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

[Poor-Credit Borrower]

Thanks dx. In that case, what should I do, as GE had said in their letter of 28/02/2012 that it's their "final response letter"? They said I may ask the Finance and Leasing Association to look into my complaint. Shall I contact them again stating they are responsible, as well as or instead of returning the form to Loans.co.uk, or shall I go straight to the FOS now? PCB

[Poor-Credit Borrower]

The FOS appears to think they are both responsible, and I think both the lender and the broker are responsible for this mis-selling. The actual insurer was Wessex Administration Services. The fact remains is that as Loans.co.uk have contacted me and asked me to complete a form I should return it to them before they give me a final (or any) response.

In the StatInt sheet for the PPI Redress Calculation, in cell D15 the date is automatically processed as Today's Date, but is it fairer if I change the date in that cell to 08/02/2012 which is the date I made the claims application to GE Money?

Do I need to (or is it better to) return my continued claim to Loans.co.uk via recorded delivery too?

Thanks, pcb

[Poor-Credit Borrower]

Two queries from me: firstly I had a loan from Welcome and the legal team of First Step Finance are currently negotiating a refund of any PPI charges applied. Now that I have cancelled my debt elimination plan with FIrst Step will it affect the current application to reclaim missold PPI if that has been forwarded to their legal team. If so, then I would have to claim from them directrly at some point.

Secondly, I have replied to you, dx, on the thread http://www.consumeractiongroup.co.uk/forum/showthread.php?328197-Reclaim-PPI-from-GE-Money&p=3781463#post3781463 - should I return requested authority from to the Broker (loans.co.uk) or go back to GE Money, although they have sent their "final response" letter? Many thanks, pcb

[thebaneofbanks]

Two queries from me: firstly I had a loan from Welcome and the legal team of First Step Finance are currently negotiating a refund of any PPI charges applied. Now that I have cancelled my debt elimination plan with FIrst Step will it affect the current application to reclaim missold PPI if that has been forwarded to their legal team.

 

Have you signed a separate authority for FSF to reclaim the PPI or are they doing it as part of the debt plan? If you signed a separate authority you may have problems cancelling that part of what they are doing for you as it will no doubt allow them to charge you for any work done in reclaiming the PPI. If they are doing it as part of the debt plan then I suggest you contact Welcome and let them know that you have cancelled your plan with FSF and that you do not wish them to correspond with FSF and that everything should come directly to yourself

 

hope this helps

[Poor-Credit Borrower]

Thanks for replying. I have signed a separate authority (I think) including a detailed questionnaire. And I don't mind them continuing with that part of the work, as long as they don't expect me to return to FSF for the debt plan themselves for any of my creditors. What is a bit suspicious is that I returned the detailed questionnaire to them back in Nov 2011 and it should have been resolved by now (max is 12 weeks i believe). Maybe I should phone FSF, just for that purpose.

For my debt, Welcome have passed it to a DCA, Empingham, but for PPI I think it would be with Welcome themselves?

[thebaneofbanks]

OK so you signed a separate authority was it a separate agreement?

 

You may potentially have a problem in that you may end up owing FSF money. The reason I say this is I am guessing you still owe Welcome money which means that it is more than likely that any PPI refund will actually be knocked off what you owe which is good for you. Unfortunately FSF will then invoice you for 25% (or whatever there charge is) for the money that they have reclaimed for you in terms of the reclaimed PPI.

 

One argument you will have is that they did not advise you of this possibility which can be easily argued is an important and material fact/term and as such should have been disclosed to you. If all you signed was a separate authority as opposed to a separate agreement you may well be best advised to cancel with FSF and so stop yourself getting into debt with them.

 

Essentially it all depends upon what you have signed if its a new agreement it will almost certainly contain terms meaning you have to pay them for work done in the event of cancellation if its just an authority it means you should be able to cancel at no cost to yourself.

 

Hope that makes sense to you

 

kind regards

[dx100uk]

two threads merged

 

posts from someones elses thread merged here also

 

please keep to ONE thread per company .

 

dx

[Poor-Credit Borrower]

OK so you signed a separate authority was it a separateagreement?

 

You may potentially have a problem in that you may end upowing FSF money. The reason I say this is I am guessing you still owe Welcomemoney which means that it is more than likely that any PPI refund will actuallybe knocked off what you owe which is good for you. Unfortunately FSF will theninvoice you for 25% (or whatever there charge is) for the money that they havereclaimed for you in terms of the reclaimed PPI.

 

One argument you will have is that they did not adviseyou of this possibility which can be easily argued is an important and materialfact/term and as such should have been disclosed to you. If all you signed wasa separate authority as opposed to a separate agreement you may well be bestadvised to cancel with FSF and so stop yourself getting into debt with them.

 

Essentially it all depends upon what you have signed ifits a new agreement it will almost certainly contain terms meaning you have topay them for work done in the event of cancellation if its just an authority itmeans you should be able to cancel at no cost to yourself.

 

Hope that makes sense to you

[unquote]

 

Thanks for prompt reply, thebaneofbanks. What is strange is that your response came across in the email notification to me, but seemingly not on this thread itself! Anyway, I have quoted it for reference.

 

I signed an introductory and then a more detailed questionniare for Welcome Finance (and also for Black Horse which was resolved), so I think it is just a separate authority and not a separate agreement. I still don't think I would owe money to FSF, as I have well over £5000 in the "pot"and I estimate that the total PPI for Welcome can't be more than £300 or £400, so at the most I would owe FSF 25% of that, in respect of PPI. I could perhaps cancel that authority as a precaution, but they are bound to say I'm 'too far down the line' now as they will have been 'working' on it since Nov 2011. Indeed, I have asked FSF to forward any monies after payment of their fees back to myself. They will have received the cancellation letter as I sent it special delivery. You are welcome to look at the First Step Finance too, and I'm sure you'll be interested in recent posts thereon.

 

Many thanks.

[Poor-Credit Borrower]

because they DO.

 

i've also know claims co' to cough on the PPI they were told about , but reclaim others the punter never even knew existed

never told the punter, and to pocket those as clear profit...disgusting.

 

dx

 

Well, I'm glad I'm not using a claims company for the reclaim of PPI on my GE Money mortgage then!!

 

Despite the best efforts of 2 or 3 of them to contact me about it...

 

Dx,

you have not answered a question I posted yesterday on the GE Money thread,

which was: on the StatInt sheet where it calculates 8% simple interest,

the date of the claim in one of the cells on the spreadsheet has been programmed to be "today's date" by means of a formula.

 

Should I leave the final value to be that, or is it fairer (and more correct) to pre-date it as my original claim when it was sent to GE a couple of months ago

(even though that would mean a slightly lower amount I'm claiming)?

 

As Loans.co.uk seems now to have been taken over by the Bank of America, or at least that bank are 'administering' them,

is it going to be more difficult to continue with my claim?

 

PCB

[Poor-Credit Borrower]

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

 

Thank you dx, but my subsequent reply dated 29/03/2012 at 14:00 has not been answered. I am also quoting sections 56 (2) and 56 (4) of the CCA:

 

(2) Negotiations with the debtor in a case falling within subsection (1)(b) or © shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

 

(4) For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

 

Should I bring this to GE Money's attention although they have sent me a "final response" letter, or pursue with loans.co.uk as they have contacted me? The trouble with the broker is that they appear to be 'under administration' by the bank of america. I don't think I can go straight to the FOS until loans.co.uk have sent me a final response letter too. PCB

[Poor-Credit Borrower]

Sorry for yet another post: I have just seen on a legal website that sales of insurance before the 14th Jan 2005 were not regulated by the FSA, but self-regulated ... see the following quote

 

Mis-selling PPI may involve tricking a consumer into purchasing single premium PPI when they did not want it or against their will, pressurising consumers into taking PPI, or selling PPI which is unsuitable for the Insured’s demands and needs or which is unnecessarily expensive (which is another aspect of suitability).

 

After the 14th January 2005 sales of insurance were regulated by the FSA and the Rules it made under the Financial Markets and Services Act 2000. The relevant rules from 14.01.05 until 06.01.08 were the Insurance: Conduct of Business Rules (ICOB). After 06.01.08 the Rules were revised and the Insurance: Conduct of Business Sourcebook (ICOBS) was published. To access these rules visit the FSA web site. Links to ICOB and ICOBS appear in the Links Section of this website.

[end quote]

 

My loan/mortgage with GE Money was taken out on the 5th January 2005, and redeemed at the end of May 2006. Does this make a difference to my claim?

Edited April 6, 2012 by Poor-Credit Borrower
a couple of words were incorrect

[ims21]

Hi

 

Responding to PM

 

Leave the "Claim To" date as at today. They have had your money right up till now so you want interest right up until when they settle.

 

On regulated agreements S56 would apply so GE would be ultimately responsible although it seems your broker is interested as well.

 

I'd probably write to both of them saying you have filled in all of the forms you need to and to get on with repaying your money.

 

You can also let them know that you are prepared to take further action to recover your money but don't tell them yet what that action may be

 

ims

[dx100uk]

no it doesn't

keep your claim fired at ge and inc sec 56 and also keep the date of the claim SOC to today

they have benefitted from your money, get it back.

 

please keep to one thread

posts merged to here again

 

this is a voluntary self help forum too

 

 

dx

[Poor-Credit Borrower]

Thank you for your reply ims, and for your further response dx.

 

Unfortunately, the loan appears to have been "Unregulated", according to the Underwriting Sheet I have - although it is "FSA Regulated". It seems strange that a mortgage of such a large amount, over £180k including the PPI, was unregulated by the CCA? So does that invalidate Section 56 in this instance? *However*, GE Money in their final response letter make no mention of the fact (if I'm right) that the loan was not regulated when they asked me to contact the broker, and neither do Loans.co.uk ...

 

pcb

[dx100uk]

um yes i seem to remember something about no cca above £25k somewhere.

 

dx

[Poor-Credit Borrower]

um yes i seem to remember something about no cca above £25k somewhere.

 

dx

 

So shall I just continue with the claim? Neither party (GE or the broker) has alluded to the fact that my loan was (far) above £25k, and the single premium PPI was, very clearly, mis-sold.

[dx100uk]

yea just continue with the claim

 

let them keep wriggling.

 

dx

[Poor-Credit Borrower]

Dx, thanks for your reply.

Good news, Loans.co.uk have said they are upholding my complaint!

 

However, the relevant sentence in their reply goes,

 

"The compensation we offer will be equivalent to a full refund of the initial PPI premium plus associated interest charged on that premium

either to present day or to the date that the loan for the premium was settled.".

 

I am going to respectfully say that I'm claiming interest until the present day as, after all, the provider GE have been holding on to the money all this time.

 

The whole loan was redeemed in May 2006, but I didn't realise the mis-sold PPI was reclaimable until a few months

(don't know whether I actually need to say that in a letter?).

 

My next step is to return the Form of Authority to the broker as soon as possible so they can contact the lender and the insurer for the details.

 

I'll send it off tomorrow at the latest.

pcb

Edited April 10, 2012 by Poor-Credit Borrower
Missed out a relevant word

[dx100uk]

you should get 8% stat int till today.

[Poor-Credit Borrower]

Dx, but would it be ok for anney63 to give us a link here to her own thread when she does start it as, you never know, there may be similarities to my current claim against GE. Mine was also a single premium and not dissimilar to that amount.

pcb

[dx100uk]

ofcourse though its easy for you to do it too!

 

dx

[Grin74]

GE Money sent back a letter stating that our claim was 'time barred under the limitations Act 1980' and that they were not a member of the GISC which administered a voluntary code and we need to take it up with the FLA. Loan was Oct 2003 - Oct 2008. The fact they were not a member of the GISC seems irrelevant to me. If a product was mis-sold, it was mis-sold. What they are saying is 'hard luck, we didn't want to be regulated so you you have no come back'. What rubbish.

[dx100uk]

sily beggers

 

there is NO ime limit on PPI reclaims!

 

and they ARE responsible under the CCA section 56:

 

Consumer Credit Act Section 56. refers...

— (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.

 

 

now stop wriggling GE and refund me.

 

dx

[Poor-Credit Borrower]

I am now getting really worried about my own claim against GE Money. Loans.co.uk have chosen to act as an intermediary for this. They sent their final response letter on 30 March 2012 to state they were upholding my complaint. They wrote "the compensation we offer will be equivalent to a full refund of the initial PPI premium plus associated interest charged on that premium either to present day or to the date that the loan for the premim was settled". I have chosen, of course, to go with premium plus interest to the present day.

 

They asked for my authority to contact my insurer and lender, and I sent them a further letter dated 16th April 2012 with the Authority Form. This is now over 8 weeks ago, or do the lender have 12 weeks to respond? How long shall I give before contacting the FOS?

 

Thanks,

pcb

[ims21]

No they don't have 12 weeks.

 

Strong reminder letter I feel.