GE Money [IGROUP] - Loans.co.uk - *** SUCCESS with Loans.co.uk ***

[meandbex]

Looking for some help please here. MY SAR details have arrived today. Around 150 pages including past mortgage applications and all sorts. However my ppi is regarding a loan. Theres loads of computer screenshots etc but in terms of figures and allsorts I am none the wiser. I will post what i can now below, in the hope I can get some help and the next stage of process.

 

Originating Loan Provider was I group Via Loans.co.uk

 

Loan date 03/03/2005

Paid off 09/08/2005

Installments Covered 60

PPI Type S?

Level of Cover S?

Max cover per installment £117.07

Total PPI Premium added £848.40

Monthly rate of 1.063%

Interest Debit was £83.78 each month added back on when £117 was paid.

 

All of the above is information I have taken from around 11 or 12 pieces of information. In a more detailed one sheet of paper is the following DATED 4th JULY 2005

 

Original Sum Loaned 7918.40

Total Charge for credit 6130

Less rebate fo interest 5534.73

Charge for credit 595.27

Add Repayment Admin and discharge fee 200

Sub Total 8714.67

Less Monies recieved 468.28

Sum to pay by 03/08/05 8245.39

 

Another pieces of paper dated 27th JUNE 2005 says>

 

Existing arrangment as at 03/08/05

 

Oustanding Balance 7813.53

intereest rate 1.063% month (12.75 year)

Remaining Term 117

Monthly Installment £117.07

 

ON same letter says Proposed arrangement

 

Amount I wish to pay 4500

Early repayment charge 189.61

Interest 1.063% Monthly (12.75 year)

Revised Oustanding Balance 3508.14

Remaining term 117 months

New payment 52.99

 

On yet another seperate letter states that £848.40 has been added to the loan amount. This is only repayable as part of your loan monthly instalments. It states that this is in place until the end of the loan term, 60 months.

 

THen on the actual Credit agreement shows the following>

 

Advance amount 7000

PPI single 848.40

Total 7848.40

Broker fee 70.00

total 7918.40

The plan was Barclays Bank at 4.75% eith base rate and margin 12.75%

Interest of 12.75%for one month and then 8% after

Apr 13.8

120 months

117.07 month

 

I then see that the Igroup form shows that the PPI only covers me for for a maximum of 12 months!!!

 

So as you can see lots and lots of information and I am pretty clueless as what i shoul dnow be looking for apart from the obvious 848.40 ppi.

 

Help?

Edited May 8, 2012 by meandbex

[citizenB]

I will flag this for the PPI guys

 

It looks as though this was a single premium policy that was added to the beginning of the loan - you would then have repaid it in instalments along with the repayment for the actual loan in a combined figure.

 

There are quite a few spread sheets one of which sorts out the proportion of the combined instalment payment was actually for the PPI.. so dont panic.. there are people (of which I am not one) who know what they are doing and will talk you through it.

[meandbex]

Thanks Citizen.

 

I am sure (hoping that IMS21 or DX will show up) as hes the main men!

 

Appreciate your input though

Edited May 8, 2012 by meandbex

[ims21]

Hello

 

Responding to citizenB's flagging up of this post

 

Don't know about main man but we should be able to get somewhere with this.

 

Can I just ask....do I read this that you made a lump sum repayment after only a few months of the loan?

 

Thanks

 

ims

[meandbex]

I paid it all off on 08/08/2005

 

Do you want those details as well?

[ims21]

Ok

 

Working.....

 

Be right back....

[meandbex]

Right according to this Full account statment this is what I have all on 08/08/05

 

Redemption TTEDW GRANT CLI (whatever that is) Credit 8330 balance -461

Reduce interest 2.66 balance -464.08

 

Then dated 09/08/05

 

Income early settlement 264.08 balance -200

Solicitor discharge fee 52.88 balance -147.12

Repayment of admin fee 147.12 balance -147.12

Repayment of fees and addition 316.30 balance -463.42

repayment of capital 7750.17 balance -8213.59

balance transferr on settlement 8213.59 balance 0.00

[ims21]

OK

 

The PPI premium was 10.71% of the total loan (848.40 / 7918.40 x 100) so 10.71% of everything you paid was for ppi.

 

Monthly instalment on the loan was £117.07 so 10.71% of that is £12.54.

 

By the look of the above figures, your settlement figure was £8,245.39 and 10.71% of that was therefore for the ppi = £883.08.

 

Take hold of this spreadsheet...

 

StatIntSheet v101.xls

 

List the payments of £12.54 that you actually made, giving the date, the description (i.e. "PPI Payment" and the amount of £12.54. As the final entry in the list enter the amount of £883.08, again with the date iof settlement.

 

When you're done you'll have the figure for what you should expect back PROVIDING you didn't receive any rebate for the ppi when you settled the loan. If you did receive a rebate it should show up in the SAR paperwork somewhere and what you need to do is deduct that rebate from the £883.08 and enter the resultant figure instead.

 

You'll then need a copy of the fos questionnaire from the fos website which should be completed.

 

Send a copy of the spreadsheet and the completed questionnaire to GE with a brief covering letter requiring refund. Keep copies of everything for yourself.

 

They will 8 weeks to investigate and give you a final decision.

 

ims

[meandbex]

Thanks buddy. I cant see anything relating to a refund of any ppi other than waht i have outline above from full statement

 

This works out to £1441.21.

 

Sound right?

[ims21]

Yep sounds about right to me

 

ims

[meandbex]

Thanks IMS

 

FOS forms already filled in and letter wrote ready to be posted tomorrow.

[meandbex]

Right then I am looking for a bit more help please if someone can spend 2 minutes. I have today recieved my letter from GE Money regarding my claim.

 

They say the Underwriter is Cigna/Sterling.

 

They also say,

 

Dear MR XXXX

 

Thanks for contacting us about your ppi claim.

 

Having looked at the points you have raised, I can see that your complaint concerns the fact the ppi was mis-sold. From my investigation I note that whilst GE Money provided the finance to you for the ppi, GE Money did not sell it to you.

 

As the complaint is specifically about the advice you were given, and because GE Money neither sold this ppi to you nor were they present at point of sale, I do not feel we can investigate your matter fully or fairly.

 

You will need to contact Loans.co.uk directly and ask them to investigate your complaint as they are clearly in a much better position to do so. To assist you we have forwarded a copy of your complaint and the form to Loans.co.uk and can confirm our records show their last address of

 

Loans.co.uk

Chester Business Park

Wrexham Road

Chester

CH4 9FB

 

 

 

So my question is, where does that leave me now????? Do i simply wait and see what loans.co.uk say?

[ims21]

Hi

 

Was your agreement regulated by the CCA 1974? If so then GE do bear some responsibility under S56 of The Act.

 

Loans.co.uk were fined for mis-selling PPI.....see here

 

http://www.fsa.gov.uk/library/communication/pr/2006/105.shtml

 

You could also lodge your own complaint with them as there is no guarantee that GE have done so.

 

attack on all fronts in my view.

 

ims

[meandbex]

cheers buddy. The loan was 2005 and yes was CCA

 

Will fire a letter off and copy of the form.

[meandbex]

letter back from Loans.co.uk today saying they will investigate..........

[meandbex]

GREAT news!!!

 

I have this morning received a letter from Loans.co.uk saying they are upholding my complaint.

 

They are refunding me the full amount of the payment of £848.40 plus associated interest charged on that premium EITHER to present day or to the date that the loan for the premium was settled. (whatever that means?)

 

But good news none the less.

 

Thanks for all your help IMS

 

2 successes in 3 days so far.

[ims21]

Great result...congratulations.

 

Let us know when you get the money and we can update the thread title to reflect your win.

 

Well done

 

:whoo:

[meandbex]

I will. Thanks again.

 

I have had to send of my signatory authority form, of which they will then send a Settlement form for me to sign lol and then when they get that payment will be made.

[means2anend]

Well done meandbex...I hope I have some good news soon on another thread...hbos ppi claim

[means2anend]

Just one piece of advice if you can ....what is the correct address for Debenhams store cards...Ge CapitaL OWNERS AT TIME...CARD GOING BACK TO 2004....hAVE NOT HEARD anything FROM THEM EVEN SENDING OFF/SAR REQUEST AND £10.00

[meandbex]

Thanks.

 

I have no idea sadly. I "think" it maybe a Watford address

[Clare1981]

What a great read!!! I am just starting out with a GE money claim, I did call them and they have already said they did not sell it so I would have to go through the company that did. Once I have my SAR back do you think I should just write the complaint to both parties to save time?

 

Congratulations on your win!!

[meandbex]

Recieved a letter this morning from loans.co.uk.

 

Final offer of £1504.77

[ims21]

Wonderful news...well done.

 

Did they include a cheque?

[meandbex]

No - just the settlement form and will pay as soon as they recieve it via BACS transfer.