decided to have double glazing installed in our home.

We looked at a few companies and decided to go with Safe style (yes the annoying ads one

At first we just wanted a quote to find out the initial cost but before long had a visit from two chaps from safe style who measured our windows had a cup of tea and stayed a couple of hours.

I said straight away that i didnt want to sign any agreements for the installation but was told that if i delayed i would miss the special offer promotions,wife was keen to do this and so we agreed and we signed the credit agreements as this was the only way we could afford the installation costs. (joint signatures )

Soon after the windows were installed and all was well.

Wife decided to pay the £100 per month from her bank as she could comfortably afford this (she earns more than me

The agreement is covered by the 1974 consumer credit act the details of the credit are as :-

cost of credit for goods £5020
total cost of credit inc £75 "acceptance fee" £7095.80p

this was to be paid back at an interest rate of 23.7 apr variable

annual rate of interest 21 % variable

The agreement was for 120 months :eek2:

Fast forward to today we are now behind with the payments as wife has had change of circumstances due to going from weekly to monthly paid (employers "forgot to tell her this was happening via a letter)

we are currently £430 in arrears and have already received a default notice also received a letter yeaterday saying they intend court proceedings to obtain a ccj against us

Also they are adding the punitive interest charges and fees to the outstanding amount owed.

Wife has already paid £3780 since Oct 2005 but the debt has gone down by only £413

We think we have a case for extortionate credit or unfair terms in the credit agreement (unfair relationships)

Any help or advice would be great.

Regards Stormo

[enaid]

Re: GE Money getting all legal on me Help please

Hello stormo and welcome to Beagles.
Just a quick question, is there any PPI been put on this loan ?
It seems GE money seemed to say no PPI no loan, so was just checking.

[stormo]

Re: GE Money getting all legal on me Help please

Hello enaid
I`ve just checked the agreement doesnt mention any PPI content (i would not have taken this out anyway

Regards S

Ps thanks for the Question

[stormo]

Re: GE Money getting all legal on me Help please

Hello again just been reading around various sites on the net for general help etc.

As anyone got any advice on paying token payments ? as a course of action,or would this be futile and just delay legal action ?

Any help or comments would be appreciated

Regards S

[enaid]

Re: GE Money getting all legal on me Help please

We have a letter you could send them, asking to accept a payment arrangement.

Ask Your Creditors to Accept Pro Rata Offers of Payment on Your Debts


Dear Sir/Mr

Re: Your Account Number: xxxxxxxxxxxx

We wish to inform you of a recent change to our circumstances and as such we are unable to maintain the present level of repayments. [Add an explanation here, keep it brief and in one paragraph if possible].

Please find enclosed an Income and Expenditure sheet (here) which details our current position. As is clearly shown, the total amount available for us to repay our creditors has now become significantly reduced.

In view of our circumstances, we have written to all our creditors to ask that they agree to accept reduced monthly payments and that any interest and charges currently being applied to the account be frozen to enable the debt to be repaid as quickly as possible.

To this end, we request that you agree to installments of of £............ per month.

We would like to assure you that it was never our intention to renege on our financial responsibilities and as such, should our circumstances improve, we will contact you immediately with a revised installment offer.

Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully/sincerely
__________________

[stormo]

Re: GE Money getting all legal on me Help please

Hello again enaid thanks for the reply,i was thinking of sending a token payment proposal to GE as we cannot afford the repayments that are required.

They will probably not like the offer but if they do take the legal court action route will end up the same ie getting an affordable payment option

Regards S

[enaid]

Re: GE Money getting all legal on me Help please

That is what the above letter is for, if they take you to court as you say, they will only probably get the same amount, as it's all you can afford.
They can't get blood form a stone, though they do try.
If you make an offer and they refuse and then take you to court the judge will look in your favour as you have tried all you can, I am sure.
One can but try these things, good luck.
Enaid x

[Paule]

Re: GE Money getting all legal on me Help please

I would suggest you fill out an Income Expenditure Sheet

This will enable you list down everything that you owe/pay.

It can sometimes help to have it all in front of you, as well as makign sure you havent missed anything.

Link is Here Legal Beagles

PKea

[stormo]

Re: GE Money getting all legal on me Help please

Hello thanks for the replies and advice,this particular creditor can be quite aggresive,i never phone them or respond via phone ,always in writing

I do phone people who are able to give advice like National debtline or CCCS but due to the high numbers of people requiring help couldnt get through ,tried a few times today though and was just put on hold in a phone queue

I had my light bulb moment a long time ago and my credits cards have been cut up into tiny bits

I am in debt but managing to pay it off slowly,i have days when i get down about it but try not to worry too much.

Regards S

Ps Just finished writing letter to GE will get it posted off in the morning

[enaid]

Re: GE Money getting all legal on me Help please

You will be worried and it will get you down it's only natural. Just to let you know there is always someone here who you can have a rant to, or just a plain old moan. Enaid x

[stormo]

Re: GE Money getting all legal on me Help please

Hello All Just a minor update to say that the letter offer of token payments has been posted off.

I will await their response which will probably be negative,even so i will pay them the amount come what may

Regards S