Who to apply to.....

[mkb]

2007, we got a secured loan through Freedom Finance which had PPI which I believe was mis-sold given that I am disabled & have been for many years.

The only documents I have are the ones below & we have so many questions!

 

a) Which company to apply to - GE Money as they are the ones we pay each month, Freedom Finance as they brokered the loan.

b) The PPI covers both of us under the single policy so how would we deal with that

c) Can we cancel OH's cover since it is no longer suitable for his needs

d) Would any claim be for both parties or just mine

 

Please help!!!

http://img17.imageshack.us/img17/5333/gemoneywelcomeletter.jpg

http://img12.imageshack.us/img12/2739/gemoneyppireunsecloan.jpg

http://img17.imageshack.us/img17/6237/ppipolicyschedule.jpg

[alanalana]

2007, we got a secured loan through Freedom Finance which had PPI which I believe was mis-sold given that I am disabled & have been for many years.

The only documents I have are the ones below & we have so many questions!

 

a) Which company to apply to - GE Money as they are the ones we pay each month, Freedom Finance as they brokered the loan.

b) The PPI covers both of us under the single policy so how would we deal with that

c) Can we cancel OH's cover since it is no longer suitable for his needs

d) Would any claim be for both parties or just mine

 

Please help!!!

http://img17.imageshack.us/img17/5333/gemoneywelcomeletter.jpg

http://img12.imageshack.us/img12/2739/gemoneyppireunsecloan.jpg

http://img17.imageshack.us/img17/6237/ppipolicyschedule.jpg

 

 

Firstly your first link does not appear to be working.

Looking at the latter two links it appears that Genworth financial point you back towards Ge to make any changes to the PPI policy therefore I would suggest you pursue GE for the repayment of mis-sold PPI it is clear that Genworth are pointing you towards GE for any amendments to the PPI cover.

 

GE will no doubt wash their hands of this and call foul and point you to the broker and if that happens then the FOS or the Courts should make the decision.

 

Please try and reload the first link in your post so I can have a look.

 

aa

[mkb]

Hi aa

 

Link hopefully now working.

 

http://img18.imageshack.us/img18/5333/gemoneywelcomeletter.jpg

 

Will the fact that the policy was for joint names make any difference when it comes to being repaid? I would expect them to ultimately agree to repay one half but welcome your thoughts on this whole claim with any pointers towards a successful outcome!

Edited August 2, 2009 by mkb
.

[alanalana]

Hi aa

 

Link hopefully now working.

 

http://img18.imageshack.us/img18/5333/gemoneywelcomeletter.jpg

 

Will the fact that the policy was for joint names make any difference when it comes to being repaid? I would expect them to ultimately agree to repay one half but welcome your thoughts on this whole claim with any pointers towards a successful outcome!

 

Thanks for re-posting the first link from your first post.

 

For me the first line of the letter says it all.

 

Welcome to GE Money home lending payment protection. (That's the first point) It then goes on to say that GE Money home lending payment protection is underwritten by etc etc. (that's the second point)

 

IMO you should go after GE on this one. They are stating that any queries on the policy should be directed to them and not the underwriters ( in a way they are accepting the responsibility of the PPI with this statement IMO) As it was a joint policy both persons named on the CCA should sign any letter making a claim for mis-selling. It may however turn out that only one party is named as the insured on the policy but if the CCA bears both signatures then I believe it would be wise for both signatories to sign any letter claiming mis-selling.

 

Again Freedon Finance my have brokered the loan but it appears that GE are suggesting any problems with the PPI policy contact them directly and not Freedom Finance. So you now claim the PPI policy was mis-sold you are just following their instructions and contacting them directly as per the link above.

 

Hope you see my point here. If you do and they do not then maybe the FOS will

 

aa

[mkb]

Thanks aa - a goldmine of info as usual

 

The PPI covers both of us under the single policy so how would we deal with that so should we cancel OH's cover since it is no longer suitable for his needs or would the claim be for the entire policy being mis-sold?

Sorry if I'm being thick but I'm not having a great day today bacause of pain

[alanalana]

Thanks aa - a goldmine of info as usual

 

The PPI covers both of us under the single policy so how would we deal with that so should we cancel OH's cover since it is no longer suitable for his needs or would the claim be for the entire policy being mis-sold?

Sorry if I'm being thick but I'm not having a great day today bacause of pain

 

Good question

 

I am in a similar situation with Liverpool Victoria. Loan in joint names but I was the named party for PPI cover ie I had to be Ill to be able to submit a claim but of course they did not ensure that the policy was suitable. I have a 40% War disablement pension which would have precluded me from making a claim so I go for mis-selling of the PPI on the loan in both of our names.

 

Would your PPI policy have covered either one of you if you had become ill, made redundant or is there a person name as the main claimant.

 

If the policy covered both of you in exactly the same way for whatever illness, redundancy, etc etc then IMO I would suggest the policy should be classed as invalid for both if it was invalid for one of you through disability ie pre existing medical conditions.

 

At the point of sale if the PPI is covering both parties in exactly the same way ie jointly named for all of the benefits of the policy and thereby all of the exclusions of the policy then it was clearly mis-sold in sofar that:

 

Would the cost of the PPI have been lower if only one person had been covered and if the answer is yes and they did not ask relevant questions on pre existing medical conditions but just assumed both parties would be covered and that then boosted the cost then it was clearly mis-sold.

 

This is how I see it but of course I am not fully familiar with all of your details.

 

Hope this has helped

 

aa

[mkb]

Reading the Policy Schedule, the costs & benefits(!) are equal for both of us so I've just done the SAR to find out all payments to this policy then I'll go for mis-selling of the entire thing - that gives us the option of compromising if they're going to pay out any quicker if we agree to that

[mkb]

SAR back today by Special Delivery and only 45 days after requesting it!! Guess they didn't want me complaining that they hadn't complied within the time scale

 

http://img6.imageshack.us/img6/9605/secloan.jpg

 

As you can see, the space for signing for PPI was stamped 'Sign Here' so as well as not covering cos of existing conditions, I think we have a case for not knowing there was a choice of not having it

 

I don't know what portion of the monthly repayment relates to the PPI so have no idea how to calculate the refund I need to demand

The lack of separate figures makes me think this is a multiple agreement but don't know what to do if this is the case.

 

Please can you help?

Edited September 12, 2009 by mkb

[mkb]

Just updating really....PPI letter received by GE on 16/09 & 2 week 'reminder' posted.

 

They have til 10/11 to give decision but not holding my breath for a positive one :-|

 

Rang FOS today about another PPI already with them & they're quoting 3 - 6 months for resolution

[mkb]

UPDATE

 

Letter from broker received & I think it's tantamount to a bribe!

 

As you can see, they deny that the policy was mis-sold, citing a conversation held with hubby during which he confirmed that I had no health concerns that prevented me from working. At the time, this was true & it is only subsequently that I have been unable to work due to those medical conditions.

 

They then go on & offer a £500 f/f settlement of any complaint against them!! I emailed to ask:

 

If this means that we would retain the cover it provides for the remainder of its term?

Is your offer of £500 in addition to the ongoing cover?

 

Assuming the above questions are answered in the positive, does this mean then that the policy can be claimed upon as the need arises?

 

The response we got was: With reference to your email I can confirm that if you accept our goodwill gesture of £500, we will not insist that you cancel your policy. Therefore you may still be able to make claims against the policy.

 

Any suggestions as to the next course of action, bearing in mind that

a) my husband is now unemployed so should be able to claim against the policy

b) the account is in arrears

c) this is for a secured loan so could have massive ramifications for us but

d) the lender also has our mortgage which is being paid through income support mortgage payment.

 

Apologies for the length of the post and thanks for reading this far

 

We feel that we are being offered a sweetener to go away but in accepting this, we're not sure if we would be giving up our legal rights. Whether my hubby would be successful in making a claim against this policy remains to be seen but if it failed, what next???