ali vs ge money

[alibobsy]

Ok sent off claim etc to G E money last week and got reply to say they are looking into it.

Long way to go I guess but wanted to get a new thread started to keep track of where i am.

 

Ali x

[rebel11]

Hi Ali

 

Have you claimed interest?

[alibobsy]

Yes used the spreadsheets on here for all my claims, but I expect ge money to be awkward.

 

This was out biggest PPI amount and is the only one still being paid. It is our second biggest oytgoing each month so it would be brilliant to get the loan restructured and reduced. To be honest if they insisted on all refunds going against the account I wouldn't be devastated and could use the extra money each month to either save to clear this early(should be vastly reduced) or reduce our mortgage-we can make overpayments and whilst interest rates are so low seems a good idea.

 

Guess we better wait and see, but I expect to end up in court or with the FOS-the amount is such that court is a risk (too big for small claims). Will see what their initial response is and take it from there.

 

Ali x

[alibobsy]

Oh an another thing that annoyed me is the one time we needed the damn thing was last year when OH was made redundant, but they said the policy had ended after 5 years so we couldn't claim!!!

But we are still paying for the beep thing!!!

 

Ali x

[alibobsy]

Ok well as I expected from other posts Ge came up with the old not us try the broker malarky.

A few more details

1) loan through freedom finance-but I believe after the initial chat they put us through to igroup and it was them who did the loan/ppi stuff and in fact the insurance was with igroups own insurance ppi as a front loaded policy.

2)igroup then bought out by ge money-loan still being paid to them

3) original docs show the insurance as being regulated by the GISC so does this mean the fos will look at it despite the loan dating back to 2003

 

Any help gratefully recieved

Ali x

[alibobsy]

Something else I remebered was from when we took a second loan with them 3 years later when I called igroupdirect to be told they could only do aloan after a referral from another company. I was transferred to purple loans who took the basic details then passed me back to igroup (no doubt commision all round on that one).

 

ali x

[alibobsy]

Think I may have done my interest claim wrong for this as it was a up front payment at the start of the loan and I worked out the percentage of the loan that was ppi so therefore the amount of ppi payment each month and banged it in the same spreadsheet off here I used for the credit cards.

Tried to use the single policy one as per the stickies above but it doesn't have enough months on it and was a bit confusing?

 

Have I done it correctly and should I be claiming the stat interest as on the sheet or just 8% as surely my payments include the interest?

 

ims21 if you are there can you advise? Looks like ge may get a bit arsy so I want all my calculations to be right before we go on to higher levels of action or (unlikely i know) they make an offer.

 

Ali x

[ims21]

Hi

 

I've got some time this evening....

 

Wanna go through it step by step with me?

 

If so I can ask the Q's and if you can give the A's we'll get there.

 

Regards

 

ims

[alibobsy]

Sorry ims21 was sorting out the baby last night (with 4 kids evenings can get a bit hectic lol). The single cover spreadsheet in the stickies doesn't have enough months in it lol..

ali x

[ims21]

You can use this spreadsheet....it has 2,000 rows formatted for the calculation so should be plenty.

 

Change your personal details in the blue section.

 

In the list section underneath the coloured bits, enter each of the monthly PPI payments giving the date of payment, a description and the amount. You only eneter data in columns A, B and C for the list.

 

This is a protected spreadsheet so if you get a message telling you that it is locked then you are probably trying to enter data in a cell which does not need changing.

 

Regards

 

ims

 

StatIntSheet1.xls

[alibobsy]

Basic details are we borrowed 20k, they added on what I thought was all ppi, but looking at the documents now its 2k of brokers fee and 3530 ppi.

I divided the ppi figure into the total loan and used that to divide into the monthly payment to work out the monthly ppi payment. I then put the monthly payment into the credit card spreadsheet with the 8% on top?

 

What annoys me the most is as well as being useless to us the PPI "cover" ended after 5 yrs,but we are still paying for it now and am expected to pay for it for the rest of the loan (15 yrs!!).

 

ali x

[ims21]

Ok

 

So total loan is £20,000 + £3,530 + £2,000 = £25,530.

 

Percentage which is PPI is 3,530/25,530 x 100 = 13.83%

 

So 13.83% of each of your monthly repayments is for the PPI part of the loan and it is this figure that you should put into the spreadsheet I've attached to my last post.

 

Typically PPI cover is for a period of 5 years but because they loaned you the money to pay for that single premium they attach it to the loan and you pay that PPI loan off over the lifetime of the loan.

 

Regards

 

ims

[alibobsy]

thanks ims done the new interest sheet so know what they should repay me (if they ever give up lol).

 

Will send them the revised claim and a letter with all my points about the broker and the GISC insurance to give them one last chance to respond before i either plump for FOS or court action.

Waiting game now again lol.

 

Ali x

 

posted today clock ticking!

Edited September 1, 2011 by alibobsy

[ims21]

[alibobsy]

My loan was with igroup and like you I got the same load of old rubbish its the brokers fault not us blah blah.

I remember the phone call, the broker took my basic details and came back and offered me a choice of 2 lenders, but advised igroup were most likely to lend to us given our "credit rating". I clearly remember being told "I will transfer you through to igroup for them to go through the loan details with you. It was only at the very end of the second conversation that any PPi was mentioned and it was spoken as a "fait a compli" (sp?), when queried they said you have to have PPI or you won't get a loan with your low credit score.

 

For your info my original PPI docs show the insurance was with igroup insurance and has in the small print confirmation that they were memebers of the GISC, so it can go before the FOS if you wanted to go that way.

 

I am awaiting a response to my second letter to GE before I decide which way to go, but OH is a contractor and between work at the mo so may have to go with FOS because of costs. Will weigh up and see.

 

Good luck with your claim.

Ali x

[alibobsy]

Well they replied and said basically the same thing again. They insist the FOS can't look at it despite the insurance docs clearly stating they were members of the GISC at the time.

 

 

Going to refer to FOS because of the amounts and not confident with court action as yet. Will get the docs sent off this week and post with any updates.

 

Ali x

[alibobsy]

Looking at the small print on the back of the ppi form again it states that any complaints about the policy should be addressed to sterling insurance group and then can be referred to the FOS!!

So GE money are taking rubbish, althought the ombudsman may end up pursuing the insurers the fact is that the claim can go to the FOS.

 

Ali x

[alibobsy]

Just updating after crimbo this has gone to FOS so a long wait ahead I assume.

 

Ali x

[alibobsy]

FOS now asking for further info as they say its looks like they will have to look to the underwriters. Luckily I have the original docs so was able to email a copy to them and it confirms the underwriters as sterling and the fact they were in the GISC at the time.

 

I am just wondering tho, if the FOS get the underwirters to stump up (eventually) can they get GE to restructure the loan as well? Or would the underwriters have to pay the difference to them to sort it out. Or would they give me a sum equal to the extra capital and interest we will pay over the life of the loan because of the PPI?

 

Just not sure how it works when one company is bound by the FOS and the other isn't.

 

Ali x

[ims21]

Not sure TBH

 

Maybe a quick call to fos will sort that one for you?

 

ims

[alibobsy]

Thanks IMS will wait and see what they decide then ask how it all works, just wondered if anyone had experience of how it is done tbh.

 

Back to waiting lol.

 

Ali x

[coffeeangel]

Hi Ali,

 

Just read through your thread. GE did the same to me but as I have other claims and the like going on, they are on the "to do and attack" list!

 

Will follow your thread with interest.

 

Best,

 

Coffee

[alibobsy]

Well FOS have messed around asking for further info to be sent and finally have returned everything to me saying they have sent the complaint on to sterling insurance who underwrote the policy. I now have to wait 8 wks for sterlings response .

 

Ali x

[FANTASY CHARGES]

any update ?

[alibobsy]

No still waiting on sterlings response, will update if we hear anything.

 

Thanks

Ali x