# Pepper Debt collect



## apple (1 Mar 2013)

Took out a joint loan with GE Money, then hit hard times stopped paying loans etc. GE Money never contacted us about the loan and for over three years we didnt hear a thing about the loan. I checked my ICB report and it had on it that GE loan was written off.

Roll forward last week and get a letter from pepper debt collection saying they bought the loan from GE and are now pursuing us. Can they do that, should GE not have told us that they were selling the loan.

Any advice would be great.


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## Brendan Burgess (2 Mar 2013)

It would have been good practice to let you know.

But you still owe the money - to Pepper now and not GE.


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## Kev (2 Mar 2013)

apple said:


> Took out a joint loan with GE Money, then hit hard times stopped paying loans etc. GE Money never contacted us about the loan and for over three years we didnt hear a thing about the loan. I checked my ICB report and it had on it that GE loan was written off.
> 
> Roll forward last week and get a letter from pepper debt collection saying they bought the loan from GE and are now pursuing us. Can they do that, should GE not have told us that they were selling the loan.
> 
> Any advice would be great.



When was the last payment made to GE Money if it was 6 years ago then it is statue barred. if the debt has fallen off your credit report then it must be statue barred.  

Also, if GM has written off the debt they would have claimed tax towards that write off, is this correct Brendan?


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## Jim2007 (2 Mar 2013)

Kev said:


> When was the last payment made to GE Money if it was 6 years ago then it is statue barred. if the debt has fallen off your credit report then it must be statue barred.
> 
> Also, if GM has written off the debt they would have claimed tax towards that write off, is this correct Brendan?



- Debt is 3 years or less
- it is on the Credit Report, although that makes no difference
- W/O would be the difference between the amount O/S and the about obtained by factoring, again makes no difference

Bottom line the debt is collectable in full.


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## Time (2 Mar 2013)

With no notice of assignment pepper are on shaky ground.

I would not acknowledge the debt but put pepper to full proof that they are entitled to collect it.


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## Kev (3 Mar 2013)

Time said:


> With no notice of assignment pepper are on shaky ground.
> 
> I would not acknowledge the debt but put pepper to full proof that they are entitled to collect it.



I would not acknowledge their demand but if they keep pursuing you then ask them for a true copy of your credit agreement that you took out with GM Money that they said they have  purchase. Pepper should have this as they said they have purchased it and you are entitled to see it as proof of purchase.


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## bugler (4 Mar 2013)

Apparently Pepper bought the full GE loan book.


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## Time (4 Mar 2013)

That may be the case but that does not allow them to cut corners.


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## WizardDr (4 Mar 2013)

I think there is an issue here about books bought by 3rd Parties.

For example do the MARP procedures apply?

I haven't looked into this in great detail but I don't think the debt dies - is it Pinells case?


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## bugler (4 Mar 2013)

Time said:


> That may be the case but that does not allow them to cut corners.



I didn't imply it did, I just thought it was worth recording for posterity particularly. This thread shouldn't be the first time borrowers are told of such a move but I have feeling it may be.


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## terrontress (4 Mar 2013)

Make sure all interactions are done by letter. Do not discuss anything on the telephone.


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## Kine (5 Mar 2013)

If you establish they are fully entitled to pursue you for the debt, they will be more willing to strike a deal over GE. Remember they will have bought this at a heavily discounted rate and assigned a number to their break-even, you just need to be able to better that and they will start getting interested.


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## Time (5 Mar 2013)

I read somewhere they paid 40% of the value to GE.


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## apple (5 Mar 2013)

guys thanks for the feed back.

I read it on one of the papers they writting of 70% of GE mortgages that had a shortfall wen the property was sold. 
Sorry if this is a stupid question but what would I put in the letter with out admitting to the debt.

As you will have seen from my early post I was on the verge of going bankrupt but couldnt afford it so have agreed to pay  what i can aweek to my creditors, its slowly fecking up my health but Im not letting the bast#rds beat me and I will get through this. This is the last thing I needed, yes I know I borrowed the money and I will pay it back also, but when I say GE money had written it off and we didnt hear anything for 3 years I taught(Hoped) my luck was beginning to change and then out of the blue this letter comes ;-(


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## 44brendan (5 Mar 2013)

If your financial position is such that you genuinely can't pay then there is little point in responding, other than to state your inability to meet any level of repayment currently. If you have a number of other small loans then you will probably need to avail of the new Insolvency legislation to agree a combined monthly repayment that is within your means. You will be entitled to a minimal level of living expenses before any payment is made. This will depend on your family circumstances, but unfortunately the IO have as yet issued no guidelines on this figure. 
easier said than done, but there is no gain in letting this position affect your health. A poor credit record is not the end of the World and if you are unable to pay a loan then so be it. Eventually it will be written off, as evidenced by the likely significant discount paid for this package of loans!! Take care.


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## Kev (5 Mar 2013)

As mentioned above it is pointless letting this affect your health.  If  they keep pursuing your then write to them stating of by saying 'I do  not acknowledge any debt to your company' , which is correct as you did  not take the loan out with them. Therefore the new company needed to  send you you proof of purchasing the debt from GM money and this should a  true copy of original agreement that you took out with them. It is  quite possible that the agreement was destroyed when GM money did the  write off and did not have it to sell on the the new company.

Let the prove that they are legally entitled to collect your money.


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## iscritto (8 Mar 2013)

Have a look...

GE Capital Woodchester Limited and GE Capital Woodchester Finance Limited ('GE') have appointed Pepper Finance Corporation (Ireland) Limited, trading as Pepper Asset Servicing, to take over the servicing, on GE's behalf, of the personal, business and 
auto finance portfolio. Pepper Asset Servicing may contact you in relation to 
your loan with GE.

[broken link removed]

You still owe the money to GE.


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