Fos offer on Elderbridge n Ge money

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Sorry posting again as put fso in last attempt so may not be read ...
Hi .. the FOS / ombudsman are suggusting a refund of interest charges from 2013 to 2016 plus 8 per cent of simple interest until original date loan, loan settlement can anyone advise me ??

The loan was 8k taken 2007, missed 3 payments at ge moneys advise, lol no seriously ... current balance is just over 6000k ... mothly payment was £127 now £134 ... very confused please should I accept this and roughly what would it mean for the loan etc ... there was a lot to this complaint but essentially trying to work out if good offer ..

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Ps if I rejected fos offer and they passed to Obudsman , could I loose the fos offfer ? I feel it appears very little would be taken off loan and am very confused ... any advice out there please .. at this stage can I ask fos how much exactly the interest from 2013 to 2016 totals and if they mean 8 per cent simple interest from now till was supposed to finish in 2020 .or from start of loan ... so confusing ..

[Amethyst]

Morning Redstar,

So you made a complaint about Charges and Interest added to your loan, that were applied following GE Money telling you to miss out 3 payments ( maybe breathing space due to a financial problem you had temporarily ? ).

You paid for 6 years from 2007 - 2013 without an issue, then missed 3 payments, and that has caused the charges and interest to go back up to leave you owing £6k ? Do you recall what the actual original term of the loan was ?

FOS have told GE Money to refund all interest applied between 2013 and 2016 - or interest applied on the charges ?

Actually, do you have a copy of the FOS offer you could post up ? That might help work out whether it's a decent offer or not.

You've already turned down the offer - do you know on what grounds, or did it just feel too low ?

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Thank you so much for reply Amethyst ... the loan was taken out 2007 for 8k with Ge money then sold to Eledrbridge ..... this is what the fos is offering ...£350 compensation for the trouble, upset and inconvenience the unjustified
charges applied to the account has caused Ms ******** .
 A letter of apology for the lack of clarity provided regarding the subject access
request.
 Elderbridge should also send me a copy of the final response they have sent to
******* regarding GE Money’s administration of the account.
 Refund of the additional interest incurred on charges since January 2013, plus
8% simple interest until date of settlement.

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full copy of email fos sent ... with hopefully names etc astrixed out :

Dear ********
your complaint about Elderbridge Limited (Elderbridge)
In light of the new information I’ve received from both parties, I’m required to let you
know whether my position on the matter has changed, before this complaint is
reviewed by an ombudsman.
The complaint
 ******* is unhappy with the following:
 The high interest on the loan
 The loan balance isn’t reducing, because of charges being added to the account
 The SAR request hasn’t been processed even though the £10 has been paid
 Elderbridge haven’t taken into consideration Ms ******** mental health problems
or treated her fairly.
 GE money didn't treat her fairly, didn't give her the option of a payment plan,
forced her into arrears, charged her for legal fees and forced her into
repossession without notice.
My findings
The high interest rate
I’ve looked at the loan agreement on the account and I can see the loan started
with a variable interest rate of 15.2%. Because it’s a variable interest rate this
means the rate of interest could increase or decrease as a result of the loan
providers base rate. Elderbridge have sent me a copy of the letter that would’ve
been sent to ********* explaining the change in the interest rate applied to the
loan, which would have taken affect since March 2017 and I can see this has been
accurately reflected in the direct debit payments. I don’t think Elderbridge have
done anything wrong in this respect because I’m satisfied the high interest rate and
the change to the monthly payments are a result of the type of loan agreement Ms
******* has. Therefore I’m satisfied there hasn’t been a breach of FCA regulations.
The loan balance
I’ve looked at the loan account statement and I can see the balance has been
reducing every month once the direct debit payment has been paid. Elderbridge
have said no further charges have been incurred since December 2012.
Elderbridge have also confirmed Ms******* isn’t in arrears. I’ve looked at the loan
statements and I’m satisfied Ms ****** is not in arrears.
Yet the charges summary on the annual statements from 2013 to 2016 is headed
“Charges Summary since the start of your loan”. show Interest Bearing Charges
incurred (we will add interest to these if not paid) as £0.00. But then Ms ****** has
additional interest incurred on the charges even though there is none. Further to
this there is an outstanding charges balance- interest bearing. From everything I’ve
seen, I don’t think the statements have been very clear especially when it appears
the consumer has been making her payments on time. I can therefore understand
the confusion and frustration this has caused Ms *******.
The statements show Ms ****** has maintained her monthly repayments to the
loan so I don’t think the charges have been applied fairly.
Customer service from Elderbridge
Ms ****** said Elderbridge haven’t treated her fairly as required under FCA
regulations.
Ms ****** has sent me the number of emails she has sent to Elderbridge regarding
her complaint, health and subject access request. I don’t think Elderbridge have
done enough to acknowledge this. Elderbridge said they only communicate with
consumers over the phone or by letter, but the last contact about the SAR request
was in November 2017. There also seems to be a lot of confusion surrounding the
subject access request. I contacted Elderbridge asking whether they had received
Ms *******£10.00 payment and they confirmed they hadn’t. However Ms ********
said she has received a return of the postal order from Elderbridge.
Elderbridge have confirmed they would need the following from Ms *****
Proof of Identity
Passport – Must be valid
(In-date unless supported
with additional POID)
Driving Licence (UK
photocard driving licensefull
or Provisional)
Driving Licence (old full
licence or new photo card
licence) –- Must be valid
EEA Photo card Driving
Licence – Must be valid
National Identity Card (EEA
member state identity card
or other national identity
card that includes the
address)
Residence permit (issued by
Home Office to EU nationals
on sight of own country
passport)
Evidence of entitlement to
benefits (recent evidence of
entitlement to state or local
authority funded benefit
including housing benefit
and council tax benefit), tax
credit, pension, educational
or other
Firearms certificate or
shotgun licence
Proof of address
Current Bank / Investment statement issued by a regulated
financial sector firm in the UK. (No Internet print outs)
Council Tax Bill / Statement (Most recent one issued in the
current year)
Driving Licence (old full licence or new photo card licence) –
Only acceptable if not used for Proof of Identity
Utility bills (no internet print outs)
National Identity Card (EEA member state identity card or
other national identity card that includes the address) - Only
acceptable if not used for Proof of Identity
Solicitors Letter (confirming recent house purchase ) or Land
Registry confirmation
Local Authority rent card or tenancy agreement
Instrument of a court appointment (Power of Attorney, Grant
of Probate, Liquidator)

I think this should’ve been clearly explained in the letter dated 25 October 2017, so
Ms ****** could’ve sent the information she has. Ms ****** can send this
information to me and I’ll be happy to pass on directly to Elderbridge. The postal
order would need to be sent to Elderbridge again.
***** has mentioned the financial difficulty this matter has caused her and the
impact this has had on her mentally. Given the circumstances, I can appreciate the
trouble and upset this has had on Ms ******* especially because she has had a
number of concerns about this loan for a long time. Elderbridge are the sole owners
of the loan and take full responsibility for the actions of GE money. Whilst it
appreciate Elderbridge feel the previous owners of the loan (GE Money) applied
unjustified fees to the account and have refunded them as well as the interest
applied. I can imagine the distress this has caused ****** because she has
explained the impact this has had on her financially.

conclusion
 In light of the above, I’m satisfied Ms ******* has been making her payments on
time since January 2013, so I don’t think she should be incurring additional
interest, I therefore recommend the following:
 £350 compensation for the trouble, upset and inconvenience the unjustified
charges applied to the account has caused Ms ******.
 A letter of apology for the lack of clarity provided regarding the subject access
request.
 Elderbridge should also send me a copy of the final response they have sent to
Ms ****** regarding GE Money’s administration of the account.
 Refund of the additional interest incurred on charges since January 2013, plus
8% simple interest until date of settlement.
I think this is a fair outcome in the circumstances, for the reasons I’ve explained.
But if you decide that you don’t accept what I’ve said, then please let me know by
********* 2018. If I can’t resolve things then an ombudsman here can look at
everything again and make a final decision. If I don’t hear from you by that date we
might not be able to look at your complaint again.
Yours sincerely**************

[Amethyst]

Okay, so you've declined the offer as they haven't refunded the actual charges, just the interest applied to them ?

The interest on the interest being refunded at 8% per year is being applied from the date of the charge to the date they pay you.

So it was a 10 year loan originally ? and the extra charges and missed payments have extended it? ( just as 15.2% over 10 years works out about £130 a month - so should have been paid up in 2017 ? - did you only miss those three payments 'allowed' by GE ? although you've said it's due to end in 2020 which would be a 13 year term from 2007 ? - I still can't see how current balance is still £6k .... )

Have you send a CCA request to Elderbridge at all ? ( assuming it's not a secured loan?) May be worth doing to check terms if you haven't already.

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Hi its was 8k apparently taken out over 13 years I've not rejected the fos offer... yet as if they escalate to Ombudsman I'm worried I could end up with no offer and nought .... I cant work out how the balance is circa 6 k as will still have outstanding on end date ....

I believe it was capitalised but fos haven't really addressed this and infer not capitalised .... there was a legal charge which ge money refused to refund and fos have said they cant look into it as ge sent a deadlock that wasn't responded to ... I never received a deadlock from Ge .. requested sars refused by ge as they wanted identification ...after taking well over 40 days to respond etc .

I also requested sars and cca from elderbridge again same .... although elderbridge have no cca ... fos addressed the sars request as part of elderbridge it the old bouncy ball who is responsible ....

I initially had no offer from fos saying no issues and complained about the way it was looked at they agreed my case wasn't reviewed correctly and this is their updated review.

so Im a bit lost ... if I reject this offer which seems very little can the ombudsman leave me with no offer ?

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sorry its a secured loan hence elderbridge don't have cca

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Well just got interesting Elderbridge reject fos findings so going to Obudsman .. lets hope ...Elderbridge reject they are responsable for Ge money failings poor advice missconduct overcharging .. Ge say its now Elderbridge .. all want pie not responable for how ingrediants got .. gross misconduct in treating customer fairly but this fca rule seem forgotton when their rules apply now fos .. sorry Ameythist you didnt understand or understand my question so Im ploughing on to Obudsman.. my question was would I loose fos offer if took to Obudsman .. too late now this case would be Daily mail dream .. told by ge to kill myself kept changing goal posts charging more telling me I was cleared after telling me to miss payments to make short term arrangment all clear 2012 then sold as bad debt to Elderbridge _In circa 2016 .plus fca at pre fos ..said refund legal charges in media to all effected ..I was ignored despite complaint .. no fancy back up just me and their gambling on that .. but wrong cat i meow ....m Obudsman it is..

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And yet fos cant see whole picture .. very fishy too hot too handle too many rules broken and loans approved for sale ..fair competion .. market fairness .. the original fca rules ....etc this is a huge racket snd noone defending those punished were have all the good guys gone noone looking after the people caught in legislation lol as they called it credit crunch garbage .. we need leagal beagals alas none npw ots fos companies changed name so carte blanche .. really .

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Im going to Obudsman .. didnt reject offer sorry you misunstood post

[Amethyst]

Elderbridge have rejected the FOS Findings so the dispute has gone to the Ombudsman, so now you need to wait for the outcome of that.

Have you ever done a Subject Access Request on GE Money ? Might be worthwhile if you haven't.

GE Money refused sars requst saying my signature doesn't match their records and Elderbridge refused sars as they say they don't have customer signatures can this be correct .. how can elderbridge not have copy of signa ture on original agreement ??

Ahhh. Have you raised this with the Ombudsman or the Information Comissioners office as well ?

[Trax01]

You don't lose the original decision if it goes to the Ombudsman. An Ombudsman can either agree with the original, then its binding on the business, or change the decision, which I guess could be that nothing was wrong, or a better offer. Either way, the decisions are never binding on you, so you can go to court if you so wished.

What worries be, is the adjudicator has just brushed off the interest rate complaint. This may be because you did not put enough effort into that part, which to me should have been the crux of the complaint.

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June 18 Fos said decision soon re GE money ... still waiting circa 12 months on Elderbridge case ..same plus new complaint - Elderbridge who normally just auto increase dd refused my acceptance of their new rate due to an fos case .. Fos opened complaint circa two months ago heard nought .. both breeching time frames .. so two cases one complaint and silence are FOS being bankrolled by these guys ..... how is this allowed ?? Lord companies are vilified for sending wrong frocks these people play with your HOME and life .. Wonga was derailed for less

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So my loan from GE Money was sold to Elderbridge have had case with FOS re Elderbridge for two years and GE gor just over a year .. here is what FOS say


'Unfortunately, we’re not in a position to issue final decisions on these types of complaints at the moment. We’ve seen a number of complaints about loans that used to be owned by GE Money, but are now owned by another firm – like yours. And in many of them, there’s no agreement between GE Money and the new owner as to which business is responsible for the complaint. And that’s the case here. Put simply, GE Money says that any complaints are the responsibility of the new owner (here, Elderbridge). But the new owner says that it’s only responsible for things that have happened since it took over – and that it can’t be responsible for anything that GE Money did.



It’s really important for us to establish which business has responsibility – as ultimately if we issue a final decision against the wrong business, it wouldn’t be enforceable. In other words, it wouldn’t be any use to you. We’re working on resolving this dispute with the businesses involved at the moment.'

WHAT!!So what does this mean ?? Tough ? Cases drag on go into limbo or carte blanche for companies to sell loans and go it wasn't me? LOOPHOLE CITY ??