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First National - A GE Company


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Firstly having lurked on the forums for sometime I thought it was time to register, ask for help, and give advice from my own experiences. So welcome everyone, I am glad to be here.

 

In July 2004 my wife and I purchased double glazing for our house from Weatherseal. All our dealings were done with Weatherseal reps who visited our home on several occassions. Eventually a figure was agreed upon and the payment was financed via a First National Home Improvement Loan. We were mis-sold PPI which was added to the loan agreement. My first intention is to reclaim the PPI if at all possible and then deal with the loan itself.

 

I have the orignal copy of the agreement we signed and the PPI has simply been added under a section entitled "financial & related particulars". There are no seperate breakdowns of the loan amount and PPI amounts etc. The form we signed states it is a "Credit Agreement regulated by the Consumer Credit Act 1974". This was signed within our home and signed on behalf of First National by the weatherseal rep we were dealing with.

 

I am looking for some guidance in regards of whether I can claim the PPI back and the method by which I should do this - help with what letters to send etc?

 

On a second note could some one guide me to the correct forum board on which I can ask questions about the loan? I am led to believe if the loan agreement is or was not enforceable one can try and claim the payments etc back?

Edited by vorenus
typo
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Hi voren

 

I forgot to mention that you can send GE a SAR Request they will send you all the data they have on the account, including statements for 6 years plus.

You have to send them £10 with the Request. They have 40 days to send you the data.

 

Also you will find spreadsheets on this site, don't forget to claim back Contractual Interest on your PPI Charges.

 

http://www.consumeractiongroup.co.uk/forum/content.php?559-Interest-Calculation-Spreadsheets.

 

http://www.consumeractiongroup.co.uk/forum/content.php?552-Data-Protection

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Thanks again.

 

Looking at the agreement they added PPI premium of £765.02 to the loan, paid over 120 monthly payments based on an APR of 18.3%!

 

 

What gets me the most with First National/GE Money was that when interest rates increased they fired up the premium literally the next day, yet when they dropped they did not bring them back down to reflect this. I have settled the loan earlier this year - June 2010 - but I am going to chase after this as stated.

 

Is it best to fire the SAR request to them BEFORE applying for the PPI back???

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I would, that way you will have all the facts infront of you, the right figures to make the claim. When you get your data we can check that you've claimed everything you should.

 

Thanks again.

 

Looking at the agreement they added PPI premium of £765.02 to the loan, paid over 120 monthly payments based on an APR of 18.3%!

 

 

What gets me the most with First National/GE Money was that when interest rates increased they fired up the premium literally the next day, yet when they dropped they did not bring them back down to reflect this. I have settled the loan earlier this year - June 2010 - but I am going to chase after this as stated.

 

Is it best to fire the SAR request to them BEFORE applying for the PPI back???

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Hi

I am also customer of GE money. I took out loan in 2005 for home improevment £27500 via a broker. PPI worth £4125 was added without my consent. However I managed to get it back in 2008. I was refunded £1200 in regard to repayments I had already paid. £4125 was refunded back to lender . I dont know if you used a broker or dealth with GE money directly. If you used broker you need to contact them first. you can find out about this from Ge money. I also believe my laon was whole package of misold product. Despite refund of £4125(resulting in reducing outstanding balcance) , my monthly repayment is not going down neither term of loan. which means I have not been benifited from the refund of £4125. I have contacted again Ge money on this, they just replied me saying that they are happy to offer me £2500 as gesture of goodwill. but i am not happy to take this. as this will not serve any purpose or benefit to me. I am preparing to contact FOS now. my brief story is as follow:

I took out a secured loan in 2005 for 15 years £ 27000(180 monthly installments) .PPI of £4000 was added to laon total value of laon became £31000.However on my complaint, PPI was refunded to lender by insurance Co therefore my outstanding loan amount went down.however my monthly payment of £326 still remianed same and number of monthly payments also unchanged i.e;180. I contacted my lender and ask for explanation as after the refund of £4000 why I am expected to pay same monthly payment for same period of time ? Either payment should go down or no of monthly payment cut down.However they only told me I will not be paying my repyament for 180 months but less then that. However they could never be able to tell me how many months less I will be keep on paying my monthly repyament. Also on original agreement it says 180 monthly installment while on my annualy statement it says 182. Morover they keep on changing interest rate which always go up without informing me. This makes most of my repayment going toward interst rather than clearing capital amount.This has been driving me mad and worried as I also got told that if capital payment not going down much will leave me with money owing to lender despite after paying them 180 installment. Is there any one who can help me out or guide me . Because I believe it might come under misold product as 1) I was never told about changing interest Rate 2) not told about owing money even after paying 180 monthly installment 3) not been given any explanation what would happened if PPI being refunded.4)not being informed why it says 182 monthly installment while I sighned for 180 installment agreement.

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