GE Money unregulated loan and PPI

[casloy]

Hi everyone.
New to this forum so thanks in advance for any help.
In 2002 I took out a large loan (more than £30000) through HFS Loans Ltd. The loan was underwritten by Igroup mortgages who paid a £1000 broker fee. I was miss-sold PPI by HFS and tried to reclaim through Igroup (now GE money) who sent me the usual they were not responsible but to claim through HFS who are no longer trading so I would need to identify administrators to make a claim.
The underwriting sheet states the loan was UNREGULATED.
Can I still claim from GE Money and what difference does the unregulated part make? If I cannot claim from GE Money can /should I write to the FOS or anyone else?
Any views greatfully appreciated. Thanks.

[di30]

Re: GE Money unregulated loan and PPI

Hi and welcome

Did you receive my PM?

Usually when business are no longer active, and no other business have taken over them and the full responsibility, if the sale was as from 14 Jan 2005 onwards, you could have made a claim/complaint about the buisiness to the Financial compensation scheme (FSCS), but as they were not then likely to have been FSA regulated like the FOS they are not able to adjudicate/take on a complaint, but the FOS do suggest the underwriter/insurer avenue, as it's highly likely they WERE regulated being an insurer etc......

So you can aim your complaint at them with careful wording required, because although they say they are not responsible for the loan of the sale, they do have some liabilities to ensure the product suited the customer's requirements before the broker went ahead and just sold it to you.
I have however, sent you a pm which may help you (my letter) which I did succeed in my complaint via the underwriter. Hope it helps you.

Good luck x

[casloy]

Re: GE Money unregulated loan and PPI

Hi Di30.
Yes I got your letter, thanks very much.
Been looking into this for months now and was starting to lose all hope with GE Money but will have a good study of letter and call FOS to see what they say.
Thanks for the help. Much appreciated.