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Link financial chasing Loan with First National Finance (GE Money


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Had a loan with 1st National (GE Money) got into financial hole way back in 2007, GE Money assigned Laon to Link Financial.

 

They have made several demands over the years, went extremely quite for about a year now.

 

And guess what!! they have woken up and started to send letters.

 

I have two questions hopefully somebody can help me with:-

 

1. I had PPI on this loan originally with 1st Nation( GE Money) and they were not regulated by FOS at this time so they could not help. Then FOS tried to intervene on the original Insurance Company but again it was all done under GE Money who were not regulated by FOS at the time the loan was taken out. So no joy there.

 

2. Now Link are threatening Court Action....could or would I be able to counterclaim a court action from link on the basis that there is PPI on this loan and I was not elligible for PPI at the time loan was taken out (didn't work enough hours).

 

Therefore if Link take me to court could I counterclaim them with PPI as the PPI payments are in excee of the balance owed not by much but enough to cover the amount owed.

 

Any help, comments gratefully appreciated.

Cheers

AFW

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Hi 242

 

When was the last payment made on the loan?

You need to work out how much PPI you've paid, add Interest onto it and claim it back. Send your claim to GE Money, who will say no, then take it to the FOS, You want everything back from your first PPI payment to your last PPI Payment.

Spreadsheets and Templates are in the library.

 

Infact you could ring the FOS today, give them some details, get a reference number off them that you can write in your claim letter to GE Money.

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Hi 242

 

When was the last payment made on the loan?

You need to work out how much PPI you've paid, add Interest onto it and claim it back. Send your claim to GE Money, who will say no, then take it to the FOS, You want everything back from your first PPI payment to your last PPI Payment.

Spreadsheets and Templates are in the library.

 

Infact you could ring the FOS today, give them some details, get a reference number off them that you can write in your claim letter to GE Money.

 

Hi rebel11

 

Many thanks for your reply.

 

The last payment would have been approx May 2007.

 

I have already calculated PPI payments that I have paid and sent this to GE Money who refused, then I contacted FOS who also said they could not help as GE Money was not regulated by FOS when I took loan out. This leaves me with the only option of court, which due to my husband being very ill I would prefer not to do just now.

 

However it does seem that Link is thinking about court action since they have a CCA. This is what I am trying to find out....if Link take me to court could I counterclaim them with the PPI Insurance as GE Money should never have assigned this loan to Link as the PPI payments that I want to claim are more than the balance Link are claiming.

 

Sum and Total is Link threatening Court Action for assigned account - can I counterclaim them with

PPI payments that I paid on loan to GE Money....Link is aware that I was claiming GE Money but never told tham that it was refused.

 

Cheers

AFW

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HELP PLEASE - Any help gratefully received.

 

1. Loan with First National Finance (GE Money).

 

2. Assigned to Link in 2007.

 

3. Tried to claim PPI back for GE Money 2009 (didnt realise there was PPI) - they refused.

 

4. Approached FOS for help - They refused GE was not regulated by them at the time.

 

5. Now link threatening Court Action - could I counterclaim with PPI - this is more than the debt.

 

6. Is assignment same as selling the debt and does that mean Link can sue me for it or does it need GE Money also to gp to court.

 

If, Link take me to court can I still coounterclaim them as this debt should never have been sold as the counterclaim for PPI is more than the debt.

Cheers

AFW

Edited by 24233513afw
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Can somebody please help me, if link take me to court for a debt that has been assigned to them can I counterclaim PPI Payments.

Cheers

 

 

 

 

To take you to Court Link would have to hold title to the account.

To hold title the account must be assigned under The law of Property 1925 sec 136.

Any assignment made thus is "Subject to equities".

The PPI claim was based on a sum which existed prior to any assignment and therefore setoff (against the equity of the missold PPI) can lawfully be claimed by you by way of a counterclaim.

If Link litigate then you must enter your PPI claim in full as a "counterclaim for setoff" which ensures the matter goes before a judge (at links expense) and negates the involvement of the FOS in deciding the PPI.

As of 03/03/12 please do not under any circumstances wait for my further input or guidance on any current thread or defence of a court claim I might have been involved in on or through Cag.

Jasper1965

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