GE Money / Is PPI Cancellable ?

[craigamc]

Hi All

Recenlty wrote to Ge money regard the forced sell of the PPI on my secured loan, requesting the policy to be cancelled an all premiums / remaining bal to be refunded, based on the fact that it was a condition of the loan.

The letter I got back asked me for proof of this, how can I do that when the conversation was verbal?

Also, the letter states that the PPI is non-cancellable? Is this true? I dont think so.


ta
craig

[dellydaisy]

Sorry i cant help much here but was it done over the phone? did they record it???

Surely if its not cancellable then the ppi is a condition of the loan ???

maybe someone else can help??

[the big g]

Hi Craig,

The key here is " do you consider that you were mis-sold the PPI at the time of taking out the loan".
There are a set number of rules that apply when taking out a loan,mainly that the seller informs you that PPI is optional and you can seek cover elsewhere, you do not have to take out PPI with them or you can't have the loan,basic stuff like that .
Going by what you say in your thread it would apppear you may have a case of mis-selling, i therefore suggest you read up on all the threads regarding PPI and mis-selling and perhaps go down this route rather than cancellation.

Good luck

Geoff.

[itsmeandonlyme]

Hello Craigamc,

Send them Subject Access Request-Data Protection act with cheque £10 and CCA £1 and they must supply you with the copy of the agreement including T&C....When received check the Cancellation paragraph...: when the policy could be cancelled....
The samples of the letters you can find in the Labruary...
I would personally phone them again( before the Subject Access Request and CCA)...speak to somebody else nicely....and ask them to fax you or email you the copy of the policy..If they refuse than Subject Access Request and CCA.....
i normally phone 2-3 times..speak to different people..some can be helpfull some can have bad day and do not care....

Good luck....

[ab2mlf]

Craigmac need your help ive had a reply from WF on my PPI & CHARGES they have said to me the PPI was not mis-sold because Direct Group have sent me 2 claim forms which i never filled in or sent back they have also given me £315 which is a goodwill saying to take this as full & final payment help me out i dont know if they are testing the water with me did you have any similar incidents with your claim

[craigamc]

Originally Posted by ab2mlf

Craigmac need your help ive had a reply from WF on my PPI & CHARGES they have said to me the PPI was not mis-sold because Direct Group have sent me 2 claim forms which i never filled in or sent back they have also given me £315 which is a goodwill saying to take this as full & final payment help me out i dont know if they are testing the water with me did you have any similar incidents with your claim

Hi ab2ml

I didn't query any charges only the PPI but as a result they have written off the remaining balance of around £90.

First letter was this

Chief Executive
Welcome Finance
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham, NG11 6NZ


Dear Sir or Madam,


Re: Claim for Refund Of Personal Loan Insurance
Policy Number WMC1221979

In July 2005 I was approved a loan for £1,000. I was advised that as condition of the loan, a payment protection insurance (PPI) would be part of the loan, as it would insure payments would be covered if I were to become unemployed or was unable to work. This was in the form of an additional loan totaling £542.91

It is fact that you are not allowed to make (PPI) a condition of a loan.

I therefore consider that I have been mis-sold this expensive insurance, and request that a full refund of all costs incurred through the aforementioned PPI, including all associated interest, and that the loan agreement schedule and payments be adjusted, to incorporate the removal of all costs associated with PP1 and itself as detailed.

I would appreciate an immediate response to this letter that will conclude this matter as mentioned.

Yours faithfully


If you need a copy of the second letter let me know, its on my work PC, so will need to post it here tomorrow

Cheers
Craig

P.s. Good luck but you will not need it!

[hellhasnofury]

Originally Posted by craigamc

Hi ab2ml

I didn't query any charges only the PPI but as a result they have written off the remaining balance of around £90.

First letter was this

Chief Executive
Welcome Finance
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham, NG11 6NZ


Dear Sir or Madam,


Re: Claim for Refund Of Personal Loan Insurance
Policy Number WMC1221979

In July 2005 I was approved a loan for £1,000. I was advised that as condition of the loan, a payment protection insurance (PPI) would be part of the loan, as it would insure payments would be covered if I were to become unemployed or was unable to work. This was in the form of an additional loan totaling £542.91

It is fact that you are not allowed to make (PPI) a condition of a loan.

I therefore consider that I have been mis-sold this expensive insurance, and request that a full refund of all costs incurred through the aforementioned PPI, including all associated interest, and that the loan agreement schedule and payments be adjusted, to incorporate the removal of all costs associated with PP1 and itself as detailed.

I would appreciate an immediate response to this letter that will conclude this matter as mentioned.

Yours faithfully


If you need a copy of the second letter let me know, its on my work PC, so will need to post it here tomorrow

Cheers
Craig

P.s. Good luck but you will not need it!

Hi Craig,

I don't mean to be rude, but If I were you I would edit the Policy no you have posted. Just in case. You never know who's looking

I accidently posted my phone no on one of my threads. I was inandated with calls for my professional legal and accountancy services. Only kidding

good luck and keep the faith

[ab2mlf]

thanks craig i would like to know about second letter as this is the one iam about to do Archie

[craigamc]

Originally Posted by ab2mlf

thanks craig i would like to know about second letter as this is the one iam about to do Archie

Hi, here is a copy of letter 2

Alexandria Mace
Senior Compliance Officer
Welcome Financial Services Ltd
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham, NG11 6NZ

Dear Alexandria Mace

Account Number: *******


I am writing with reference to your letter dated 16th February in response to my previous letter.

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £1000 loan at your Newcastle Upon Tyne branch on 11th July 2005 and also bought a payment protection policy which would cost me an extra £226.25 over the life of the loan. The total amount of my premiums is £9.42 per month plus any additional interest.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

I appreciate your comments and copy agreement, however, I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

In addition, Welcome Finance automatically issued the credit agreements containing the payment protection details, therefore assuming consent.

Once the policy is cancelled I will expect a full refund of all my insurance payments of £226.25 plus any applicable interest charged during the loan period.

If I do not receive a favourable response, I will pursue this claim through the Financial Ombudsman.

Yours faithfully,



Mr C McCarroll