PPI Insurance Rebate - G E Money

[Domuvaa]

Hi, This is my 1st post on here after newly joining, any help and advice would be greatly appreciated rudolf

Back in 2005 I took out a second charge mortgage on my property with GE Money with PPI Insurance added.

In October this year I sold my property and paid off my loan, In Nov I cancelled my PPI Insurance associated with the loan for a rebate, the rebate I have just received is nowhere near the sum I was expecting I was just wondering is this correct?

The premium of the PPI Insurance to cover from 17/11/2005 - 18/02/2011
was £2700.00

I have just cancelled it so as I work it out I have due 3 years of unused PPI Insurance.

£2700 / 5yrs = £540 1 year

£540 x 3 unused years = £1620 3 years

The amount that has just been credited to my account from GE Money is for 1 years PPI Insurance to the value of £540.00

Is this correct? I would have thought in a perfect world that I would be eligible for the 3 years that I have not used?

Any help and advice would be appreciated!

[thephoenix]

Re: PPI Insurance Rebate - G E Money

Hi Domuvaa and welcome, glad you came over :cheers:

From what I can make out, PPI rebate is not worked out on a pro rata basis.
An insurance can carry a higher risk at the beginning of a policy and therefore more costs involved. As the time elapses through the period of cover, the risk lessons hence the seemingly lower rebate payment.

Someone with more PPI experience will add to this.

hope this helps

[enaid]

Re: PPI Insurance Rebate - G E Money

Hi Domuvva,
Welcome to Beagles, I just want to ask if the PPI could have been missold to you for any reason?

There are many reasons that the policy would have been useless to you and if this is the case you can try and claim it all back.
Legal Beagles

If you have the Terms and Conditions of the policy, I would have a read through them first.

Consumers to benefit from PPI refunds agreement

There is also some info on here that may help too Enaid x

[Domuvaa]

Re: PPI Insurance Rebate - G E Money

Ok thanks for that, I will try and dig out the terms and conditions and have a read through.

Merry Xmas, Domuvaa

[maryneedshelp]

Re: PPI Insurance Rebate - G E Money

Hello,
I will tell you what Ge has done to me I had a loan taken on 11/06/2007
For £40,000 Plus PPI £4,860. ( told I had to take or no loan ) Total was £45,360.00
which also included a £500 compilation charge.I cancelled PPI on the 5th Sept 2007 as I was paying of the full loan.The money I paid to GE to finish the loan was a total of £45,186.32 which my solicitor paid.I never received my PPI money ( Rebate of £4,455) GE took this on top of the £45,186.32.
When I fought to get this they said it was a broker I had to deal with now dissolved
.So I wrote to FSCS who would only award me £587.15 as they said I had already received £4,455.00 but I did not GE STOLE this.
I am still trying to get it back with no successes to date.

So I wish You Luck and Keep fighting them
ALL REPORTS FROM AROUND THE WORLD ABOUT GE IS BAD BAD BAD.