Advice PPI / GE Money

[northgeorge]

Desperate for advice : Had 8-yr secured loan which has been passed on by 2 companies during the loan to GE Money, & term expires end of this year.
Tragically, my wife passed away in May & I then forwarded death certs etc to GE.
They acknowledged this & agreed to suspend my payments until estate settled & I returned to work.
Also, would refer to our PPI policy with Pinnacle which should cover the debt now.
GE sent a copy of PPI agreement last wk (taken them from June) stating only first 5 yrs of loan covered - bizarre on an 8 yr loan, no ?
On checking the dates my wife had retired from work thru ill-health 3 months before PPI expired, so I`m awaiting their decision now.

I have not still made any repayments since June - advisable to bring loan up-to-date ? Just about scrape enough money together to do so.
+ poss. to pursue to re-claim PPI payments thru no-win no-fee company ?

I just know that GE will clobber me with thousands of pounds worth of penalty fees & interest charges on the final loan instalment too !!!!

Sorry to go on, but advice guys please............................

[stevokenevo]

Re: Advice PPI / GE Money

well, for a start, you should be able to reclaim all the thousands of pounds of penalty fees etc.
If you can prove the PPI was missold, you should be able to reclaim that too.

You dont need a no win no fee company to do it for you, you can find all the info you need on this forum thus saving yourself another large %%% of your dough.

Try here for starters followed by here

[enaid]

Re: Advice PPI / GE Money

Desperate for advice : Had 8-yr secured loan which has been passed on by 2 companies during the loan to GE Money, & term expires end of this year.
Tragically, my wife passed away in May & I then forwarded death certs etc to GE.
They acknowledged this & agreed to suspend my payments until estate settled & I returned to work.
Also, would refer to our PPI policy with Pinnacle which should cover the debt now.
GE sent a copy of PPI agreement last wk (taken them from June) stating only first 5 yrs of loan covered - bizarre on an 8 yr loan, no ?
On checking the dates my wife had retired from work thru ill-health 3 months before PPI expired, so I`m awaiting their decision now.

I have not still made any repayments since June - advisable to bring loan up-to-date ? Just about scrape enough money together to do so.
+ poss. to pursue to re-claim PPI payments thru no-win no-fee company ?

I just know that GE will clobber me with thousands of pounds worth of penalty fees & interest charges on the final loan instalment too !!!!

Sorry to go on, but advice guys please............................

Hello Northgeorge,
Can I ask you was the loan and the PPI in joint names?

Are you awaiting for a decision on if they are going to pay out or not?

You can reclaim the PPI money back if indeed it was mis sold yourself, with help from on here, no need for a no win no fee company unless you would prefer it that way.

[northgeorge]

Re: Advice PPI / GE Money

Yes the loan & PPI was in joint names, and yes awaiting decision on PPI payout.
I guess only the 3 months from my late wife finishing work & end of 5-yr cover will qualify (& they`ll try to wriggle out of that!!).

Thanks for the help,

[enaid]

Re: Advice PPI / GE Money

Well see what they say, if they refuse to pay out, we will see on what grounds, then go for the jugular and claim the lot back plus interest.
At the very least you should have been told and explained to at point of sale that the ins was only for the first 5 yrs of a 8yr loan arrangement.
Enaid x

[northgeorge]

Re: Advice PPI / GE Money

Latest news is that GE have referred me to a) Compass Finance who originally issued the PPI & loan, b) CIGNA International, PPI policy company.
Contacted CIGNA & requested claim forms,but their website concentrates mainly on medical insurances.

[northgeorge]

Re: Advice PPI / GE Money

Latest : Cigna PPI have sent me pages of forms to claim for the months between my wife finishing work on health grounds & end of their 5-yr cover. These have to be completed partly by my late wife`s GP, & myself now & returned for a decision.
Due to Xmas break this may take some time.

And GE loan term completed this month & their final statement shows £3400 owing in fees & charges, as predicted !!

Comments ?

[northgeorge]

Re: Advice PPI / GE Money

GE now "leaning on me" to repay £3400 in loan penalty charges/fees before 15 Jan., otherwise additional costs & new calculation will be issued.
Re. the 5-yr term PPI on 8-yr loan, can`t recall this being stated but they have sent a copy of original loan agreement with iGroup/Compass Finance.
Can`t believe we`d have agreed to this, but........

P.S. are they watching us ???

[WendyB]

Re: Advice PPI / GE Money

Just wondering, which would be the most benficiail for you? To reclaim the loan payments covered by the PPi for 3 months, or to reclaim the whole lot of PPI if it was mis-sold? Might be worth weighing these against each other before you decide which way to proceed.

Thoughts, anyone? As I am not a PPI expert (in fact I think I am the only person in living memory who failed on PPI with Crap One lol)

As for the fees and charges, can you itemise what these are for, then we can further advise on the reclaiming of them and how to proceed.

[northgeorge]

Re: Advice PPI / GE Money

Thanks for replying & Happier New Year !! The total PPI cost I see from a copy of original loan agreement is £1450, compared to around £800/900 in claiming the few months back (if successful).
But as I have a copy of the loan agreement from 2002 with Compass Finance, can I still claim to have been mis-sold PPI ?

Re. the penalty fee that GE is now demanding is not explained anywhere, just stated in 3 letters confirming that my loan is completed but £3500 due by 15 Jan 2010.
I`m receiving 2 or 3 letters & demands per week...........uke:

[northgeorge]

Re: Advice PPI / GE Money

Latest :
Still to complete PPI forms as they`re so complicated + most are not appropriate to my case, but Co. have told me to ring & they`ll go thru it with me.
Back to GE - received statement of charges they`re demanding at completion of loan Dec 09, if you recall it was £3400, now it`s £5519 !!!
This is more than half of my original loan.....................& they`ve had
8 yrs repayments AND extortionate interest - at a time when bank interest rates were lowest for yrs!!!!!
------------------------------- merged -------------------------------
Feel that they ignore anything I write & answer with an automated statement: Bashing your head against a brick wall comes to mind. Just don`t know where to turn for help/advice,
Please advise beagles............

[northgeorge]

Re: Advice PPI / GE Money

They`re wearing me down (maybe that`s the intention ?) now, do I make GE an offer of payment (using Beagles template of course) & if so, how much ?
Feels like each day that passes more interest is demanded..............

[northgeorge]

Re: Advice PPI / GE Money

The GE issue rolls on..............back from a week`s hol to three letters, 1) monthly payment missed in Feb (loan term completed in Dec 09), 2) pages of acct statement from start to finish - now stating £2945 due in fines/added interest fees (a different amount demanded each letter !!), and 3) that a Field Agent will call to discuss account costing £88 per visit & £47 fine if not phoned to cancel by 14th Feb.

PLEASE ADVISE.........

[northgeorge]

Re: Advice PPI / GE Money

No response to my last few posts, should I start a new thread re. my GE Money complaints (have rather gone off the point of my original PPI probs !!) ?

[enaid]

Re: Advice PPI / GE Money

I did report this thread for attention george but I do think it has gotten a little confusing tbh.
IMHO the PPI has been missold and also IMO you should go theough the FOS with it and let them deal with it, letting GE know that you are doing so.
As for the charges on the loan account someone else will help with that i am sure.
Enaid x