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"Fun" with GE Money


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  • 4 weeks later...

Hi I am new here, I have got a final response letter from GE Money Servicing Ltd Resolutions It states that our PPI was sold from a broker called Spectrum Loans & Mortgages Ltd of 105 Hamlet Court Road Westcliffe on Sea and yes they are gone

When we took our loan we understood we were dealing with GE Money direct and have never heard of this broker all paper work is i group / GE Money I sent a letter recorded to GE regarding this then rang as got no reply Mr Nasty Resolutions Manager Kevin ........... told me they had sent a letter but YES We never received it prob as I asked for proof about this broker and secret comm. So I am in the same boat but am now really thinking of going to the papers then take them to court as all my paper work is all from GE / i group

I don't know if this is any help to you.

Helpmary.

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Do your dates fall before the FGSA parameters mentioned earlier; if so the michellej lead above looks promising - my lad hasn't yet decided whether to file a case based on it but it do look interesting

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  • 4 weeks later...
We lost out with our ppi claim involving GE money thru an agent.

Following discovery that the agent was no more, we were advised by FSA to apply through Fin Services Compensation Service.

However the reply I had back contains "FSCS can only consider claims relating to advice on policies or arranging of policies on or after 14 January 2005, and only against firms that were authorised to arrange insurance by the Financial Services Authority (FSA) at the date the policy was arranged. Insurance brokers first became regulated by the FSA on 14 January 2005.

Unfortunately, as Insurance brokers only became regulated on 14 January 2005, we are unable to look at claims prior to that date as this is not retrospective.

A full list of COMP rules can be found on the FSA website ".

The agents concerned went bump some years before 2005.

So much for the FSA

 

Complaints about members of GISC and MCCB

3.2 This year, the Financial Services and Markets Act 2000 (Transitional Provisions)

(Complaints Relating to General Insurance and Mortgages) Order was made. It

sets out a new way for certain complaints that would previously have fallen under

the Mortgage Code Arbitration Scheme or the Dispute Resolution Facility set up

by GISC to be dealt with from 31 October 2004 (in the case of mortgage activities)

and 14 January 2005 (in the case of insurance mediation activities). It provides for

these complaints to be dealt with by the Financial Ombudsman Service. We have

also made consequential changes to our Handbook to accommodate these new

arrangements in the Complaints Sourcebook (Mortgages and General Insurance

Transitional Complaints) Instrument 2004, which is available at FSA handbook 2004.

 

The way I understand this,is that if the broker was covered by one of the above and then the FSA from the takeover of redress cover dates, then under FSA rules the FSCS can't refuse investigation.

 

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:-xOh i know all about GE and companies they use to sell thier loans that go bust, we had a loan with GE home finance,through a company Click for freedom, who have also gone bust,this is very strange, my claim is after 2005 , but not sure if i could still take them to court i was sending court papers off, then just seeen this thread,so if Click for freedom has gone bust can i not take GE to court ???A solicitor was going to pursue them on my behalf for some of my ppi so they must think i can take them to court , but i want to do it myself but im confused now,iv been pursuing them for 2 years now,and they said i had to make a new complaint ???as so much time has elapsed ? so iv just recieved a letter from resolutions dept saying they are looking into my complaint, but i threatened them with court so not sure if this is a tactic to make me not put court papers in , shall i go to court or not HELP:( surley they are liable as they collected all the payments plus i paid the 10yr loan off in 15months as i sold the house but they never refunded my ppi surley they are responsible !

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I'm not an expert, but I am an avid reader. My understanding is that if the broker was regulated by the FSA and it has gone bust you can make a claim through the FSCS. You can check to see if a company has gone bust through the FSA.

If you are claiming PPI, some are being told to make a claim to the insurer of the PPI where the Broker was not under the FSA unbrella.

Assuming that either the Broker or the insurance company (which should be) were under the FSA, then you can make a claim online through the FOS, and you could ask the FOS for advice.

A claim firm could still make you wait years, take your money, go bust and fail to get you any refund of value. The FSCS and the FOS make it easy for you to complain, its free, and you might not need the court system.

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