Ge Money Ppi

[orfoster]

Hi all,

My friend took a secured loan out with GE Money around May 2006. They told her over the phone that PPI was needed to take out the loan with them. The loan was settled in April 07.

She has found a letter from after the loan was settled saying that the PPI would carry on until 2011!!

They have had their prelim letter and the LBA, had one response saying thank you for the letter and they will get back in 4 weeks! Their time is up.

On the letter saying the PPI runs till 2011they say she can cancel at anytime in writing where she may be able to claim a rebate. So am tempted to send a letter to that effect and then claim back the remainder? The insurance plus interest up till the loan was repaid is £4241.25 interest is @ 9.600%.

Do I get her to cancel the insurance that is still running or to carry on as things are and claim the whole lot?

[Nattie]

Re: Ge Money Ppi

PPI is for an insurance for something she does not have. That is ridiculous, please cancel the PPI and then sue them for misselling. That is ridiculous.

[orfoster]

Re: Ge Money Ppi

Lol thanks for that, thats what I said to her but didn't read the paperwork. She has it all lovely and neatly organised as she pointed out to me but clearly doesn't read the paperwork.

Thanks Nattie, will get that cancelled asap now.

[Nattie]

Re: Ge Money Ppi

was it not a single premium policy, ie from the company direct?
She should certainly get back all payments since the loan began and did she pay interest on the PPI?

[orfoster]

Re: Ge Money Ppi

Yes it was a single premium policy. £3937.50 it is shown on the agreement for. Interest is confusing me on the agreement. How will I be able to tell if there was interest on it??

It shows on the agreement the figure and next to it it says (Cash Price and Amount of Credit).

Thanks

[orfoster]

Re: Ge Money Ppi

With interest I worked out that she ought to reclaim £4241.24 @8.14%. Have I done that right? I thought with single premium policies they added interest on the insurance?

[thephoenix]

Re: Ge Money Ppi

Hi, The APR should be stated on the original credit agreement along side the principle loan. The credit agreement should state the amount of loan and the amount of PPI plus the APR for both.

And as Nattie says, you can't insure something if it aint there.

[orfoster]

Re: Ge Money Ppi

Ok heard back from GE Money, they say the balls have been set in motion for the canceling the insurance and will hear in due course.

They now say that any claim of misrepresentation would need to be taken up directly with the brokers (Freedom Finance) so I guess they are now who we need to chase up and claim against.

[orfoster]

Re: Ge Money Ppi

GE Money sent a cheque yesterday for £1968.75 to her.

I have now sent a SAR to Freedom Finance asking for a copy/transcript of the call when applying for the loan.

So now the amount left to claim is £2272.50