Ge Money PPI

orfoster · 28th November 2007, 18:07

Hi all,

My friend took a secured loan out with GE Money around May 2006. They told her over the phone that PPI was needed to take out the loan with them. The loan was settled in April 07.

She has found a letter from after the loan was settled saying that the PPI would carry on until 2011!!

They have had their prelim letter and the LBA, had one response saying thank you for the letter and they will get back in 4 weeks! Their time is up.

On the letter saying the PPI runs till 2011they say she can cancel at anytime in writing where she may be able to claim a rebate. So am tempted to send a letter to that effect and then claim back the remainder? The insurance plus interest up till the loan was repaid is £4241.25 interest is @ 9.600%.

Do I get her to cancel the insurance that is still running or to carry on as things are and claim the whole lot?

hellhasnofury · 28th November 2007, 21:04

Quote:

Originally Posted by orfoster

Hi all,

My friend took a secured loan out with GE Money around May 2006. They told her over the phone that PPI was needed to take out the loan with them. The loan was settled in April 07.

She has found a letter from after the loan was settled saying that the PPI would carry on until 2011!!

They have had their prelim letter and the LBA, had one response saying thank you for the letter and they will get back in 4 weeks! Their time is up.

On the letter saying the PPI runs till 2011they say she can cancel at anytime in writing where she may be able to claim a rebate. So am tempted to send a letter to that effect and then claim back the remainder? The insurance plus interest up till the loan was repaid is £4241.25 interest is @ 9.600%.

Do I get her to cancel the insurance that is still running or to carry on as things are and claim the whole lot?

Hello Orfoster,

Can you believe that the ppi is still running, why?????They truely beggar belief.

You know what the choices are. Reclaim the whole lot back and have it refunded, but I can asure you it will be a bit of a fight, they will more than not deny mis-selling.

If you cancel the insurance, your friend should be the rebate paid to them, and then you hit them with the claim for the ppi and interest that your friend has paid them, plus contractual interest on top.

Any you never know the rebate may help you pay the court fee when you issue the N1. (joke)

debtsurvivor · 28th November 2007, 22:51

Just subbing to see how you get on I sent a letter to GE today on behalf of a friend will let you know if I gather any useful info. Keep posting

orfoster · 13th December 2007, 01:15

Heard back from GE Money today.

They have said they have nothing to do with issuing the insurance and the claim for misrepresentation needs to be taken up with the brokers (Freedom Finance), they have said that they will cancel the insurance and the balls have been set in motion but she will hear in due course.

So now onto claim with Freedom Finance for miss selling the PPI. Can't do that till I know how much of a refund/rebate she will get. So its a waiting game now!

tonycee · 13th December 2007, 09:03

Quote:

Originally Posted by orfoster

So now onto claim with Freedom Finance for miss selling the PPI. Can't do that till I know how much of a refund/rebate she will get. So its a waiting game now!

Dont wait. They will bounce you off the walls.
Begin the process for the full amount immediately, you can always amend the total at a later stage.

orfoster · 13th December 2007, 11:37

Ok so do you suggest I send off a request to Freedom Finance to ask for the full amount of PPI back and if GE money cough up with a rebate then I amend the request.

orfoster · 18th December 2007, 17:42

Ok GE Money yesterday sent her a Cheque for £1968.75 for cancelling the insurance.

I sent Freedom Finance a S.A.R - (Subject Access Request) for details of the loan insurance and for a copy/transcript of the call when applying for the loan. I will await their response.

The amount now owed is £2272.50 so we will have to wait for the S.A.R - (Subject Access Request) to pursue the rest.

hellhasnofury · 18th December 2007, 18:45

Good news, hopefully more to come. Have you had a look at the legal precedent case involving creditors and brokers. You will find it in the sticky Court bundle for ppi

Have a read, ge money have to take some responsibility as well, they all have their fingers in the pie.

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