GE Money and Central capital Help needed

[pcassie]

i am seeking help from anyone on the forum who may be able to help with this difficult PPI claim against GE Money and Central Capital.

 

we borrowed a total of £183,292 remortgaged in november 2005. during a time of financial dificulties, we applied for the mortgage through Central Capital , and GE money approved the mortgage,

the total amount borrowed includes paying off for 2 other mortgages. other charges on the agreement is: central capital £1,995, GE money £25, processing and completion costs £575, telegraphic tramsfer fee, £50. and Central Capital Limited£6197. Further letters from Central capital outlining the PPI details are as follow, Premium £5901.88, Insurance premium tax £295, Total premium £6197.12. it also confrim that at present interest rate the total amount payable for this insurance will be £10,389,60. I still have the PPI insurance certificate ,issued by wessex group, which expires november2010 , and confirm single premium of £6,197. I wrote to Central capital back in 2009, recieved rejection letter from them , tried to contact them by telephone ,but told at the time they were no longer in buisness . I left it took no further action.

 

i contacted both GE money and Central Capital again in May 2012, after realising they were still in buisness with slight name change, GE money first response letter was to denied PPI is added to the mortgage, and stated i may have negotiate this with the Broker,and have recieved x3 standard letters of refusal , and directed to the ombudsman

Central Trust claimed that i have exausted my claim , and stated i also will not be able to go to omsbudsman because its past the 6months limit to refer.

I then decided to send a final letter of action to both, on 8/1/13,

GE MONEY stated they are unable to consider the case any further , and again refer me to FOS.

Central Capital -they have already investigated and do not intend to undertake any further actions, they stated that that i am free to go o the courts, and sent me their Soliciters details, they conclude that if i chose court action, they will seek to have the matter struck out as statute barred, in accordance with limitation act 1980. and they will seek to recover any legal cost they incur as a result of such application from me.

Ihave recieved full SAR from both.

I am currently paying £960 monthly to GE Money , and now owed about £130,000

Any one can advice me what to do next, I am vey inexperience when it gets to the Legal side.

[pcassie]

any help in what charges i can press against them in the courts?

[ims21]

What are the reasons you gave for the mis-sale?

 

If you go to court for mis-selling, the onus of proof of mis-selling will be on you as the claimant (civil burden on the balance of probability)

 

You would also have to rely on the provisions fo S32(1)© of the Limitations Act 1980 for payments made under a mistake if they are going to say that your action is time barred.

 

Your court claim would need to be against the broker although S56 of the Consumer Credit Act is worth reading regarding a principal being responsible for the actions and representations of its agents etc.

[pcassie]

Hello again ,its been some years since I wrote to you regarding the above complaint re GE money and Central Capital , I have since passed on the complaint to the FOB services who have thankfully ruled in my favour , I have since heard from Central Trust to advise me they are in the process of calculating compensation due and this will take up to 8 weeks, I would like your assistance in giving me a rough guide as to how much I should expect. The original amount borrowed is £183,292 over 20yrs, PPI was £6197 with added interest total PPI, £10,389,50. interest were 5.000% fixed for 2 years then 5.750 thereafter, I am still paying for this mortgage to GE money at £960 per month and last statement shows that I still owe £124.000. Please give me an indication what offer I should expect from Central Capital. I would advise anyone with PPI with these company never give up and take the complaint to the FOS . awaiting your response.

[ims21]

Have a read of the item listed as No.1 in my signature.

 

All of the information is there on how to calculate the amounts.

[pcassie]

thanks I am still having problems with the calculation, anyway I will wait for the offer then get back in touch,

I have made a donation.

[pcassie]

hi there , I need some further advice on the above matter ,

I got an offer of redress from Central Trust today, a total of £8,728,78, the calculation is PPI payment £3,694 plus £1,321,19 of 8% interest tax on interest £264.24 , subtotal = £4,751.51. then a further £3,977.27 was added to reschedule the loan going forward without the cost of PPI, making a total amount of redress to £8,728,78. They claimed that they are unable to fully restructure the loan without the cost of the PPI cover going forward due to previous arrears on the account, therefore in accordance with DISP App 3.7.41 (a) (ii) they intend to make the entire redress payment directly to me, in accordance with DISP 3.7.41b. Please advice me if this information is correct , or shall I contact the Financial Ombudsman or citizen Advice service,

[ims21]

Their principle is correct but whether the figures are correct is another matter.

 

You would need to use the information previously linked so that you can work out whether their figure is correct. There is a spreadsheet in that link which will do the calculations for you.

 

The basis of your maths will be the use of percentages so you need to work out what percentage of the total loan was for the PPI part of the loan and then apply that percentage to the monthly repayments you have made. You then use the spreadsheet for the monthly PPI payments up to the date that the offer was made.

 

Then you need to work out what the as yet unpaid PPI in the loan is so that you can check whether the restructured part of their calculation is correct.