ppi 2 seperate policies same loan

[lilal]

hi currently have ppi on a loan with ge ,at the moment payments are being met by cardif pinnacle due to an accident to myself.the question is my wife also has cover for the same loan but on a seperate policy can i cancel this 1.at the time we took it out with ge as i was the main breadwinner we only insured myself,however about 5 weeks later we had a letter from ge and a call to say that as it was a joint loan it should and would be highly recommended that the wife too should have ppi cover for an extra £26pm ,this being 2 single policies not 1 joint.ok when we first put in a claim to cp they only paid out the amount covered on my name so every month we would be £26 short,cp wouldn,t pay as this extra amount was for another loan (now known as ppi ).ge money hounded us for this amount every month claiming that the extra amount was not covered on the policy as it wasn,t taken out at the same time even telling me that is was a variable rate loan and as the interest rate has risen since we took the loan out cp are only making the first payment amount i have been told this twice by ge ,i checked the loan agreement and it is a fixed rate i waited till the ge caller finished tellling me the second time that i then said yes i understand oh ok(lots of sarcasism)then told her the above .we have a replacement schedule stating it err replaced previous schedules but we didn,t have much luck with cp proving this ,it was faxed twice but many phonecalls later we eventually got our money back and now they are paying the correct amount,although they overpaid us they didn,t even check with ge to clarify how much to pay or to make sure we were telling the truth they just sent us a cheque,so now ge money are trying to make us pay that difference to them ,but as i keep pointing out to them that as cp have overpaid me then i need to return the difference to them!but you are going the long way, i,m trying to do this the easy way ge money man says.yes but i owe cp the money not you , you need to contact them they contact me then i can send them the overpayment back lol. thursday i rang ge money and was told by the manager that the £26 was indeed a loan just to pay the ppi i said i didn,t understand banking and i got him to repeat it twice on reading reidnet,s notes (top man )we have a single premium policy ,ppi for 5 years but the loan term is 7 years ,i can,t see why i cannot cancel my wifes policy ,do you think that it sounds like it was mis-sold,i know we are covered at the moment,however if we were to pay off the loan we then wouldn,t have to pay for the wife,s ppi but it seems like we could have saved money by buying our own ppi but also why 6 weeks after taking the loan out we were and this was accepted on just myself being covered was we then told we must both have cover. We were never explained that the ppi would be classed as an additional loan to cover the ppi we would never of done this we would of taken out our own ppi with someone else.

[lilal]

oh well 1 last phone call ,and yep i,ve had enough ,i did tell them only contact by letter .so they are gonna get it both barrels .read a lot of posts and info drafted up a letter now we,ll wait to see what happens

[lilal]

just as every body else .i,m getting nowhere .i have found out that as the policies are seperate then we can both claim at the same time.but the loan is already being covered on my name.senior for cardif pinnacle says oh well what i you complaing for it,s a good way of making you money .ok so 12 monthly payments of £26 =£312 ,make claim wait 30 days lose £1000 a month wages,ppi payment of £304 ,bugger i can,t work it out .he also said that if i was to settle the loan they would still pay out the amount each month even though we took out the policy just to cover the loan my point is that the secured loan is already being met by cp ,how do i make ge see that i have been mis-sold a loan to buy an additional single cover policy and make it stick.
as we speak cp are 1 month in arrears on paying and now i have to go for a medical and they won,t continue payment until they have this report back .grrrr

[lilal]

after many pestering calls cp have agreed to continue paying my claim ,even whilst waiting for a ime.now i have finally got them to admit that we do indeed have 2 policies for ppi which will payout seperately to cover 1 single loan payment if my wife and i were to be off work at the very same time.that,s 2 lots of £304 so when is a ppi not ppi
ge just rang and are going to look into it again ,mmmm ,we,ll see .

[hellhasnofury]

Originally Posted by lilal

after many pestering calls cp have agreed to continue paying my claim ,even whilst waiting for a ime.now i have finally got them to admit that we do indeed have 2 policies for ppi which will payout seperately to cover 1 single loan payment if my wife and i were to be off work at the very same time.that,s 2 lots of £304 so when is a ppi not ppi
ge just rang and are going to look into it again ,mmmm ,we,ll see .

Hello,

What a shocking state of affairs, they just keep trying to confuse the issue just to keep you confused.

Just keep at them and good luck

[lilal]

thanks hell.yes you,re right ge phoned and might as well bashed my head on the wall , ,i have now asked for his final decision in writing so i can send it to the fos with my filled in complaint form.

[lilal]

just an update.sent final letter to ge start of august telling them to give my money back ,they have 4 weeks to do this or will be taking it to the fos.unfortunately moh sent it normal first class bless her.so had to wait just in case they would reply fat chance .so sent another this time special delivery giving them a further 2 weeks and yep totally ignored this too .this is now up, so onto the fos.complaint form being sent today

[lilal]

fat lot of good that was .fos have got back to me ,it appears they can,t help as ,i quote;as ge moneyhome lending was never a member of GISC (general insurance standards council)at the time to which your complaint relates to i am afraid that your complaint is not one that the fos is able to consider. mmmm now what

[hellhasnofury]

Originally Posted by lilal

fat lot of good that was .fos have got back to me ,it appears they can,t help as ,i quote;as ge moneyhome lending was never a member of GISC (general insurance standards council)at the time to which your complaint relates to i am afraid that your complaint is not one that the fos is able to consider. mmmm now what

Well don't give up hope you can always take them to court

[lilal]

complaint is now with the fla ,hoping for a reply this week,although i,m not holding my breath on a postive outcome .things have now taken a turn for the worse cp have now stopped my claim .they allege that i have broken the t&c,s within the policy .what i have also discovered is that cp have never provided us with a policy on any ppi that we have bought and also it seems that i,m not alone on this fact.i have lodged an appeal

[Dougal16T]

WARNING : BEWARE OF CARDIFF PINNACLE (DIRTY TRICKS) AND GE MONEY EDIT BOTH FIRMS ARE VERY DIFFICULT TO DEAL WITH. SUGGEST THAT THEIR CREDIT LICENCES ARE REVOKED..WRITE TO FSA....SEE MY POST ON GE MONEY.

WHY ARE WE BEING TREATED LIKE CANNON FODDER SO THAT THESE FIRMS CAN JUST GROW AND GROW WITH COMPLETE DISREGARD FOR THE LAW?

AS YOU GUESSED I AM FED UP WITH THE LAW BREAKERS BEING UNPUNISHED....

BEST WISHES TO ALL
DOUGAL

[lilal]

hi can anyone cast an eye over this fsa paper,is it binding ?alanfromderby commented that fsa regs didn,t start before 2005 ,or is this just a paper ,would it have been issued to all the relevant companies.http://www.biba.org.uk/Broker/broker...r%20010703.pdf. also regarding pinnacle their chairman states (at least i assume that it is all his words)that they are already working to fsa regs in july 2004.http://www.cardifpinnacle.com/info/pdf/04report.pdf

[alanfromderby]

There was a period of consultation and "gearing up" before the regulation became legally binding in January 2005. During this period talks take place over the way the regulation will work, and companies will restructure their internal procedures so that they have everything in place by the start date.

Whilst a company may say that it is working to FSA regulations before that, it is doing so on a voluntary bases.

[lilal]

thanks alan.sorry to be a pain but could i use this term (on looking on the which website) their piece comments on "advised" and "non-advised" selling of ppi.i do have a letter from ge stating that this ppi is recommended would be a real worry ,if you are unable to make repayments .is this an admission that they knew what my best interest were and this policy does not meet them ie:loan term 7yrs policy 5 ,the onus is on me to read the small print ,but had the letter stated that fact they would not have made the sale. i,m dealing with the fla at the moment but don,t seem to be putting my point across .any thoughts would be much appreciated thanks

[alanfromderby]

This the information from the FSA website, it clearly puts the onus on the seller to ensure that everything is properly advised and done in the best interests of the customer - even on "non-advised" sales:



What is the difference between an advised and non- advised sale of PPI?

In short, you give advice when you make a personal recommendation to the customer. A non-advised sale is when no personal recommendation is made to the customer.

For all sales, both advised and non-advised, a firm must pay due regards to the interest of its customers to ensure that appropriate information and disclosures are made to the client and that communications are clear fair and not misleading.

A non-advised sale cannot be led by the adviser and they can only confirm that they offer a number of products, or one product, that the customer chooses themselves.

More information is available in our factsheet: Advised and non-advised sales.

[lilal]

ok still getting nowhere fast .thanks again alan ,right my next idea ,would i be right in thinking that a secured loan would be a mortgage,and that if ge were regulated to sell mortgages and ppi sold (mis-sold)alongside this would it then make me able to use the fos.cos the fla are a complete waste of time