Claim against Coldseal/ GE Money Home Lending??

[chelle400z]

Hiya all,

 

I bought new windows through Coldseal in 2004, which was funded by a loan.

What I didnt know was that PPi was included .

 

From what I can make out, GE Money was the actual lender of the loan,

 

Coldseal was the broker and a salesman called round to my house, hope this is all making sense

 

The loan for the windows was paid off in July 2005 and Coldseal have gone bust....

 

I have a letter from GE Money dated 2009 stating that the PPI will expire on 18/08/2009 which includes the account number.

 

I have spoken to GE Money today who told me that I would have to contact the FSCS,

which I have done and they state that I cannot claim anything as they can only go back to 14 Jan 2005.

 

I have read on here that this isnt quite the case, as it is less than six years since the PPI ceased..

.I am now stuck as to what to do or how to proceed with any claim I may have,

 

any help would be greatly appreciated

[havinastella]

Hi, I have moved your thread to the PPI forum!

 

Jogs

[chelle400z]

Thanks hun, have now dug out my original loan agreement and its with first national, any difference in the companies?

[ims21]

FN are now GE money.

 

Always start your claim with the lender in writing although GE can be a toughie to crack.

 

Put in a written claim using the fos consumer questionnaire (available from the fos website) and a spreadsheet of claim. Have a read of No.1 in my signature for details on how to work it out and use the spreadsheets at the end to help you.

 

 

Coldseal would have been acting as agents for GE, they are not brokers as they would not have had any other product to offer so S56 CCA 1974 would help in this case.

[chelle400z]

Thanks for the advice ims,

am already in the process of filling out the questionnaire,

but am now stuck on question C1,

I have a policy number but for the life of me I cant find an account number anywhere,

should I just leave it blank and put an explaination in further down?

[ims21]

Ok what you can do is leave the account number blank and attach a copy of the loan agreement.

[chelle400z]

Thanks for the speedy reply, also, in your first post, forgive me for being thick, but you say have a look at No1 in your signature....dont know what that means:wink:

[ims21]

Below my post is a list of links.....No.1 is entitled "Single Premium PPI Q&A" the blue "Read Here" after it is a link to another thread where Single premium PPI is explained.

[chelle400z]

Got ya, very interesting reading, thanks.

 

Am now a little disheartened with the claim form as section E asks what we were told about the benefits etc of the PPI,

and neither myself or my hubby can remember the salesman discussing anything about it with us,

yet we both signed the agreement,

although it isnt worded as Payment Protection Insurance - rather Protected Payment Premium

[ims21]

Yes that is PPI.

 

Just put down the truth as you can remember it.

 

I would suggest that a direct sales rep probably wouldn't even have discussed it all.

[chelle400z]

Thanks again for the speedy reply,

 

I have filled out the form as follows:

'We have no recollection of the salesman discussing Payment Protection Insurance with us, either benefits or otherwise.'

 

and on the next question

'Please tell us why you are now unhappy with the insurance'

I have stated:

'We dont believe that we were given a choice in the matter regarding PPi when we signed the agreement.

The actual wording on the agreement is Protected Payment Premium and as such we believed that it was non-negotiable'

 

In truth, had we known that it was, and IF we had chosen to take it out,

we would have put my name first on the agreement as I earn more money than my hubby and it only covered the first-named on the policy..

...but should I also state that on the form?

[ims21]

Thanks again for the speedy reply, I have filled out the form as follows:

'We have no recollection of the salesman discussing Payment Protection Insurance with us, either benefits or otherwise.'

and on the next question 'Please tell us why you are now unhappy with the insurance' I have stated:

'We dont believe that we were given a choice in the matter regarding PPi when we signed the agreement. The actual wording on the agreement is Protected Payment Premium and as such we believed that it was non-negotiable'

In truth, had we known that it was, and IF we had chosen to take it out, we would have put my name first on the agreement as I earn more money than my hubby and it only covered the first-named on the policy.....but should I also state that on the form?

 

Yes just put the bit I have highlighted in red and say that you felt it was compulsory

[chelle400z]

Thanks for all your help, I feel as if I might be getting somewhere now, now all I have to do is figure out how to word my cover letter and how to fill in the spreadsheet, thanks again

[ims21]

The covring letter will just be along the lines of "here's my claim form and spreadsheet...give me my money back"

 

The spreadsheet is easy but if you get stuck shout here.

[chelle400z]

Well you did say to shout.

....love the wording for the cover letter btw,

...looking at the spreadsheet, the interest is calculated at 8% but my loan rate was a ridiculously high 22%,

and the loan was taken out over 120 months,

although we paid it off after around 12 months....

.....how do I now work things out??

[ims21]

Hi

 

You need to work out the percentage of the PPI to the total loan using the formula "PPI amount / Total loan amount (inc. PPI) x 100.

 

Apply that percentage to your monthly repayment. The resultant figure is the amount you were paying for the PPI part of the loan each month including the bank's interest.

 

List those amounts in the spreadsheet giving the date of the payment, the description ("PPi Payment") and the amount.

 

The sheet will work out the 8% interest that you get on top of that to give you a total claim amount in the box at the top right of the sheet.

[chelle400z]

Hiya, I have looked, but I have no paperwork going back that far. I do have a copy o the loan agreement and a copy of the date i consilidated the loan. can I use these dates as a guideline?

[ims21]

Can you post up the agreement please MINUS ANY PERSONAL IDENTIFIERS

 

Use this method

 

Dx100 – Instructions on uploading pdfs

 

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

go to one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

[chelle400z]

Thought Id done it..........you dont wanna know how long that took me!!! Grrrrr!

uploaded doc.pdf

[ims21]

Insurance premium is £259.45 and total amount borrowed is £2359.45 making the insurance 11% of the total.

 

So 11% of each repayment you made is for the PPI. 11% of £44.16 is £4.86.

 

In the spreadsheet list the payments of £4.86 made.

 

When you get to the point where you paid the loan off then take 11% f the settlement figure and enter that as the last entry in the sheet.

 

To get the dates of payment (if you don't have a record of the actual payments) start the frst payment one month after the date of the agreement and then monthly thereafter.

[chelle400z]

Thanks once again, have done all that, I am now just checking throught all Ive filled in and written..........might be a silly question but, would it make a difference that I filled in the forms with my name first and my hubby second, as the agreement has his name first with me second.........

[ims21]

Nah

 

makes no odds

[chelle400z]

Oh good! Will try to get it all finished up and maybe even get to post it tomorrow! Again, thanks for your help