GE Money PPI refused by PPI claim handler.

[Sheila117]

Hi,

I was on here some months ago (Jun '13) trying to make a PPI claim from a secured loan/mortgage taken out in 2002, £10k + £1.6k PPI with GE Money.

 

The account went into arrears in it's lifetime but last year it was paid off. So charge has been removed from Property.

 

GE Money refused our complaint, saying that Greenhill Finance introduced the loan.

 

Greenhill Finance response on 28/06/13 was that the mortgage was arranged with I group loans ltd.

They then go on to say the loan was pre 2005 so no FOS remit etc.

 

because I felt we had hit a brickwall I attempted to instruct Emcas to deal with it,

thinking that left to me we would get nothing so at least we had a chance of getting 60% back.

 

they refused because they said a payment plan was set up in the lifetime of the loan

and that therefore if they won any monies, GE money would retain it and we would be left with a fee for Emcas.

 

This doesn't ring right to me.

Why would GE money keep any money?

 

So I am thinking about instructing another PPE claim firm but need to clarify we wont end up out of pocket.

Many thanks.

S

[ims21]

If the loan is paid off and there is nothing due then any refund of PPI will come to you.

 

What do you think that a reclaim company can do that you can't?

 

If your decision letters were more than six months ago then you would be out of time to refer to fos anyway, even if they could take it on.

 

Di you check with fos that what you were being told was true?

 

Who actually sold you the PPI?

[Sheila117]

No I never did refer to FOS, never believed it would count - have I potentially jeopardised this claim?

 

igroup loans limited is at the top of the Credit Agreement and it was them that we believe sold the loan, not Greenhill Finance.

[ims21]

It wouldn't hurt to give fos a call to see but as said, even if they could have taken it on you are possibly out of time. Have a chat with them and see.

 

Whilst I Group may be on the top of the agreement it is probably not them who sold the loan to you. Did you have a rep come to your home? Is there any mention of an agent on any of the paperwork you have?

 

If you believe it was Greenhill that sold you the PPI then it is they who you should go after.

 

What were the circumstances of your getting the loan. i.e. the process you went through.

 

By the way, IGroup are GE Money.

[Sheila117]

ref 6 month time scale I've just found this:

 

from http://www.financial-ombudsman.org.uk/publications/technical_notes/six-month-time-limit.htm

what if the "final response" does not mention the six-month time limit?

 

If the final response was issued after 1 December 2001 and does not mention the six-month time limit, then the limit does not apply, irrespective of whether or not the financial business wishes to object.

On the greenhill finance final letter is just says it's outside of the FOS remit.

On the GE money it says again that it falls outside the FOS jurisdiction. It does say however about complaining to Finance and Leasing Association within 6 months, which I never did. Infact I don't remember reading that otherwise I probably would have done. Anyway, it's outside of 6 months now.

 

 

 

? Is it worth a call to the FOS?

[ims21]

Nothing ventured, nothing gained.

 

If they refuse on either basis that the time limit is up or it was outside their remit anyway then it would seem that your only option would be to sue for your money back.

 

What are your reasons for believing there was a mis-sale?

[Sheila117]

Loan was taken out over the phone, nothing face to face, documents in post.

Igroup is at the top of credit agreement,

Greenhill Finance apparently introduced,

There is what looks like an application form with a logo TLC in the top right.

 

PPI application is on igroup paper with TLC written in the introducer box. So I guess i group sold the PPI.

 

Reasons we believe loan was missold (from complaint letter):

- I was led to believe that my application for credit would be rejected if I did not take out the insurance.

- The policy exclusions were not explained to me either before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

- I now believe the insurance was unsuitable for me as I was suffering from depression at the time I took out the policy and was not made aware of the specific exclusion which relates to pre-existing medical conditions.

- It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest.

 

Thanks

[ims21]

Which company was the phone call with?

 

IGroup (Now GE) generally did not sell their own product so this is looking more like Greenhill.

[Sheila117]

We sadly can't remember

[Sheila117]

I today spoke with the FOS.

 

They are unable to help. They checked their database and will only take on GE Money cases post January 2005. They referred me to the FLA, which I've probably left it too late for. I will give them a call tomorrow.

 

Thanks.