Thread: PPI GE Money via Purple Loans

Hi All,
I am in need of a little advice please.
We took out a loan via Purple Loans in 2002 with First National, now GE money. (And now Santander from what I hear).
At the time of taking it out we were told we had to have insurance, (Not true and if so not from purple loans, first national, ge or anyother bank you may well have been covered by your employer but I will bet they did not check on that!!) both of us were in reliable jobs with good benefits so I tried to cancel & was told we had to have at least cover for one of us, so it was arranged for me.
The loan was settled in 2004 with no return of any part of the £2662 premium. (Is this £2662 the cost of your PPI?)
I have complained to GE but they are saying as it was taken out more than six years ago they do not have to consider my complaint. (not totally true you can make a claim and the time starts from when you became aware of any mis-selling and you can make a claim back to anytime you want. The banks are using this ploy to put of further claims to cut their losses on having to repay mis-sold PPI. The least you should be able to claim is six years after the loan was settled so IMO you have no problem.2004 when the loan was closed to 2009 only seems like 5 years to me so Go for it!!
Is this true or because it is less than six years since it was cancelled am I in the right to pursue??

YES your are right to pursue

see these links for more information on PPI and reclaiming.

PPI - Some Notes for Claimants..

links and within this link loads more

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08
Reclaim your PPI premiums - payment protection insurance | This is Money

This is a little snippet from the above link....

Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.

The first step is to send a Subject access request template letters here...

Full SAR for ppi

Data Protection Act 1998 - Subject access request

When you send the SAR you should insist on claiming the following:


A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time you took the loan.

Copies of all statements applicable to the loan.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

A copy of the needs and wants/ customer duty of care questionnaire... here is an example.

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

Copies of any notes made by GE and /or Purple Loans staff in their dealings with you.

Hope this gets you on the road to getting your money back.

Originally Posted by kopstar1965

Further quick question, why do they state on a letter that my claim is NOT covered by the financial ombudsman service, when lots of other threads indicates it is....
Simple Question IS IT?

The GE Money Purple Loans although coming up on the FSA register seems to show they were not regulated by the Financial Services Agency.

Here is the link....

FSA Register

Just type in the firm name and hit the submit button then click on the appropriate links (in red) for the company and then more links at the top for registration, contacts, individuals etc.

If they claim they GE purple loans were not regulated by the FSA and therefore outside the fos for claiming before accepting that I would contact the FOS to double check. Links to the FOS in here...links

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Originally Posted by kopstar1965

I suppose its a bit of a tangle in itself,
When I took out the loan with First National in 2002 they were part of Abbey National & it would seem were regulated by the FSA.
GE Money bought FN in Feb 2003 & it looks as if they went outside the fsa.
I can't have it both ways i suppose, but neither can they, they were regulated when i took it out.

That's a fighting spirit

nothing to lose but a few stamps.

aa