About to take on GEMoney/First National for my PPI back

[the big g]

I guess i'm aiming this at all you guys that have already been and done it,
March 04 took a secured loan for £38,000 arranged by the famous Loans.co.uk they added £10,260 PPI taking the loan up to £48,000. At interview stage and signing the seller insisted i take ppi, i knew no different at the time, i do now.
Since then have made monthly payments of £571.00 (over 10 year repayment period) I have the copies of credit agreement but no PPI paperwork, i have since written off for this and awaiting reply.
I have two statements for 04/05 and 06 but as the ppi was a lump sum added to the loan amount i don't know how much i have paid so far for the PPI and the interest. How can i work this out if GE Money refuses to break it down? Plus How do i start the ball rolling?
All help and advice gratefully received.

[reidnet]

Hi,
Well there is one thing for sure,, You will struggle to get answers out of GE Money..Believe Me..lol. I am at the stage of taking GE Money to court.. I submitted Court papers by post Yesterday and they arrived today. so hopefully things may start to get moving.

What has Happened with your PPI policy is this..

When you took out the loan what they actually did was to advance you the premium for the policy and add the amount onto your loan. The amount for the PPI is then paid in full to the Insurance company ( Less GE's Commision..which could be as high as 90%.. Yes that is 90% not a typing error).

You will also find the staff at GE Money . Rude, Arragant, Will not stick to any timescale, and will more than likely totally deny any wrong doing..Even when they were fined £610,000.00 by the FSA last week for Mis-Selling Insurance, Mainly PPI and breaching principles 2, 3 and 6 of the FSA's Principles for customers.

Your First Move should be to submit a S.A.R - (Subject Access Request) under the data Protection Act to obtain full copies of all information that they hold on you. They will take their time and probably not stick to the 40 day time limit either. One additional bit of advice at this stage, If the loan is in Joint names you will both need to sign the Subject Access Request.

The address to send your Subject Access Request to :-

The Data Controller
GE Money
Malvern House
Croxley Business Park
Watford
Hertfordshire
WD18 8YF

I would not bother with their normal address for complaints, I would write to the person below, Though dont expect any fast response from him either.. He has been totally Ignoring my correspondence for a few months now..lol. Will see if he ignores the Court Summons that will drop on his desk in the next few days..

Mr Rupert Peacock
Customer Relations Manager
GE Money Consumer Lending Ltd
53-61 College Road
Harrow
Middlesex
HA1 1FB


Good Luck and if you need any help , dont be afraid to ask..

Ian

[bach]

HI all, Im not sure what I should do next,
I am claiming PPI £4784 32 plus interest.Like you' ve all said G E/ First National do not respond sometimes and other times they are really pushing the time limit. I have sent them a letter Before action on November 3oth regesterd and 3 letters since then. On 23rd January a letter arrived saying that Mr Peacok was on annual leave so Mrs Rickett has responded with the same old letter alsmost word for word that they refuse to pay me back the PPI as I did not excersise my right to cancel it at the beginning of the loan. They say the Insurance company have confirmed to her that they sent the PPI documents to me. But I can tell you I have definatly did not recieved them. In fact I still have not idea who the Insurance was through nothing is showing when I asked for Subject Access Request info. Is it now time to go to COURT ????

Many thanks Lynn

[reidnet]

I have in the past sent Fax's to Mr Peacock's Direct Fax...Still they dont answer.. Will be interesting to see if they respond when My summons arrives..lol

I have just submitted my claim to court this week ..so dont know how long it will take court to process it etc..

Ian

[the big g]

Thanks for the quick response,looks like a long job but i know where to start now. I shall keep you updated as to my progress.
Again many thanks for the help.

Geoff ( the big g )

[hellhasnofury]

Hi, I have just read your thread and noticed that you took your loan out with Loans.co.uk. I found this today on the fsa wesite. Did you know that the FSA have fined loans.co.uk £455,000 for mis-selling ppi's. see below. I don't know if this will help because you then mention GE money and first National

FSA fines loan broker £455,000 for PPI selling failures



Margaret Cole

Loans.co.uk Limited failed to make sure adequate processes were in place to ensure the suitability of its PPI recommendations and treat its customers fairly.



FSA/PN/105/2006
26 October 2006
The Financial Services Authority (FSA) has fined Loans.co.uk Limited (LCUK) £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance (PPI). The regulator found that LCUK did not have appropriate systems and controls to minimise the risk of unsuitable sales.
At LCUK, PPI was sold on an advised basis over the telephone. The FSA investigation found that the firm failed to gather and record information to show that the policy recommendations it made were suitable. The FSA discovered that customers did not receive enough information at the point of recommendation to make an informed decision about the PPI policy being offered. Therefore, customers could not be sure if LCUK's recommendation was the right option for them.
LCUK's breaches were particularly serious as the failings exposed approximately 14,400 customers to the risk of the sale of PPI which was unsuitable for their needs.
Margaret Cole, FSA Director of Enforcement said:
"We have highlighted Payment Protection Insurance as an FSA priority due to the potential level of risk to consumers. Loans.co.uk Limited failed to make sure adequate processes were in place to ensure the suitability of its PPI recommendations and treat its customers fairly. The principle of Treating Customers Fairly should be embedded in firms' business models to help prevent such failings and it is important that all firms review their systems and controls to reach this standard.
"PPI can provide valuable protection against changes in personal circumstances but customers should come away from the sale having been given the best possible information to understand that the PPI is optional, what the policy will and will not cover and how much it costs. We encourage consumers to ask straightforward questions of sales staff when PPI is mentioned to help them to identify whether the product is right for them.”
The FSA also found that LCUK failed to have appropriate compliance monitoring procedures in place to identify failings in the sales process. LCUK did not provide guidance to staff on how to identify a complaint or adequately communicate its complaints handling procedure to them.
Following discussions with the FSA a remedial action plan for consumers has been implemented which involves a customer contact exercise and redress where appropriate.
This PPI enforcement action follows the publication of the FSA's latest work into the PPI market last week which found that sellers are still not treating customers fairly. The key findings included:

• Firms are not giving customers clear information during the sales conversation;
• Customers are still not being made fully aware that there may be parts of the policy under which they cannot claim; and
• Where customers are sold single premium policies, this is not always done with the best interests of the customer in mind.

The FSA has previously taken action for PPI failings against Regency Mortgage Corporation Limited and fined it £56,000 in September 2006.
By agreeing to settle at an early stage of the FSA investigation LCUK qualified for a 30% discount under the FSA’s Executive Settlement Scheme – without the discount the financial penalty imposed would have been £650,000.
Notes to editors

1. The Final Notice is available on the FSA website.
2. Loans.co.uk Limited's primary business is as a secured second charge loan broker with a secondary focus on small amounts of mortgage and unsecured loan business. LCUK undertakes a significant amount of general insurance business through the sale of PPI. Only the sale of mortgages and general insurance is regulated by the FSA.
3. The FSA's work into PPI is available on the FSA website (see Press Notice 104/2006).
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness

More Press releases:

• 2006
• 2005
• 2004
• 2003
• 2002
• 2001
• 2000
• 1999

[the big g]

Hi there,
Yep i know, GE Money have been fined about £600,000 as well, i think all three are as bad as each other.
Problem is, following more research it seems that GE/First National have this desire to rip us off and hold on to your money for grim death, a fast end and refunds seem at the moment to be out of the question,BUT don't give up.

Greoff.

[reidnet]

Well Mr Peacock does excist after all...lol Got a letter from him this morning with an apology for the delay..and also to confirm that they have now recieved my court Summons, and are discussing the case with their External Solicitors, .. Ohhh Action at last then maybe..

Ian

[the big g]

Hi Ian,

It's strange how a summons dropping on a persons desk gets an instance response, i have had a reply to my request for paperwork concerning terms and conditions of the PPI attached to loan, came today.
The insurer GE use is Pinnacle and was advised to contact them, i just did and all they told me they can send a certificate buts that all, phoned GE back they confirmed this and also told me there is no terms and conditions paperwork. All you get is the credit agreement at time of taking out the loan.
I said there must be 'terms and conditions', how do know if i can cancel it? Everything has small print attached to it theses days!
Not it seems from GE Money.
In order to get a break down of how mch i have paid in premiums and interest for the PPI from the start date i'II have to write in, i shall need this info in order to claim back won't I?
My statements show only a monthly sum for the loan and PPI conbined, no seperate interest rates ect.
What do think?

Geoff.

[reidnet]

Yeah i thought it strange that they responded..lol .. Will have to wait and see what comments if any they have issued to the press for the story that is being Published on Saturday. The press have spoke to GE Money..

The terms and conditions for your PPI policy should have come from the PPI provider (pinnacle in your case). It should be stated in their terms and conditions etc re cancellation.

Of course if you are fighting the Mis-Selling of the PPI this would rest firmly at GE's door. They sold you the product.

GE should be able to provide you with a breakdown of your account, eg how much of each monthly payment goes to pay for PPI and how much goes to pay off the loan. If your policy was a single premium policy then technically the Insurance company will have been paid this in full at the start of your loan. Needless to say what you Paid GE for the PPI and what they actually Pid Pinnacle for the PPI will be different sums.
It has been reported that with this type of policy the lender can pocket up to 90% of the policy cost as pure profit.

Hope that Helps

Ian

[zootscoot]

I would be very careful about issuing a claim against GE money for a secured loan. Their loans contain a term that allows them to claim their legal costs from you. Such terms have been upheld in the courts. So you could find yourself subject to legal costs which are greater than the amount claimed even if you were to win your case.

[bach]

Hi to all

Re GE and First NAtional
Sent no end of letters requesting a full breakdown of of their cost and a pre estimate of their losses incurred regarding the PPI charged on my loan as a result od Early Redemption. Did get a statement but it dosen't reveal the amount you pay for the PPI

Do you know I find it utterly un believable I still do not know who the insurance was through
My next step is to issue a claim through the Court not sure how I go about this now so would really welcolm some advice

Thanks Lynn

[the big g]

Hi Lynn,

Insurance company GE Money/First National use is;
Pinnacle Insurance plc,
Pinnacle House,
A1 Barnet Way
Borehamwood
Herts, WD6 2XX.
Telephone;0208 2079145.
By quoting your account number they should send out a certificate, but they do not hold any paperwork explaining the this type of policy,this is supplied by the lender. I myself have written for this paperwork and awaiting a response.
I'am finding Ian (Reidnet) a great help and would advise you to contact him and also read his current threads.
If you believe you were mis sold the PPI on your loan thats a bit different,there are one or two firms that will take up your case on a no win no fee basis. 25% plus vat (29%) of the total they win for for you.
Again there are a number of threads already posted regarding PPI and GE Money, you will find these helpful.

Geoff.

[reidnet]

Thanks for that warning Zoot, Thats one reason I always advise folk to go through the terms and conditions with a fine tooth comb before starting a claim.
In my case GE Money / Purpleloans arranged a secured loan for me back in 2003, at the time they were acting as brokers for Firstplus who actually provided the loan in the end. This loan has since been settled in full with Firstplus. And I have a case ongoing against GE for Mis-sold PPI, so it will be interesting to see what they throw back to the court.

Ian

[Nightmare4banks]

reidnet mate,

I would also like to just add:

1.Yes be very careful about the GE costs issue.

2.I was warned about this by one of the judges in one of my ERC disputes.Which was very decent of him to do so.This particular judge was really hacked off with the lender which I have the dispute with.

3.I spoke very recently to a resident CAB adviser in the court regarding the costs issue written in mortgage contracts and was told that it could be possible to argue that the term of such is possibly unfair and thus unenforceable.It should be looked into by the judge at the appropriate time.

4.Personally,I feel that because GE have been recently fined(I wonder why ay?? lol!) this will go in your favour and hopefully you will able to recoup alot of your losses.

5.If I were in your shoes,I would mention this in any hearing/paperwork that you may want to forward to the court providing that it is not too late.A printout of the FSA ruling would be ideal.

Anyway,I hope this helps.

If you need more assistance,post here or send me
a PM.

Good luck,mate!