Car Loan with GE money secured on house & PPI

The Phantom · 31st January 2008, 20:03

Maybe someone can shed some light on this....

It all started with a letter we got in the post this morning from GE Money, or their PPI insurance section that is. They formally informed us that our PPI insurance for the secured loan on our property we took out with GE Money had now lapsed and they were no longer in a position to offer us further PPI insurance, we would have to look elsewhere....

So I get a frantic phone call at work from husband who was the one who opened the letter asking me whether I knew what this was all about, because

a) we only have one secured loan and that is with Picture Financial and not GE Money
b) we were not aware we had a PPI insurance with GE Money either

So I tell hubby to phone these people and ask them what they are on about.
Turns out this relates to a car loan we took out approx four years ago for a used Vauxhall (Network Q) car. The loan was settled approx two years ago when we traded the car.
But now the astonishing bit:

- the loan had apparently a PPI insurance with it (???) which did not lapse when the loan was settled but continued to run. If we had cancelled it when the loan was settled we would have been eligible for a refund (apparently, but we never knew we even had this PPI to be honest) So they told us it was not their job to chase us to cancel it and now they terminated it.
Husband asked why it wasn't automatically cancelled when the loan was settled as of course it is useless AFTER the loan is settled. Their answer was that some people like to keep it.....

- second thing my husband asked is why it stated the loan was secured on the house, it was a CAR loan. They said it was secured on the house as stated in the small print on the agreement :o
This was never explained to my husband when he signed for the car loan (he would have remembered as he would not have signed it !), so can they do that ?? The house is jointly owned, so by signing the agreement can just one joint owner secure a loan on a jointly owned property without the other owner also signing ? I never signed this. I never in a million years would have secured a car loan on our house

Is this now common practice for car finance ? Does this not have to be made clear to you when you sign it, i.e. CAUTION YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS or something like this ? My god, my husband thought it was a car HP !!!!

payingonlyencouragesthem · 31st January 2008, 20:09

You need to check this out with the Land Registry. If it really is secured on the house (doubtful) it will show on the deeds.

The Phantom · 31st January 2008, 20:22

Would it still show after the loan was settled ? (Was settled approx 2 years ago) allegedly only the mystery PPI insurance kept going...

payingonlyencouragesthem · 31st January 2008, 20:48

Quote:

Originally Posted by The Phantom

Would it still show after the loan was settled ? (Was settled approx 2 years ago) allegedly only the mystery PPI insurance kept going...

Yes, if they had somehow managed to secure the PPI on the house.

The Phantom · 31st January 2008, 21:01

I think the loan was supposedly secured, I don't think the PPi amount was, but I think I see what you mean
If the PPi was incorporated in the loan amount and the laon was settled but the PPi was going on, then that part of the sum should still be secured against the property...
But no way would that be the case, when the loan was settled the entire amount must have been settled that's why we probably should have been entitled to the refund at the time ?

We haven't got the agreement anymore, it was discarded when the loan was settled approx 2 years ago (we still have got the settlement confirmation though)
Could I send a S.A.R - (Subject Access Request) to Ge Money to get a copy of it and maybe any other information that may be useful ?
I really doubt it was made clear it was a loan secured on our house at the time and we didn't even realise there was a PPI with it that needed cancelling to get a refund.
I would love to have a read through the documents again, would there be any point to make a complaint at this stage (mis-sold PPI ?)

The Phantom · 5th February 2008, 20:15

Have posted this in the general debt forum, but maybe more suitable here:

Maybe someone can shed some light on this....

It all started with a letter we got in the post this morning from GE Money, or their PPI insurance section that is. They formally informed us that our PPI insurance for the secured loan on our property we took out with GE Money had now lapsed and they were no longer in a position to offer us further PPI insurance, we would have to look elsewhere....

So I get a frantic phone call at work from husband who was the one who opened the letter asking me whether I knew what this was all about, because

a) we only have one secured loan and that is with Picture Financial and not GE Money
b) we were not aware we had a PPI insurance with GE Money either

So I tell hubby to phone these people and ask them what they are on about.
Turns out this relates to a car loan we took out approx four years ago for a used Vauxhall (Network Q) car. The loan was settled approx two years ago when we traded the car.
But now the astonishing bit:

- the loan had apparently a PPI insurance with it (???) which did not lapse when the loan was settled but continued to run. If we had cancelled it when the loan was settled we would have been eligible for a refund (apparently, but we never knew we even had this PPI to be honest) So they told us it was not their job to chase us to cancel it and now they terminated it.
Husband asked why it wasn't automatically cancelled when the loan was settled as of course it is useless AFTER the loan is settled. Their answer was that some people like to keep it.....

- second thing my husband asked is why it stated the loan was secured on the house, it was a CAR loan. They said it was secured on the house as stated in the small print on the agreement

This was never explained to my husband when he signed for the car loan (he would have remembered as he would not have signed it !), so can they do that ?? The house is jointly owned, so by signing the agreement can just one joint owner secure a loan on a jointly owned property without the other owner also signing ? I never signed this. I never in a million years would have secured a car loan on our house

Is this now common practice for car finance ? Does this not have to be made clear to you when you sign it, i.e. CAUTION YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS or something like this ? My god, my husband thought it was a car HP !!!!

The PPI people said if we had cancelled the PPi when the loan was settled we would have got a rebate, but we didn't even know we had a PPI, is there anthing we can do now or is it all too late ?

hellhasnofury · 6th February 2008, 14:30

Quote:

Originally Posted by The Phantom

Have posted this in the general debt forum, but maybe more suitable here:

Maybe someone can shed some light on this....

It all started with a letter we got in the post this morning from GE Money, or their PPI insurance section that is. They formally informed us that our PPI insurance for the secured loan on our property we took out with GE Money had now lapsed and they were no longer in a position to offer us further PPI insurance, we would have to look elsewhere....

So I get a frantic phone call at work from husband who was the one who opened the letter asking me whether I knew what this was all about, because

a) we only have one secured loan and that is with Picture Financial and not GE Money
b) we were not aware we had a PPI insurance with GE Money either

So I tell hubby to phone these people and ask them what they are on about.
Turns out this relates to a car loan we took out approx four years ago for a used Vauxhall (Network Q) car. The loan was settled approx two years ago when we traded the car.
But now the astonishing bit:

- the loan had apparently a PPI insurance with it (???) which did not lapse when the loan was settled but continued to run. If we had cancelled it when the loan was settled we would have been eligible for a refund (apparently, but we never knew we even had this PPI to be honest) So they told us it was not their job to chase us to cancel it and now they terminated it.
Husband asked why it wasn't automatically cancelled when the loan was settled as of course it is useless AFTER the loan is settled. Their answer was that some people like to keep it.....

- second thing my husband asked is why it stated the loan was secured on the house, it was a CAR loan. They said it was secured on the house as stated in the small print on the agreement

This was never explained to my husband when he signed for the car loan (he would have remembered as he would not have signed it !), so can they do that ?? The house is jointly owned, so by signing the agreement can just one joint owner secure a loan on a jointly owned property without the other owner also signing ? I never signed this. I never in a million years would have secured a car loan on our house

Is this now common practice for car finance ? Does this not have to be made clear to you when you sign it, i.e. CAUTION YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS or something like this ? My god, my husband thought it was a car HP !!!!

The PPI people said if we had cancelled the PPi when the loan was settled we would have got a rebate, but we didn't even know we had a PPI, is there anthing we can do now or is it all too late ?

Hello Phantom,

Well they beggar belief don't they

I would be sending Network Q a S.A.R - (Subject Access Request) and a legal request under section 77/78 for a copy of the credit agreement that your husband signed.

Once I got the information I would be writing to network Q and ask that my mis-sold ppi was returned with interest.

They have obviously not followed any procedures for selling the insurance and you did not know anything about it.

fightthemback · 6th February 2008, 18:01

Agree with Hellhasnofury entirely.

However if you were never told you had PPI, never told you hadnt cancelled it, never told you were falling in arrears and never told a charge was being palced on your home, this is all much more sinister.

I would indeed request copies of your original paperwork, check it and if you believe fraud has been attempted you need to involve the police.

Nasty company with terrible reputation but this is stooping to a new low.

Good luck.

The Phantom · 6th February 2008, 19:50

Quote:

Originally Posted by fightthemback

never told you were falling in arrears and never told a charge was being palced on your home

,
Well, we never had arrears and it is not a charge that was placed on the house because of that, but allegedly the loan was secured on the property from the beginning !!
How they managed that without my consent as a joint owner I do not know.
This also was not pointed out to my husband when he bought the car. He thought it was just a car loan /HP.
Nor was he told it incorporated a PPI, nor were we told it would continue to run even after the loan was settled unless we cancelled it. So how could we ever cancel something we did not know we had in the first place.
A complete joke

The Phantom · 13th February 2008, 00:04

OK - full S.A.R - (Subject Access Request) going to GE Money
They now allege it wasn't a car loan, but a personal loan that was secured on the house....we never had a personal loan with them, only a car loan, so I really need to see these documents asap

Will keep this thread going , may need further help if I get stuck with them

The Phantom · 19th February 2008, 19:18

Ok, had a special delivery letter from GE Money today
After sending them the S.A.R - (Subject Access Request) template letter from this forum they have sent me a letter back asking if I want a full SAR or just account copies which are free.
I mean the template letter is pretty clear in what I want and I enclosed the £10.- fee. What is their problem ?
Also in my S.A.R - (Subject Access Request) request letter I used a digital signature for me and my husband as I am very doubtful about this alleged loan secured on our house and the PPI insurance. I didn't want them to utilize Photoshop and copy and paste my real signature into any documents they may have
Now in their letter they also say they require two original signatures from me and my husband before they can allow a S.A.R - (Subject Access Request)
Is that true ? I thought original signatures are only required on legal documents these days ?

The Phantom · 20th February 2008, 01:01

I have already posted this in the PPI insurance forum but haven't had a reply yet, can someone advise me on this

I have made a S.A.R - (Subject Access Request) to GE Money to investigate a loan with PPI insurance whereby we are sure we never took out their PPI insurance, so I am preparing to make a claim for mis-sold PPI
Anyway, in reply to my S.A.R - (Subject Access Request) I got a letter (by special delivery believe it or not) asking whether I indeed wanted all the information I requested or just copy statements for the loan account which are free. I pretty much made it clear in my SAR which information I wanted (i.e. everything they got including all information on this alleged PPI insurance) and I used for security a digital signature on my request for my husband and myself, to avoid having our sigs copied and pasted on a blank PPI insurance form....
Now in their letter they also they they cannot comply with our S.A.R - (Subject Access Request) unless we both provide original signatures. Is that true ?

rory32 · 20th February 2008, 01:16

Quote:

Now in their letter they also they they cannot comply with our S.A.R - (Subject Access Request) unless we both provide original signatures. Is that true ?

No. They just need forms of I.D. I would send them a copy of a recent utility bill or any copies of letters you have from them. Remind them that the 40 days are still ticking. This is just a delaying tactic on their behalf. There is no requirement for you to supply a signature.

rory32 · 20th February 2008, 01:20

3 threads merged. Please stick to one thread per topic.

The Phantom · 20th February 2008, 09:28

Thanks - I was wondering where the threads had gone....only just noticed you merged them

I am wondering though - they sent a very simple letter (a reply asking what documents we require for our S.A.R - (Subject Access Request) when that was already clearly stated in the original letter) by special delivery. Why on earth would they sent that special delivery if not to get a signature !
I only just thought about that, you can now get a POD from Royal Mails website with signature, can't you ?? Or just ask them for a copy of the signature. :o
I am now convinced they are desperate to get our signatures for something, and what else could that be other to paste it on some documents...

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