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Apologies if this is long winded but I'm new here and not very savvy with loans and finance.
We bought our house back in 2003, after our 2 year tie in we remortgaged and was again tied in for 2 years, after this period we looked into remortgaging again and we were given an appointment by GE money who came to the house to sign us up, he informed us that we were best going for a secured loan as we had already had a remortgage, and after about an hour he had the paperwork done but he took into account 100% of my overtime that I was working at the time to make the loan possible, we were to pay round £255 a month for 15 years
After a few years we started to fall behind with the payments because my overtime took a hit, but my boss lent me the money to pay off the arrears, several months after this GE money sold my account to elderbridge who seemed ok at first but after a year or so I was called by a "Sandra" to inform me that GE money had not worked out the interest properly and as such I wasn't paying enough each month so they had to increase my payments from the agreed £250ish to £468 a month, I hope you understand that I lost it with Sandra, i yelled and swore at her and told her i wasn't paying it as we had a contract for an agreed figure and it wasn't my fault they screwed it up, but after a few months of sticking to my word and only paying the original payments I started getting threatening letters and as I didnt want to lose the house I caved in and have been paying nearly £500 a month for a £20,000 loan,
As I said I'm not savvy with finance and I've just been paying it because it was easier than arguing over something i know nothing about, but this seems wrong that GE can come to my house, overstay their welcome to push a loan on someone who was a bit bamboozled by the numbers he kept firing at us, and for Elderbridge to hike the repayments to an extortionate level
Can anyone tell me if this is something that they can do or not, and what questions I would need to ask if I call them to complain,
Any help would be appreciated
We bought our house back in 2003, after our 2 year tie in we remortgaged and was again tied in for 2 years, after this period we looked into remortgaging again and we were given an appointment by GE money who came to the house to sign us up, he informed us that we were best going for a secured loan as we had already had a remortgage, and after about an hour he had the paperwork done but he took into account 100% of my overtime that I was working at the time to make the loan possible, we were to pay round £255 a month for 15 years
After a few years we started to fall behind with the payments because my overtime took a hit, but my boss lent me the money to pay off the arrears, several months after this GE money sold my account to elderbridge who seemed ok at first but after a year or so I was called by a "Sandra" to inform me that GE money had not worked out the interest properly and as such I wasn't paying enough each month so they had to increase my payments from the agreed £250ish to £468 a month, I hope you understand that I lost it with Sandra, i yelled and swore at her and told her i wasn't paying it as we had a contract for an agreed figure and it wasn't my fault they screwed it up, but after a few months of sticking to my word and only paying the original payments I started getting threatening letters and as I didnt want to lose the house I caved in and have been paying nearly £500 a month for a £20,000 loan,
As I said I'm not savvy with finance and I've just been paying it because it was easier than arguing over something i know nothing about, but this seems wrong that GE can come to my house, overstay their welcome to push a loan on someone who was a bit bamboozled by the numbers he kept firing at us, and for Elderbridge to hike the repayments to an extortionate level
Can anyone tell me if this is something that they can do or not, and what questions I would need to ask if I call them to complain,
Any help would be appreciated
