Had a long running PPI issue with a loan taken out with IGroup in 2004,

eventually found out that GE Money was now responsible for Igroup stuff (thanks to this site)

and sent them a request for refund.

They are now saying that Ocean sold us the loan and they are responsible,

but as Ocean Finance dissolved in 2004 they would not be able to pay out.

Does this sound right ?

Is this loan still due?

No it was all repaid around 2007, but I have only recently found paperwork which states we paid an upfront £3000 PPI.

ge will do anything to divert you away from them as a target.

you say you found the paperwork

who is the creditor on the agreement

dx

Morning dx, thanks for the reply,

All the paperwork is in the name of iGroup, I only have a copy of the original agreement signed by all concerned but it has no mention of Ocean on it anywhere.

Should I write back and demand they look again or am I stuffed ?

it would be nice to see the letters in/out please

GE will need to prove Ocean acted as the broker

did you send them an sar before you departed on this reclaim journey

or do you already have all the paperwork and statements?

dx

I'll edit their reply and post it later, I found my copy of the original agreement which kicked off my claim. The FCA said they couldn't help as it commenced before they began regulating things in 2004 so I then did a bit of searching and found that GE where now the ones to ask so I wrote to them asking for my agreement number and they sent it back pretty quick.

From memory we did go through Ocean but the agreement copy make no reference to them at all so I can't see how GE can say its not down to them.

because ocean would of added the PPI.

its always the broker that does it

then takes their 'cut'

commission kickback from GE.

IMHO you should have sent an SAR.

dx

So is it worth sending a SAR at this stage ?

in my op it always worth an sar.

Ok typed out now and on its way soon, can I ask what you feel it may show that would make them change their minds ?

This was their final response, any advice on what if anything can be done next please. I have sent a SAR but not sure what that may achieve.

FSCS or the FOS then

its amazing how many diff ways GE money come up with to avoid

coughing on PPI claims.

dx

OK got the SAR back this morning, very quick maybe they are reading this site ?.

What should I be looking out for ?

see who levied the PPI

whos agreement is it on

and whats the name at the top

also look out for the demands and needs sheet

Had a look and the original application was on an Ocean Finance form, it has a tick in the box for me to take out PPI however at the time I never would have needed it as my employers covered me and dont recall even knowing what it was. It isn ticked for my wife even thought she would have benefited more from it.

The agreement is on IGroup documents and makes no mention of Ocean finance but I presume they would have got a commission of some kind.

No demands and deeds docs enclosed.

As Ocean went bust after the loan was taken out then as brokers they are liable and I can't claim PPI, is that right ?

it would be the FSCS you write too

if you can nail down it was ocean finance that brokered it.

why not give them a ring?

dx

Who should I ring ? FSCS ?.

What what I read Ocean then are not the same company as Ocean now so I couldn't go for them. It seems GE money are using this as an excuse not to pay and I can't find anything to say they are wrong.

Thanks for the help btw.

wont hurt to ring the fscs

might give a diff outlook

FSCS or the FOS then

 

 

its amazing how many diff ways GE money come up with to avoid

coughing on PPI claims.

 

 

dx

Neither FOS not FSCS can do anything with regards to this case. The sale was prior to FCA regulation of general insurance business in 2005.

I can't find anything to say they are wrong.

Maybe that's telling you something?

What you're trying to do is the equivalent of buying a Sony TV from Tesco, using it for years then deciding you didn't actually need it because your old one still worked and complaining to Sony about it.

They've done nothing wrong here I am afraid.

Maybe that's telling you something?

 

What you're trying to do is the equivalent of buying a Sony TV from Tesco, using it for years then deciding you didn't actually need it because your old one still worked and complaining to Sony about it.

 

They've done nothing wrong here I am afraid.

Hortz with all due respect that is utter bollocks, and the other thousands of souls who where duped into taking out PPI are wrong also I suppose.

In my case they conned us into taking out insurance at a time when we where desperate for a loan, and in doing so knew full well that I wasn't likely to ever claim. And charged me £4000, yes £4000 for the privelge.

BTW which loan company do you, troll, sorry work for ?

Neither FOS not FSCS can do anything with regards to this case. The sale was prior to FCA regulation of general insurance business in 2005.

Thats almost exact word for word the reply I had from GE money, how strange is that ? mmmmmm

jotty, I don't see any harm in speaking to the help desks of both the FSCS and the FOS - at the very least they will let you know if you are going to be wasting your time.

How did it come about that you were contacted by Ocean Finance (Alabaster) ? Were they provided your details by GE Money when you applied for the loan? If so, then that would be the link between them and GE Money, because from what you are saying, you would not have actively sought out a company for the cover.