Another GE Money Insurance Question

[Guest suziedarkness]

This is not actually a PPI policy but I thought this would be the best place to start.

 

I recently received a SARN from GE Money on a mortgage that was paid up 18 months ago.

 

I noticed on the underwriting sheet that there was a Life policy taken out by myself for £3,000. This was news to me as I would never have taken out such a thing with them.

 

Anyway, to cut a long story short, There was another piece of paper included in the SARN which suggested the name of the Insurance co the policy was with, so I phoned them. I explained to the lady that this policy was taken out in 2005 but I had no knowledge of it, nor ever received any confirmation or documentation. After searching every which way she could think of, she told me they had no knowledge of me whatsoever, they had never issued a policy for me at all. I got her to confirm this in an email to me.

 

I then phoned GE and asked them to confirm who the policy was with. They gave me the very name and phone number of the company that I had just rung.

 

Something was starting to smell very fishy!!!! It is my suspicion that they put this thing in as acover up maybe. Perhaps to cover up a secret commission or something.

 

Anyhow, I then wrote to GE telling them I had been advised by the INs co that they had never heard of me and certainly never issued a policy. I asked them to send me a poliucy number or policy document or a good explanation as to why I had paid out £3,000 for a policy that appeared to be non-existent. I gave them 14 days to get back to me before I took further action.

 

As is true to form with GE, it has now been 3 weeks and not a dicky bird from them.

 

Anyone got any ideas as to where I should go next? Demand a refund from them maybe or go to FOS?

 

Suzie

[alanalana]

Hello suzie,

 

This is not actually a PPI policy but I thought this would be the best place to start.

 

I recently received a SARN from GE Money on a mortgage that was paid up 18 months ago.

 

I noticed on the underwriting sheet that there was a Life policy taken out by myself for £3,000. This was news to me as I would never have taken out such a thing with them.

 

Anyway, to cut a long story short, There was another piece of paper included in the SARN which suggested the name of the Insurance co the policy was with, so I phoned them. I explained to the lady that this policy was taken out in 2005 but I had no knowledge of it, nor ever received any confirmation or documentation. After searching every which way she could think of, she told me they had no knowledge of me whatsoever, they had never issued a policy for me at all. I got her to confirm this in an email to me.

 

I then phoned GE and asked them to confirm who the policy was with. They gave me the very name and phone number of the company that I had just rung.

 

Something was starting to smell very fishy!!!! It is my suspicion that they put this thing in as acover up maybe. Perhaps to cover up a secret commission or something.

 

Anyhow, I then wrote to GE telling them I had been advised by the INs co that they had never heard of me and certainly never issued a policy. I asked them to send me a poliucy number or policy document or a good explanation as to why I had paid out £3,000 for a policy that appeared to be non-existent. I gave them 14 days to get back to me before I took further action.

 

As is true to form with GE, it has now been 3 weeks and not a dicky bird from them.

 

Anyone got any ideas as to where I should go next? Demand a refund from them maybe or go to FOS?

 

Suzie

 

I would go down the route of Subject Access Request with the £10.00 fee and when you request all of the data be especially specific on asking for a Copy of the life policy document they quoted. This gives them the statutory 8 weeks to respond with the relevent information failure to produce the policy document within the 8 weeks then IMO straight to the FOS with a complaint and copies of all the relevent correspondence, including the email response from the insurance company stating they have no record of either you or the policy.

 

Could it just be that the Policy you paid for was in fact allegedly bogus and never existed hence no documentation ever being received and no records held by the insurance company in question.

 

Hope this helps

 

I know the FOS is the long way round but there is no cost other than getting the stuff delivered to them by special delivery.

 

aa

[Guest suziedarkness]

Thanks aa.

 

I have already SAR them, thats how I found out there was a life policy. It took me nearly 6 months and intervention with the ICO to get them to comply with my SAR request.

 

Like I said above, I have quizzed them about it but no response from them at all and my deadline has passed.

 

Like you say, maybe the FSO is the best route, albeit longwinded. I have found lots of little dirty discrepancies with the accounts I had with them since receiving my SAR so maybe they can deal with them altogether!! :)

[alanalana]

Thanks aa.

 

I have already SAR them, thats how I found out there was a life policy. It took me nearly 6 months and intervention with the ICO to get them to comply with my SAR request.

 

Like I said above, I have quizzed them about it but no response from them at all and my deadline has passed.

 

Like you say, maybe the FSO is the best route, albeit longwinded. I have found lots of little dirty discrepancies with the accounts I had with them since receiving my SAR so maybe they can deal with them altogether!! :-) Yesterday 17:52

 

 

I stumbled upon this on another site.

 

'I am writing in response to your letter dated 24/03/09 with regards to the insurance sold with my House of Fraser store card.Your reference is ****.

 

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 Finance and Leasing Association (as advised by you) and if they are unable to assist with my complaint in a satisfactory and timely manner I will go on to seek my resolution through litigation.

 

I understand that my credit agreement was before the FSA’s ICOB regulations came into force. However, having read the FSA’s damning assessment (available at FSA fines GE Capital Bank) of the practices of GE Money from 14 January 2005 and onwards, I believe a court would determine that these were also standard practices before GE Money was under the regulation of the FSA and would award in my favor.

 

As previously stated, I hope to receive a more favorable response within 14 days of this letter.

 

The general gist of things here is that GE have been fined by the FSA and are really reluctant to pay back all they owe so more complaints to the FSA may just do the trick:eek:

 

Have a look at all the links on this google search of GE and there is a lot of information on a lot of potential links.

 

ge fined by the fsa - Google Search

 

aa

[Guest suziedarkness]

Thats a fantastic letter aa, thank you for passing that on.

 

One question though, just so I know how to adapt the letter. I understand that GE were not authorised until 2004 sometime. This loan was taken out in Oct 2004. Were they authorised then, but probably more importantly, would their authorisation apply in this case because its not ex\actly a case of misselling, more a case of possible fraud?

 

Suzie

[alanalana]

Thats a fantastic letter aa, thank you for passing that on.

 

One question though, just so I know how to adapt the letter. I understand that GE were not authorised until 2004 sometime. This loan was taken out in Oct 2004. Were they authorised then, but probably more importantly, would their authorisation apply in this case because its not ex\actly a case of misselling, more a case of possible fraud?

 

Suzie

 

This is a link to the FSA register.

 

FSA Register

 

When you open the link type in the ge money in the firm name window and hit the submit button. This will bring up all the results for ge money. All the red names on the left are further links and when you open the appropriate one there will be yet more links at the top and one will be regulators. I think you will find that some ge money links are regulated by the FSA since Oct 2004 but you will need to check out which of the ge money addresses is the right one to match your paperwork.

 

aa

[Guest suziedarkness]

AA, as this "policy" was supposedly taken out when I remortgaged, what would you claim as interest? Would you claim back the mortgage rate charged or the 8%.

 

They have a lot to answer for. They repo'd my home 18 months ago.

 

Suzie

[alanalana]

AA, as this "policy" was supposedly taken out when I remortgaged, what would you claim as interest? Would you claim back the mortgage rate charged or the 8%.

 

They have a lot to answer for. They repo'd my home 18 months ago.

 

Suzie

 

 

IMO you should claim the PPI and the interest on that PPI at whatever rate they charged at the time. Then on top I would also ask for the 8% statutory interest from the start of the mortgage up until any settlement is agreed through the FOS or the Courts.

[Guest suziedarkness]

thanks aa, great advice as always.

 

Suzie