Thread: Ge Money

Hi All

Im a bit puzzled as to whom is responsible for the PPI i took out for a loan in July 2004.

The broker (Greenhill Finance) are saying that they were the ones who sold me the PPI, but i have no paperwork etc regarding any PPI with them.

The loan lender (GE Money) also insist that it was Greenhill Finance that sold me the PPI.

The puzzling part is that all the documents ie Credit Agreement with PPI on is from GE Money, the PPI Payment Plan brochures are all from GE Money and a letter from the Insurance Company has said i must deal with GE Money regarding the miss sale of PPI.

Surely if Greenhill did finance the PPI it would of had to be on another credit agreement as these are 2 different companies ?

I don't know why Greenhill are saying it was them, when it looks like to me that it was GE Money?

Because both of these firms were Non Regulated at the time, there is not a great deal the fos can do on the matter.

The FOS have said that i might have a case against the Insurance company (Pinnacle) because this company was regulated and were selling insurance to a Non regulated company.

So at the moment all the paperwork is with the FOS who are going to let an adjudicator look into it.

If this proves unsuccessful i will continue the fight against either Greenhill or GE Money.

The PPI was a single payment of £7350 on a loan over 25 years, but the PPI only covered the first 5 years, not that i was told this at the time.
I have roughly worked out that the total cost of this PPI if run over the full 25 years is going to cost me roughly £18500 .

I know that i was told that PPI was necessary for the loan to be approved.
I also know that it wasn't myself that ticked the PPI box on the credit agreement from GE Money but came already ticked.
I could probably prove that it wasn't myself that ticked the box just by the tick itself as it is so different to the way i have ticked boxes on previous application form and a previous credit agreement with GE Money.
Some might laugh at this and i wouldn't go to court if this was my only defence but if anyboy was to look at the application form and the old credit agreement and compare it with the amended agreement you would spot the difference straight away.

Anyway sorry to ramble on and i will continue reading up on this great forum for more amunition and if anybody has had any dealings with GE or Greenhill regarding Non Regulated loans i would appreciate any advice or help.
If i have any news i will keep posting

Regards

Thanks dx100uk

My thoughts exactly, just can't understand why Greenhill are saying it was them. Especially when they know that i will be claiming for miss selling.

Regards

Another thing i can't get my head around is the monthly payments i have been paying.

The loan was for 49000 with 7350 added for PPI.
The APR was fixed at 6.9% for first 5 years.

so 6.9% of £56350 = £3938.865 a year, i make this monthly repayments of £328.23. Yet im paying £395 a month.

Im probably working this out wrong and if anybody can shed some light much appreciated.

Regards

Am i right in thinking that if a claim is for more than £5000 you need a solicitor.