me v GE

[lisa2393]

Hi Guys,

 

I am thinking about trying to reclaim my PPI or protected payment premium as GE Money call it.

 

I took out a secured loan in 2004 for £32000.00 and an additional £4800.00 in PPI was added as a lump sum taking the whole loan amount to £36800.00 at a monthy interest rate of 0.716%

 

I am annoyed as I was told that if I didn't have the PPI there would be no loan and on the credit agreement I can tell that it was them that ticked the box and not me, I was working at the time, full time for local government.

 

I am also really annoyed that after having a look at my statments that after paying £4472 to GE Money my debt has risen to £37283!!!!!

 

If anyone has any advice I would be grateful.

 

Many thanks

 

Lisa x

[craigamc]

Hi Lisa

 

My wife and I are in a similar situation

 

We took out a secured loan of £31,500 in April 2005 with added payment protection of £5000.

 

I have recently wrote to them, I can't wait to see the response (if any!)

 

Craig

[reidnet]

Hi Lisa & Craig,

Firstly do not expect a fast response from the nice people at GE Money, they will push the boundries at every chance. Though the FSA have Fined GE £610,000.00 for mis-selling Insurance , Including PPI and for breaching the FSA Principles.

 

I have been fighting with this lot from about October and finally had enough of them, so I had a summons served on them last Thursday, to which they did respond with a letter quite smartish.. Just have to wait and see what their solicitors come back with.

 

I have posted some advisory notes here,

 

http://www.consumeractiongroup.co.uk/forum/ppi/61081-ppi-some-notes-claimants.html

 

And my case against GE Money is here..

 

http://www.consumeractiongroup.co.uk/forum/ppi/55547-reid-purpleloans-ge-money.html

 

If you need any help just ask..

 

Ian

[lisa2393]

many thanks Craig and Ian,

 

will be sending my letter off pronto, will let you know how it goes.

 

Thanks again and everything is crossed for you Ian.

 

Lisa x

[lisa2393]

Hi,

 

sorry forgot to ask, should I cancel my PPI with immediate effect and as I still have the loan with them does this give them any power to request full payment?

I already have a very fragile relationship with them, would hate for it to be damaged further!

xxx

[bach]

I know for a fact that my box was ticked by them but they are insisting they did not, I KNOW different

The whole application was filled in by them all I had to do was to sign. Im in the process of claiming back PPI with GE and have just staterd putting my defence together for the court. Wrote to them yesterdqy telling them this and asking if they would like to re consider my claim.

 

Lynn

[reidnet]

I know for a fact that my box was ticked by them but they are insisting they did not, I KNOW different

The whole application was filled in by them all I had to do was to sign. Im in the process of claiming back PPI with GE and have just staterd putting my defence together for the court. Wrote to them yesterdqy telling them this and asking if they would like to re consider my claim.

 

Lynn

 

 

That sounds very familuar Lynn... Same thing happened to me, Form filled in by their rep and handed to me for signature only..

 

Well mine is at court stage so just wait and see what happens..

 

Ian

[lisa2393]

Many thanks guys, I will take this further as I was sent the form with everything filled in I just had to sign.

Can I ask how you worded your letter to them as I can't find a template.

Many thanks and best of luck with your claims.

Lisa xx

[bach]

Hi Lisa.

Firslt make sure you have copies of your aggrement SAR reqest letter, read the terms and condition properly, I am at the end of the line now with letters about to get the court info together.

 

Basically told them that First National / G E did indeed put the X in the box of their own volition and PPI was "assumptively sold" with the PPI premium being added to the loan without our awareness and prior permission, the Company quoted repayments with PPI already included, effectively establishing an opt out or negativr options strategy. Furthermore the staff selling these products did not mention the PPI product details and if the product meet our need, we recived no advice at the said point of implementation and no literature ensued.

 

(I had a pre existing medical condition having being diagnose with

bowel cancer, we now understand that the PPI payments would have been null and void. We were never asked any questions regarding our health or medical conditions the PPI was just added as I said with out our permission.)

 

Hope this helps

 

Lynn and Good Luck

[lisa2393]

Many thanks Lynn,

 

will be sending them a letter asap.

 

Thanks again

 

Lisa x

[hulsim]

Hi All

 

I will be watching this with interest. I too feel I was mis-sold PPI by Carcraft whose finance was arranged by GE Capital Woodchester in 2001. I also was diagnosed with a medical condition which they said was a pre-existing condition. I could not keep up the payments whilst undergoing treatment (I was self employed at the time). Now they are demanding payment in full, have charged me numerous times for late payment despite an agreement with payplan (who they hate dealing with) and I am now on about my 5th debt collection company! I have not taken any action as yet as I didn't think there was anything I could do about this.

[craigamc]

This issue of them prefilling the box with a X seems to be a regular occurance, this happened on my agreement too for a secured loan, its clearly not optional at that stage, they are assuming consent

[lisa2393]

Hi guys,

 

thanks for all the info, I'm sending off my letter today, recorded delivery of course!

 

The only thing I am worried about is if they demand full repayment of the loan which still has a fair few years to run, I don't think they can, but you never know.

 

I'm already trying to reclaim over £500 of charges with no luck but I am now on a mission, GE Money can meet me in the back alley!!

 

Thanks again guys will keep you updated. xx

[lisa2393]

Hi Hulsim,

 

were you self employed at the time you were sold the PPI, if so do you have a copy of it as I'm sure I've read somewhere that you are not covered if you are self-employed so you would have a case for it being mis-sold, if I'm wrong I'm sure someone will correct me.

 

XX

[lisa2393]

yes me again!

 

does anyone know how to work out the interest on the PPI?

 

Thanks

 

xx

[bach]

Hi Lisa

I added 8% thought that was reasonable

also S A R £10 and postage / costs £25

 

Did you see Capital One have been fined to day for PPI misselling

 

Lynn

[craigamc]

Hi all

 

I have received a reply back from GE MOney today, requesting documentation to prove that the PPI was a condition of the loan.

 

I agree with everyone else, on my forms the X was in the box which I believe was there assumptive close. The forms just required signature, any ideas for a reply to them?

 

ta

craig

[reidnet]

Hi Craig,

Just a few questions..

 

1) Was yor loan arranged over the telephone ?

2) When was the loan taken out ?

 

If your loan was arranged over the Phone it may well be worth submitting a SAR under the Data protection Act to obtain all the information that they have regarding your loan. Also request as part of your SAR that they provide you with a transcript or audio tape of any telephone conversations.

 

Zootscoot has also warned about a condition within the terms and conditions on secured loans with GE Money, There is a clause in there that states that you can be liable for their legal costs. I would advise to have a proper read through their terms and conditions on the credit agreement before you consider any legal action.

 

I have issued a summons against GE Money, but my case is slightly different as the actual loan agreement was with a third party but arranged by GE Money / Purpleloans.

 

Ian

[craigamc]

Hi Ian

 

My loan was arranged over the phone through a third party "The Personal Loan Express" based in glasgow

 

The loan was taken out in April 2005.

 

Just one other thing, is the PPI actually cancellable, as GE state in there letter that it isn't?

[reidnet]

Hi Craig,

your situation is a bit like mine in a way, GE Money / Purpleloans arranged a loan for me in 2003, at that time they were acting as a broker for Firstplus, It was Firstplus that funded the loan that GE Arranged.

 

Were you told by The Personal Loan Express that the PPI was required to obtain the loan ?, If you were then this is a matter that you would have to bring up with them and not GE. It may be worth submitting a SAR under the data protection act to personal loan express to get hold of copies of all information that they have on your account. If you do submit a SAR then remember and ask for transcripts or audio copies of any telephone calls relating to your account.

 

There is no reason why the PPI cannot be cancelled, it is like any other Insurance, though if you cancel you may recieve next to nothing as way of refund of your premium. I enquired about cancelling a policy of mine which cost £3300 plus interest (£4000 approx) and i was offered in the region of £90 as a refund.

I presume that the type of policy they will have sold you will be a single premium policy, this is where the full plicy amount is paid to the insurer at the start of your loan and the cost of the policy is then advanced to you and added onto your totalloan. This is the most common tye that GE etc use as no doubt it is also the most profitable to them.

 

It should also be stated in the terms and conditions of the PPI policy regarding any conditions for cancelling the policy.

 

Ian

[craigamc]

Hi

 

If I was to approach the Personal Loan Express regarding the mis-selling of PPI, they couldn't refund it, cos it was GE Money who organised the loan etc

 

I really want to progress this as I am quite angry, what should I do?

[craigamc]

Hi

 

If I was to approach the Personal Loan Express regarding the mis-selling of PPI, they couldn't refund it, cos it was GE Money who organised the loan etc

 

I really want to progress this as I am quite angry, what should I do?

[tiatia]

On a loan of ours (FistNat/GE), on the info re the PPI(one off Payment) it states "This insurance may not be cancelled by you or the insurers". Are they allowed to do this?

[needrevenge]

Hi,

 

Really looking forward to a positive outcome to your claims. I am in a very similar position with a Paragon loan (through Imagine Finance). I have prepared a letter (SAR) to send when I settle the loan within the next couple of weels. The loan was originally for £35k and after a year i'm need to pay £37k to settle (this is due to the PPI).

 

Good luck.

 

Craig (must be something to do with the name!)

[lilal]

On a loan of ours (FistNat/GE), on the info re the PPI(one off Payment) it states "This insurance may not be cancelled by you or the insurers". Are they allowed to do this? this is exactly the reason the ppi was mis-sold to you, you understood it to be ppi and not a further advance ,i have wrote to ge on this reason and asked for all payments be returned also enclosed a copy of the report by the fsa showing ge and the fine for mis-selling