Thread: Does the customer have to request a rebate for PPI?

I have been trying to re-claim PPI from iGroup (now GEMoney) since 2005 all to no avail. They have given me and the fos the complete run around.
"It's not us, it's Ocean Finance, or Albaster (now expired), or the Underwriters, etc, etc.
I am no nearer a solution than 5 years ago.

Anyway, it has occured to me that they didnt give me any rebate for the PPI (which totalled £2000) when I paid off the entire loan in 2005.

They are saying that I should have requested a rebate as per the policy document, but they never sent any document so I had no idea, I simply thought it was automatic. They also reckon that I have had the cover for 6 years since so wouldn't be allowed any rebate anyway.

What is the legal stance with this?
Surely the rebate should have been automatic?

Can anyone advise on this?

What do you mean by rebate?


Do you mean misselling?

When you say that they have given the fos the runaround, what has happened?

Sorry, didnt explain very clearly did I?

Been trying to claim my PPI back from 2004.
I know I was mis-sold but GE Have simply said "we were the loan provider, it's the broker you should be omplaining about" so the Financial Ombudsman agreed.
We then complained to Ocean Finance but they weren't regaulated at time of loan, so now we are trying the underwriters, who have simply said, "no, it's GE who were at fault"!

So now I'm looking at if I can complain about the rebate that I should have had when we made an early repayment of the loan.
The PPI was for £2000 over 6 years but I only made 10 monthly payments before paying the whole amount off. No rebate of PPI was ever given back. GE are saying that I should have asked for a rebate according to the policy document, but I never received a policy document, and surely a rebate should be automatic anyway.
They are saying that I have had 6 years cover since, so I have had the benefit of cover all that time.

Any advice welcome

From my understanding you should of been paid the rebate automatically. If you can prove you was missold you would be due back the full 2000 plus the interest from your 10 payments and you could also request 8% Stat interest.

It would be GE who you would make the claim from, when you say 2004, what month did you pay the loan off, their may be problems here with it being over 6 years and the statute of limitations,this would be a good efense from GE.

In what way was the PPI missold? Do you have evidence?
Have you got this in writing from the fos?
Has the FOS agreed that it was missold?
What would be the value of the rebate.
What would be the value of the entire PPI?
Were Ocean Finance regulated at the time you paid the loan off?
Who is it that is saying you had 6 years cover? If the loan was paid off then there was no insurable interest - isn't that correct? or did the PPI cover something else other than the loan?

Have you got this 6 years cover thing in writing from whoever it is?

Originally Posted by BankFodder

In what way was the PPI missold? Do you have evidence? yes
Have you got this in writing from the fos? yes
Has the FOS agreed that it was missold? yes
What would be the value of the rebate. not sure
What would be the value of the entire PPI? £2150
Were Ocean Finance regulated at the time you paid the loan off? yes
Who is it that is saying you had 6 years cover? GE Money
If the loan was paid off then there was no insurable interest - isn't that correct? or did the PPI cover something else other than the loan? There was some Life Insurance involved also

Have you got this 6 years cover thing in writing from whoever it is? yes

Thanks, I didnt think about there being no insurable interest. The life insurance was only for me and not joint, whereas the PPI was joint. Hmmm.

email me on the admin address - admin@

let me have landline number

qucik update.

GE have wrote to offer to refund me but no mention of amount (yet to be worked out) and no mention of the 8% interest on the money fro the 4.5 years since this all happened.

They are sending me an offer in the post.
Should I still be looking for 8% per year since June 2005, or is that only when Ombudsman rule in your favour?

This is regarding the rebate of the insurance premium, not mis-selling

If the money has been paid by you under a mistake then you are entitled to interest on it also.
They won't offer it to you voluntarily.

Now that they have said that they are going to make you an offer, wait and see what that offer is and whether it is conditional on Full and final acceptance.

Come back here and let us know.

I asked you to contact me as I think that we may be able to help you on this but you have not responded