Help with PPI from GE Money

[loupy2005]

I wrote to GE Money and i used the template letter. I got a reply back from them stating that they will not refund any money

As i took out the store card back in 2000 with PPi. They say that the FSA and media coverage only relate to polices purchased after 14 Jan 2005 when FSA's ICOB regulations came into force as my policy was taken out in 2000 the FSA decision is not relevant but they take all complaints of this kind seriously.

 

I had a pre existing condition and at the time it was around the time when there was sudden death in the family. No one asked me in the store about this but only where to sign (The sales rep marked the application with X's to fill and where to sign).GE capital state they now want me to supply them details in order for them to investigate further.

 

They also state there is no requirement upon them to record the sales process and they have no way of knowing what took place but i had 30 days to cancel if i was not happy they also state my insurance was clearly stated and the insurance was up graded in 2003 which i never asked for.

 

Despite saying all that they have cancel the insurance even though i did not ask them to in my letter to them.

 

I would like some advise and what I should do know e.g send them the info on my medical condition which i feel i should not do. GE Money were fined by the FSA for mis selling.it sounds to me that they are trying to frob me off just like them banks tried.

 

all help welcomed

[Guest ChloeJane]

Loupy I found this helpful!

 

Checklist

 

If you can answer ‘no’ to one or more of these questions, then you may have been mis-sold PPI.

• Optional Did the adviser make it clear that the insurance was optional? (if this was the case)
  
• Exclusions Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won’t be covered for any pre-existing medical condition?
  
• Paying for insurance up front If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
  
• Borrowing to pay for insurance If you had to pay for the insurance as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?
  
• Insurance that runs out If the term of the insurance was shorter than the term of your loan or finance agreement, did the adviser make you aware of this?

Have a look at ‘PPI – the rules’and if applicable 'PPI – rules before 2005' for more detail on what they should have done.

[debtsurvivor]

Hi Loupy

 

Subbing I've also just sent a claim for a friend to GE will let you know how I get on. Sure someone more knowledgeable will pick up your thread soon.

 

Good luck

[loupy2005]

writing another letter to Ge Money on the lines

 

the sale of PPI was not regulated by FSA until January 14 2005 but before this date, advisers still had rules to follow. As you were selling PPI, you would be covered by a code of practice imposed by one of three trade bodies. All three codes of practice required your advisers to provide information at the time the insurance was taken out, to help me decide if the policy was suitable for me. At no time did your member of staff made it clear that PPI was optional as I was asked to sign the crosses marked on the application form.

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.

Should i include the facts of my medical condition or not?

Can they upgrade the insurance without my permission?

As they cancelled the PPI on their own accord,are they indirectly accepting liability?

 

advice most welcomed

[hellhasnofury]

writing another letter to Ge Money on the lines

 

the sale of PPI was not regulated by FSA until January 14 2005 but before this date, advisers still had rules to follow. As you were selling PPI, you would be covered by a code of practice imposed by one of three trade bodies. All three codes of practice required your advisers to provide information at the time the insurance was taken out, to help me decide if the policy was suitable for me. At no time did your member of staff made it clear that PPI was optional as I was asked to sign the crosses marked on the application form.

I do not feel your letter has offered a satisfactory justification that my policy was sold fairly, reasonably and within my best interests so I request that you look into my complaint again. If I do not receive a more favorable response within 14 days I shall be taking my complaint to the Financial Ombudsman.

 

Should i include the facts of my medical condition or not? yes

Can they upgrade the insurance without my permission? no

As they cancelled the PPI on their own accord,are they indirectly accepting liability? MMMmm quite interesting, I would say yes, but they will never admit it.

 

advice most welcomed

 

Hello Loupy,

 

You must certainly keep at them, I truely know how frustrating these disputes are.

 

The FOS may not investigate your claim, due to the date the account was opened, you are best to give them a ring to clarify this before wasting time doing this.

 

The other option is legal action, submitting a N1 at your local court, that will make them sit up and take attention:D

 

Now I know for a fact there has been one successful cagger, who GE paid out before the court date

 

These financial institutes rely on many claimers giving up on these claims, they simply become disheartened and go away, But with help and encouragement from the site, you will be successful. You have to determined.

 

Please read the stickies at the top of the forum, these are extremely helpful to guide you in the legal process that may be involved.

 

Do you know the figures?????

[loupy2005]

the cost i calculated so far premium amounts to £340 yet to work out the interest. looking for the calculation template can you direct me to the link.

 

Should I include the spreadsheet once completed with my 2nd letter?

 

What I finding that these companies seem to always refer to the statements clearly been shown with the PPI or other charges on them stating the outstanding balance etc and could cancel within 30 days of opening account. this seem to be their defence.

 

I need help with this one.

[loupy2005]

Got a response from GE Money.

 

In relation to your reference to the sales process in store, I would reiterate that there was no requirement upon us to record the sales process and so we have no way of knowing what took place. However, if information was not provided at the time your insurance

was taken out, you would have been able to call at any time in the first 30 days and we would have removed the insurance from your account.

I note that you say that you were not told that the policy was optional when it was taken out in November 2002, but I also note that the process that we had in place was to make clear that it was not compulsory. I can confirm that on the agreement you signed it asked you to sign if you required the Account Cover, which you did. Therefore, it appears that it was made clear that the policy was optional and that you elected to take out the insurance. Once a customer has decided to take the product, a policy summary and

policy document is mailed to the customer for their review. We also offer a 30-day noquibble guarantee where the product may be cancelled, and any premiums refunded (subject to no claim being made). This allows time to compare the policy to that of any

other insurance companies.

I appreciate thet you were suffering from stress due to tragic circumstances and also a pre-existing medical condition from 1998. However, as you have not provided evidence to support your claim, I am unable to investigate your concerns further. I can

confirm that requesting proof does not demonstrate that the policy was mis-sold. It is required to confirm that you did not meet the eligibility criteria to claim against the insurance. I would therefore, ask that you forward the evidence required, in order to pursue our investigations.

 

GE capital have not stated what evidence they require but I suppose I can send them my letter from doc's. This all seem like trying to get me to give up.

 

What should I do now?

[checkoutdolly]

got that one from them send next letter threatening financial ombudsmen you will probably get another refusal letter take it to financial ombudsmen then its free

[lilal]

i would ring the fos to find if they will act against ge.ge were not a member of the gisc before regulation in 2005 so they may not help as i found.knowing ge what ever you provide them with they will always deny misselling.you can use the fla but again my experience with them has been a complete waste of time.go along to your local cab and take them to court.contact all the trade bodies you can oft ,fsa local trading standards . please don,t give up .they have done the wrong

[loupy2005]

I think my next stage is court action. Abit nervous gonna need all the help and encouragement for this one

 

stage one fill out court form

[loupy2005]

It been a while due to many family situations and my health suffering I have fallen behind on this. Where should i start from - send GE money another letter before i start court action, send in medical evidence.