pre 2005 g e money ppi claims

[gillwall]

hi l/b's
i have had six secured loans with g e mony beginnig in 2000, each consolidating one another, and still currently running, each loan had ppi added.. my hubby was and still is self emplyed. Back in 2007 hubby was poorly and unable to work, abdominsal problems. to cutthe story short g e mony did pay 2 months premium after appeals and a long fight, but refused other payments, even though my husband was unable to work for 18mths, with doctors notes to prove sickness I was told during a telephone conversation that being unable to work through illness is far harder to prove, when the person is self employed. We are still paying back arrears to g e money after 4 years. and consider ourselfs in hardship, also the policy was only valid for 5 years even though though the secured loan was for 25 years. any advice will be greatly appreciated.
Many thanks
gillwall:beagle:

[di30]

Re: pre 2005 g e money ppi claims

hi l/b's
i have had six secured loans with g e mony beginnig in 2000, each consolidating one another, and still currently running, each loan had ppi added.. my hubby was and still is self emplyed. Back in 2007 hubby was poorly and unable to work, abdominsal problems. to cutthe story short g e mony did pay 2 months premium after appeals and a long fight, but refused other payments, even though my husband was unable to work for 18mths, with doctors notes to prove sickness I was told during a telephone conversation that being unable to work through illness is far harder to prove, when the person is self employed. We are still paying back arrears to g e money after 4 years. and consider ourselfs in hardship, also the policy was only valid for 5 years even though though the secured loan was for 25 years. any advice will be greatly appreciated.
Many thanks
gillwall:beagle:

Hi gill

Sorry for the delay in responding.

So basically you want to make a reclaim on the PPI then I assume?

If they were not paying out on a claim then I think it's a case here.

Do you still have details of the loan(s)?
It may also be worthwhile in requesting for a copy of the telephone recordings, which may help the case if it goes as far as the Financial ombudsman service (FOS).

It does help to have as much details as possible, especially on the very earlier loans, having all the account numbers will help, and if mis sold for the same reasons, you can make a reclaim on one questionnaire, but remember to enclose all account numbers that apply.
Or if different reasons for all, then reclaim separately, not to cause any confusion.

There are details on the below link, and to the reclaim questionnaire, follow them, and once completed send to the businesses head office or complaints dept, keep copies for yourself as well and allow 8 weeks.
If they require more time they should write to tell you this and should keep you fully updated.

http://www.legalbeagles.info/forums/...ad.php?t=10645

http://www.financial-ombudsman.org.u...stionnaire.doc

Post by signed for recorded delivery.

Hope this helps for now, and it may also be worth checking if self employment was protected as well, because it's not always the case.

[di30]

Re: pre 2005 g e money ppi claims

Also to add that whatever you receive back in refund, it's likely to be used towards the debt/arrears, anything remaining, plus interest you should receive, but I understand every bank/business may work differently.
And if you are paying reduced payments, and have not yet cancelled the PPI, it maybe worth you cancelling, because I am aware that you will not be able to use the policy to make a claim for sickness/unemployment whilst on reduced payments, hopefully someone will clarify on this.

However, the loans settled, the ppi may be refunded back to you.

[Paul210]

Re: pre 2005 g e money ppi claims

just a bit more info regarding complaint, can use the usual arguments about not being suitable, not fit for purpose, not advised of implications about not covering full term etc (all covered in this forum, see threads titled ppi notes and preliminary letter for more info).

As you continuously refinanced with GE they will have given a partial refund of ppi when each loan was settled, this wont however have been a pro rata rebate, when you apply the shortfall for this to 4 loans this could well make up the majority of your claim. Your complaint will be massively stregthened if you state that GE should after you refinanced 1 loan with them have been aware of your propensity to repay long term credit early. This is covered under a number of occasions where they have fined companies for doing this, in detail these were:

Final notice re LVBS Limited 4.32 - LVBS did not explain to the customer in the event the financie was paid off early then a significantly lesss than pro rate rebate of the ppi and associated interest would be applied.

Final notice re HFC 5.4.1 - HFC were criticised for not taking a customers future needs and circumstances into consideration, specifically with regard to the early settlement issue.

Final notice re A&L 4.40 - A&L were criticised for not taking into consideration the actual time the customer may have kept the loan and whether the policy met the needs of someone who expected to refinance or repay the loan early.

Given the history of fining compaies for very similar breaches, this would really apply the pressure to GE to find in your favour. In the event that they dont and the claim goes to FOS then you would want to be quoting these in your argument so make sure you get them into your initial comlaint letter as well.

You would need to be aware that GE have the legal right to offset any redress due as a result of your complaint against any arrears on the current loan but ultimately this would benefit you anyway. All in all I think youve got a strong case, good luck.

[gillwall]

Re: pre 2005 g e money ppi claims

Thank you d130 and paul 210 for the advice and infrmation, I have got the 2 most recent loan agreement numbers, as to cancelling the ppi, this inished in march 2010. im repaying £160.00 on top of the £89.00 schedualed agreemnet amount each month, the arears are slowly cming down, but with defaults charges and interes its taking for ever.
Not sure if this aplies, but because of the misold ppi which caused us to be in this position are we able to claime back these charges some where along the line.
once again many thanks
gillwall

[gillwall]

Re: pre 2005 g e money ppi claims

Whoops, a mistake the scheduled monthly payments are £289.99, and we are paying £460.00 a month to reduce the arears.
On the latest loan the ppi of £4500.00 was aded on top of the loan.
Thankyou
gillall.

[Paul210]

Re: pre 2005 g e money ppi claims

Thank you d130 and paul 210 for the advice and infrmation, I have got the 2 most recent loan agreement numbers, as to cancelling the ppi, this inished in march 2010. im repaying £160.00 on top of the £89.00 schedualed agreemnet amount each month, the arears are slowly cming down, but with defaults charges and interes its taking for ever.
Not sure if this aplies, but because of the misold ppi which caused us to be in this position are we able to claime back these charges some where along the line.
once again many thanks
gillwall

There is an argument to get back some charges, GE may not initially offer this but under FOS guidelines, strictly they should put you back into the position you would have been in had you not taken the cover, this means restructuring the history of the account removing the ppi and if this means you would have cleared arrears sooner and saved on some interest/charges then this should be accounted for in your offer. Not sure if GE will automatically do this but you could certainly ask the question of them, either in your original complaint or when you get any offer through.

[gillwall]

Re: pre 2005 g e money ppi claims

Thank you
I wasnt sure where we stood, that sounds positive.
Thankyou
gillwall

[gillwall]

Re: pre 2005 g e money ppi claims

Hi LB's
Had a reply from g e money beginning of aug rejecteding all my claims, 2 are with the fscs and the other 4 are with the FOS. Had a letter from the FOS today stating that although they can not persue my clai,s with g e mony, but they are persuing the insuers, which are cardiff pinnacle. The letter goes on to say that due to the complexity of the case with regards to legal documents and the relationships between differnt companys, the result my take longer than usual. They also state that the out come of my complaint will have an impact on large number of cases which are simmilar to mine, this is a tes case.
Fingers crossed
gillwall:tinysmile_aha_t:

[di30]

Re: pre 2005 g e money ppi claims

Hi
thanks for your update.

It will take some time, as they will be investigating what liabilities these had with the broker/lender when the policy was sold to you, and then connect each relationship from the broker to the lender then onto the underwriter/insurer.

So even though they are not able to adjudicate in regards of the broker, because they were not registered as regulated at the time you taken out the policy, its highly likely the insurer/underwriter was, so they can try this avenue on trying to get your money back to you.

The FOS should however, keep in touch with you every 2 to 3 months with updates.
Hopefully they will come to a resolution on this for you, good luck.

[gillwall]

Re: pre 2005 g e money ppi claims

Thanks Di,at least they are not rejecting my complaint and are willing to fight for my mony, mor than i can say for g e mony.
thank you
gillwall

[di30]

Re: pre 2005 g e money ppi claims

Thanks Di,at least they are not rejecting my complaint and are willing to fight for my mony, mor than i can say for g e mony.
thank you
gillwall

Exactly, perservere, you will be fine x

[mercury-the-messenger]

Re: pre 2005 g e money ppi claims

interesting to come across your thread relating to the letter from the FOS using the magic words "test case " any update?
Were you ever notified of any interest changes . I presume you received annual statements ?

[gillwall]

Re: pre 2005 g e money ppi claims

Hi Mercury-the-messenger

I had an update about 2 weeks ago saying they need to establish the leagal relationships between ge money and cardif pinacle the insurance brokers The interest has been accumilated as we are still paying of the area on top of the monthly payment. Not sure what this means? any advice please.
Many thanks
gillwall

[gillwall]

Re: pre 2005 g e money ppi claims

Just got back in from work and the FOS have tried to contact me twice today leaving a message that they have an update on my complaint and a letter is in the post, alternatively they suggest i phone them back. Fingers crossed.