GE Money / Welcome Finance - COMPLETE COCK UP !

[magictorch1976]

Hi All

 

Please can you help before I have to call these people back. I am not sure how to approach the situation.

 

In May 2007, I was fortunate enough to be able to rid myself of the most horrendous mortgage company ever to come into existence - GE Money Home Lending. However, it appears that they have not upheld their end of the bargain, (I suspect as I am now receiving calls from the second charge lender, the 2nd most horrendous mortgage company to ever come into existence - Welcome Financial Services.)

 

I could type forever the saga but a short and brief numbered list may be better:

 

1. Fell into arrears on first mortgage with GE Money.

2. GE Money granted repossession by court but sale of property was going through.

3. Property sold for £120,000. Original loan from GE £108,000. Second charge mortgage from Welcome was about £12,000. ERC with GE of £6000.

4. Several conversations with GE and Welcome. Very unhelpful. Managed to persuede GE Money that if they did not waive the charges, interest, ERC then the sale would never go through as Welcome would not get their money and would not remove the charge. GE finally got it into their thick skulls that selling my property at auction would never allow them to recover the capital balance. Welcome agreed to remove the charge provided GE coughed up the cash on completion.

5. I put the details of these conversations IN WRITING to both firms. The 2nd charge was removed, I moved out.

6 Prior to getting GE to consent to this, the next best thing was that I would pay off the shortfall to them, bearing in mind this was only interest and charges. I sent off all the consent forms to them, agreeing £200 per month. This was a complete struggle to get them to agree to.

7. Imagine my surprise when during a telephone call they agreed to waive everything and just have the capital repaid to them. Almost fell off my chair because I had been so stressed over the court proceedings and the fact that the judge actually did grant them possession.

8. I verbally agreed with them over the phone and then followed up in writing, which they never acknowledged in writing that upon the receipt of £120,000 they would submit £12,000 to Welcome Financial Services and our relationship would be ended. I faxed Welcome and advised them that there would be no need to continue with my loan as unsecured, as they would receive funds on completion day redeeming my loan in full and they were to contact GE Money to advise a settlement figure and if there was a shortfall, to contact me. This I assume they had done as I never heard from them again.

9. 2 months later, I received a letter from GE Money advising my mortage had been redeemed in full and advising me to cancel my direct debit. They also thanked me for being a customer.

 

It appears, from checking my credit file, that GE Money have given nothing to Welcome Finance and now Welcome are chasing me, (I presume, I haven't asked them) yet for a debt of £12,000 that should have been given to them by GE. I am fuming beyond belief.

 

How do you suggest I approach this ? I have nothing in writing from GE or Welcome. I only have copies of what I have sent to them "confirming telephone conversations." Neither firm appeared to ever be able to put pen to paper, despite constant requests. I assumed, as did my conveyencer that this must have been agreed otherwise Welcome would not have removed their charge prior to the sale of the property.

 

I really thought I had come through the other side from hell but it appears that something has gone wrong and now I am being implicated.

 

Thanks a lot for your advice in advance.

 

J.

[OLIVE.FAMILY]

Hi there. For a start I would certainly not phone them. I would write to them and send it recorded delivery and keep the proof of posting and print the proof of signature. You have already prroved that phoning them is pointless. You need to ask them where the rest of the money is. Deal with GE first as Welcome are not chasing you yet.

 

olives xx

[magictorch1976]

Hi Olives

 

Thanks for the reply. Much appreciated. Welcome are chasing me. They contacted my mom who was listed as an "emergency contact," on my application/loan agreement and I have got home this evening to find an arrears letter. I presume they have traced me via my electoral roll address on my credit file as there are loads of "enquiry" searches from them.

 

I might phone Welcome and ask them to hold off but surely when the loan agreement was terminated, they should have changed the loan type ? I have nothing in writing from either party other than a mortgage terminated letter from GE plus everything I sent them to confirm what would happen.

 

I am really upset. It was so much stress at the time. I was told there would be a shortfall of the equiv. of 4 months payments, which I made and then they took a 5th payment and I had it recalled by the bank and as I hadn't heard anything till now, I thought it was all sorted. I hate GE with a passion. I won't even buy one of their bloody lightbulbs on principle. They took me to hell and back and here we are, nearly two years later with them rearing their ugly heads again. And as for Welcome, they were so helpful at the time but appear to have lied a bit.

 

J

[OLIVE.FAMILY]

Dont phone welcome, write to them. You tend to find (if you are anything like me) that you get quite angry and frustrated with these sorts of pepole. It can sound so much better in a letter, You can find any caselaw or methods of putting things in dispute so that they have to hold off on any action. LIke for example whilst you get things moving send out SAR letters to the pair of them and see what sort of charges have actually been added. You willl also see what the house sale proceeds went on as well. Their reply to these letters are proof of what they agree to, if the don't reply send them a nouther one with a copy of the first letter with a copy of the proof of recipt and posting. If that still does not work then come on here and ask who the compalints dept is and write to them. They will have to listen. Whilst you are doing this always send welcome a copy of the letters so that they can see what stage you are at and that you are trying and that it i sthe other side that are playing games

 

Have a look around the forum. I think a few people have had some success with welcome as they do not always act the way they should(my opinion of course)and have come unstuck.

 

I am sorry I cannot help writing any letters as I always come here if I need anything doing myself, but I am sure if you need help somebody will be more then happy to help you.

 

I can understand what you mean by hating GE with a passion, sub prime lenders seem to have that reaction to a lot of people.

 

olives xx

 

ps I didnt realise they made lightbulbs ????