do i have a case for a mis sold mortgage by GE money

[respect]

I took out a Remortgage with GE money which was interest only - i was not given fully the info that when the mortgage expired i would have to pay off the capital balnce - i got in touch with GE money to raise this with them - they told me i have to get in touch with, according to them my mortgage broker ( do not understand this part) apparently they have gone into administration (company called First Union LTd) but they could not tell me who the new mortgage company was - very suspect

I did not receive any letter indicating this - i feel i have been mis sold this mortgage and GE are trying to wriggle out of this( when i took out the mortgage - they did not explain fully nor did they look at our financial sircumstances - they seem to be out for themselves!

can you advice

Thanks

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

I took out a Remortgage with GE money which was interest only - i was not given fully the info that when the mortgage expired i would have to pay off the capital balnce - i got in touch with GE money to raise this with them - they told me i have to get in touch with, according to them my mortgage broker ( do not understand this part) apparently they have gone into administration (company called First Union LTd) but they could not tell me who the new mortgage company was - very suspect

I did not receive any letter indicating this - i feel i have been mis sold this mortgage and GE are trying to wriggle out of this( when i took out the mortgage - they did not explain fully nor did they look at our financial sircumstances - they seem to be out for themselves!

can you advice

Thanks

Sounds like you were sold an endowment mortgage, was there an insurance policy attached to the loan by any chance ?

[respect]

Re: do i have a case for a mis sold mortgage by GE money

yes but did not take one out - does this have any bearing on the case for mis sold

what steps would you suggest i should do?

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

If this product (mortgage) was missold to you by a broker which has now gone into adminisitration then you would make your claim throught the Financial Services Compensation Scheme. Read this on the website:

http://www.fscs.org.uk/what-we-cover/


It can work well because the broker isn't around to put forward their version of events However you need to check your file because claims can fail if it can be proved that you were sent a Key Facts Illustration form by the broker setting out the details of the loan which almost always states what will happen (and what you will still owe if it's interest only) at the end of the term. But again there is still the issue of whether the broker offered you a suitable product for your circumstances at the time.

[IanM]

Re: do i have a case for a mis sold mortgage by GE money

Did you specifically ask for an interest only mortgage?

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

yes but did not take one out - does this have any bearing on the case for mis sold

what steps would you suggest i should do?

It may do, these used to be quite popular, the interest only mortgage was sold alongside an insurance which paid of the principle when it matured.

Did you start to pay the insurance and then stopped ?

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

Did you specifically ask for an interest only mortgage?

Even then the broker would have had a duty to point out the potential pitfalls of the mortgage unless the OP held a gun to his head. I see it like being obviously drunk when asking the barman for another treble whisky and the barman saying "haven't you had enough already Madam, I'll call you a cab"

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

It may do, these used to be quite popular, the interest only mortgage was sold alongside an insurance which paid of the principle when it matured.

Did you start to pay the insurance and then stopped ?

Was this taken out pre 1984 ?

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

yes but did not take one out

What was the insurance policy offered to you which you didn't take out ? GE Money's interest only products seldom (never as far as I'm aware) required an endowment policy to be set up alongside. The application form would have asked you how you intended to pay off the mortgage at the end of the term and given you three tick boxes to choose from. The most common answer given was "by the sale of the property". Was this loan originally with the iGroup which later became GE Money?

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

Have a look here

http://www.moneysavingexpert.com/rec...ents-miss-sold

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

i feel i have been mis sold this mortgage and GE are trying to wriggle out of this( when i took out the mortgage - they did not explain fully nor did they look at our financial sircumstances - they seem to be out for themselves!

GE Money would have relied on the broker (and/or the intermediary) to provide them with truthful information of your financial circumstances entered on your application form and signed by you as accurate which would then be submitted to the GE Money's underwriting team for a lending decision based on the you facts you provided. GE Money would not have played any part in the product selection by the broker.

You also need to look at the complicated issue of Irresponsible Lending:

http://www.trinityfinancialgroup.co..../the-times.pdf

[respect]

Re: do i have a case for a mis sold mortgage by GE money

Thank you - when i telephoned GE money on Tuesday16th April to request they send the brokers letter to me - as yet has not arrived - i do not know who the new broker is - GE money were very vague about them - they could not tell me! - they said, i would have to make inquiries myself - until i receive the letter i can't act further - or can you give me advice on how to achieve this?
And yes, they did not take our financial circumstances into account - which only makes me more determent to go further with my complaint.

[respect]

Re: do i have a case for a mis sold mortgage by GE money

No the re mortgage was not taken out then - taken out in 2008

[respect]

Re: do i have a case for a mis sold mortgage by GE money

No i did not specifically ask for an interest only mortgage - therefore feel they sold me a product way beyond my means - plus was never infered to me the way the interest only mortgage works.

[respect]

Re: do i have a case for a mis sold mortgage by GE money

Insurance policy was not offered to me - when did GE money change from iGroup? - I took out the re mortgage in 2008.

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