Reclaim PPI from GE Money[ loans.co.uk] ****WON Loans.co.uk coughed*****

[dx100uk]

just a little tip

and i'm not knocking anyones advice even mine

 

but dont be too specific in the questionaire

 

it could lead to them finding a loophole

esp if it goes to the FOS eventually.

 

if you case is water tight then so be it

 

but never put things down that will make a decision for someone else

like broker XYZ sold me the policy when i took out the loan.

 

get me drift?

dx

[Poor-Credit Borrower]

Thank you for your advice ims and for the revised draft for Section E. Thanks also for your comment(s), dx100, and perhaps it is not relevant who the broker were. Also, I shouldn't put in too many buts, althoughs or "I think"s! And maybe not too long sentences either. Pcb

[Poor-Credit Borrower]

And also they might try to say it's the broker's fault, rather than there's, if I put broker XYZ (although the broker isn't blameless, of course!)

[ims21]

I think what we are saying is tell the truth of course but trim out the bits that can give them wriggle room

 

ims

[Poor-Credit Borrower]

ims and dx, this is the revised text

 

The sale took place in my ownhome where two men came to process and complete the sale of the mortgage. I wasn't given much information specificallyon the insurance, but they said to me that clearly with a loan of thatmagnitude I would need to take out some PPI. They didn't mention that I couldget a separate, and cheaper, stand alone policy elsewhere.

The cost, benefits and termsof the insurance were not explained at all clearly to me. I'm sure I explained that, with my current employer,I would have got 6 months full and 6 months half pay if I were off sick.

Also, I did comment that theamount of PPI required to pay seemed rather high and I asked why I needed topay the amount in bulk rather than something per month. Their answer didn't seem that convincing, butthey said that's the way it is done.

I took out the insurancebecause it was recommended to me and I felt I had little choice.

No changes to my health havetaken place since I took out the insurance.

After I have written something along the lines of "Why you are unhappy is that you were clearly mis-sold and not given all of the facts to enable you to make an informed decision", as you suggested, ims, should I perhaps also write that I'm even more unhappy in retrospect of having had to take out such insurance, or would that just cloud the issue? pcb

[dx100uk]

just put what you have writtren above in one of the boxes that it covers

 

dont keep repeating yourself.

 

dx

[Poor-Credit Borrower]

Oh dear, I have lost what I have just written when I returned back to Page 1 of thread to check something!!!!

To summarise, dx, I have not repeated myself except to say that I get 6 months full then 6 months half pay, which IS relevant in both Section D5 and Section E "about your complaint" in that I've stated that GE Money would have been aware of the above.

 

Obviously, what ims as advised me to write is a one-sentence response to the final section - why am I unhappy with the insurance.

 

I shan't forget the StatInt101 SOC spreadsheet and suitable covering letter On the SOC, when it says 8% simple interest is that per annum? So after 5 years or so I should get around 40%? In the covering letter is there any harm in putting that I would not have taken out the insurance if I had known I could get a less expensive stand alone policy, and at the time I was not aware of that? Thanks!

[Poor-Credit Borrower]

Sorry just one final question... is all correspondence to be sent to GE Money, and only write to the FOS on receipt from them (and in the event of the creditor not repaying the full PPI to me)?

PCB

[ims21]

Hi

 

The 8% is simple interest calculated from the date of payment right up to the end date quoted in the spreadsheet. The Award calculation shows you the amount you should be getting back.

 

You can put the bit about buying insurance from elsewhere on the fos questionnaire under "why you are not happy". Just put something to the effect that you were not made aware that a less expensive policy could have been obtained elsewhere and you were not told that alternatives were available.

 

Your paperwork goes to GE only...not to fos at this time

 

ims

[dx100uk]

Oh dear, I have lost what I have just written when I returned back to Page 1 of thread to check something!!!!

To summarise, dx, I have not repeated myself except to say that I get 6 months full then 6 months half pay, which IS relevant in both Section D5 and Section E "about your complaint" in that I've stated that GE Money would have been aware of the above.

 

Obviously, what ims as advised me to write is a one-sentence response to the final section - why am I unhappy with the insurance.

 

I shan't forget the StatInt101 SOC spreadsheet and suitable covering letter On the SOC, when it says 8% simple interest is that per annum? So after 5 years or so I should get around 40%? In the covering letter is there any harm in putting that I would not have taken out the insurance if I had known I could get a less expensive stand alone policy, and at the time I was not aware of that? Thanks!

 

what i meant was , put what yo had written in your msg in one box, then dont repeat yourself by putting the same info in other boxes.

ims has explained the 8% now also.

 

hth

 

dx

[Poor-Credit Borrower]

ims and dx, many thanks for your replies. In the SOC spreadsheet is it critical that I put in the exact date the insurance was taken out? I am 95% sure it is the 5th Jan 2005, and am certain it was in January 2005, but I may be 1 or 2 days out either side. It is just that I have left my documentation from the DSAR in other office, which I won't be going to until at least Monday!

[Poor-Credit Borrower]

Sorry, PS, perhaps I had better wait (as I've waited so long so far!!) to see the documentation, as I think I remember the amount of the PPI to the nearest pound but not to the nearest penny! If there is even a sligh discrepancy in the figures or date it could be enough for GE to challenge ... pcb

[dx100uk]

exact dates and figure and not important

 

its the same month

its the same £ pennies matter not.

 

up to you

dx

[Poor-Credit Borrower]

Well, I do remember to the nearest £ as I have stared at the amount so many times!! Probably I will send it off to them today, then

 

thanks dx

pcb

[Poor-Credit Borrower]

dx and ims,

is it best to write a covering letter to GE, along the following lines?

Dear Sirs,

I wish to claim all of my mis-sold Payment Protection Insurance (PPI) in relation to my loan/mortgage, account number xxxx xxxx. Date of the loan was xx January 2005 and it was fully redeemed at the end of May 2006. I am unhappy with the way it was sold to me and that it was added to the loan to make a gross amount, which all had to be redeemed. Attached is the statutory form issued by the Financial Ombudsman Service, detailing the exact circumstances, and a spreadsheet to make a calculation of the total amount due to me, including 8% simple interest, which does not include any of the inconvenience I have clearly incurred. It is hoped that I will not require the intervention of the FOS themselves.

Yours faithfully [or sincerely?]

Mr x x xxxxxxx

 

Is it best to send the whole lot to them by RD (recorded delivery)? Thanks.

[Poor-Credit Borrower]

Sorry, any particular dept to address the letter to, e.g. the Complaints Department?

[ims21]

For address see here

 

http://www.gemoney.co.uk/en/utility/contact_complain.html

 

 

Dear Sirs ends with Yours Faithfully

 

ims

[Poor-Credit Borrower]

For address see here

 

http://www.gemoney.co.uk/en/utility/contact_complain.html

 

Dear Sirs ends with Yours Faithfully

 

ims

 

Thanks, ims, I thought that was the case. Does the actual content of my proposed letter look fine, and should I send it via recorded delivery?

[ims21]

Hi

 

Yep the letter is ok

 

Simple letter is best as the detail is in the fos questionnaire.

 

ims

[Poor-Credit Borrower]

Thanks and I'll check I haven't repeated anything in the fos questionnaire.

 

pcb

[Poor-Credit Borrower]

ims and dx, ready to send it all off now. In the letter I have just put GE Money Home Lending at the start of the address, but on the envelope I'll remember to address it to their Resolutions Team. The date I have put on the PPI Redress Calculation form, and everywhere else, is the 8th February 2012, and I shall leave it as that now. Quite a tidy sum in Interest has accrued now Is is better to send it Recorded? I'd imagine it would be! Thanks again, pcb

[ims21]

Is is better to send it Recorded? I'd imagine it would be!

 

Yep

[Poor-Credit Borrower]

Finally!! I have now sent all the correspondence off to GE, so just a waiting game now!!

 

Hopefully, they won't make an issue that I have waited until the 8th February 2012 to make a claim, as I redeemed the loan/mortgage in late May 2006

pcb

[Poor-Credit Borrower]

I received a letter dated 28 February from GE including

"Please be aware upon checking our records I can confirm we have no record of any PPI being associated with this account.

You may have arranged the cover separately with the broker...

 

From my initial investigation I note that whilst GE Money provided the finance for your loan, GE Money did not sell it to you.

This was taken out through Loans.co.uk Ltd.

You will ned to contact Loans.co.uk directly".

 

Then a week later I did get a letter from the broker, dated 7 March 2012, saying

 

"We are currently investigating your complaint and we aim to issue a response within 28 days.

We have enclosed a copy of our internal complaint leaflet for your information...".

 

so GE must obviously have contacted them.

 

Unfortunately, it is only in the last 2 or 3 days that I've noticed I need to return an Authority Form for them to investigate on my behalf,

so I had better return it to them first class post today!

 

Do I need to send them documentation that shows that I did have PPI (if I can find it amongst all my papers today),

or not if they have not asked for those forms as they should have copies anyway?

 

I think the actual PPI company is Wessex Administration or something, but what happens if they have ceased trading?

 

Thanks for any help,

PCB

[dx100uk]

utter rubbish

GE Money ARE responsible , they financed the loan - end of!!

 

section 56 CCA applies:

 

56.

— (1) In this Act “antecedent negotiations ” means any negotiations with the debtor or hirer—

(a) conducted by the creditor or owner in relation to the making of any regulated agreement, or

(b) conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

© conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement and “negotiator ” means the person by whom negotiations are so conducted with the debtor or hirer.

 

 

dx