Thread: GE PPI on loans from 2004

I took 2 loans out through GEMoney in 2004

One was for £10,000 and had £2,777 added to it for PPI
The other was for £5000 and had £1000 added for PPI

Both loans and PPI were paid off in full June 05.
No letter was ever sent to me detailing what rebate I was given when paying off the loans.
I was simply given a settlement figure and that was that.

I have investigated with the fos nad apparently GE werent regulated until 14th Jan 2004 for insurance products, so they have said they can't help me.
But, I was still paying to GE until June 2005 so surely I must have been covered from Jan 05 to June 05 under the new regulations.
Are they saying thats you are only covered from the date you take out the loan as that doesn't seem very fair to me?

Anyone any ideas has to how I should proceed with this case.
I am obviously claiming mis-selling for many reasons, not least I didnt actually need the PPI

I took 2 loans out through GEMoney in 2004

One was for £10,000 and had £2,777 added to it for PPI
The other was for £5000 and had £1000 added for PPI

Both loans and PPI were paid off in full June 05.
No letter was ever sent to me detailing what rebate I was given when paying off the loans.
I was simply given a settlement figure and that was that.

I have investigated with the fos nad apparently GE werent regulated until 14th Jan 2004 for insurance products, so they have said they can't help me.
But, I was still paying to GE until June 2005 so surely I must have been covered from Jan 05 to June 05 under the new regulations.
Are they saying thats you are only covered from the date you take out the loan as that doesn't seem very fair to me? (if you have not already covered this with the FOS I would give them a call to ask that very question)
Anyone any ideas has to how I should proceed with this case.
I am obviously claiming mis-selling for many reasons, not least I didnt actually need the PPI

Have you made any contact with GE to ask for a PPI refund?

If you have and they have refused you could perhaps make contact with the Financial Services Compensation Scheme....Link here...

Home

They may be able to offer help.

I phoned the FSC and they said exactly the same thing.
As its before the 15th Jan 05 there is nothing they can do either.

Seems mighty strange to me that they can get away with anything before this date?

And very annoying.

Anyone any other ideas?

Just to add to my confusion.

My original loans where dealt through Ocean finance as the broker and igroup as the lender (I believe igroup are now GE Money)

So who should I be contacting about this?

My original letter was to Ocean Finance who said they couldnt help as they werent part of the regulatins then

My original letter was to Ocean Finance who said they couldnt help as they werent part of the regulatins then

310136 - Ocean Finance and Mortgages Limited
Current status: Authorised
Effective Date: 31/10/2004
Tied Agent:
Undertakes Insurance Mediation: Y
Registered under Money Laundering Regulations:
Address: Pacific House
Relay Point
Wilnecote
Tamworth
Staffordshire
B77 5PA
Phone: 44 0870 191 0800
Fax: 44 0870 191 0862
Email: BETHKELLY@OCEANFINANCE.CO .UK
Website:Ocean Finance - Any Purpose Secured Home Loans, Mortgages & Remortgages for UK Home Owners. Specialised plans for debt consolidation & people with bad credit problems




Notices: Unable to hold client money.
Regulator Name Firm reference number Effective From To
Financial Services Authority 310136 31/10/2004

Ocean were have been regulated by the FSA since Oct 2004 not sure if this will help. PPI is a minefield with some institutions.

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Just an update on this.

The fos have now decided to pursue the underwriters after 6 months of messing about with first Ocean finace, then GE!

Haven't even been given an adjudicator yet!
And now 2 different cases as both loans had different underwriters, Sterling Life and Cigna.

So if you are in the same position, ask the FOS if you can pursue the underwriters

Originally Posted by chrisb333

Just an update on this.

The fos have now decided to pursue the underwriters after 6 months of messing about with first Ocean finace, then GE!

Haven't even been given an adjudicator yet!
And now 2 different cases as both loans had different underwriters, Sterling Life and Cigna.

So if you are in the same position, ask the FOS if you can pursue the underwriters

Spread the word with perhaps a new thread with a different title

Let All of CAG know this

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