GE Money and PPR claim

[corrinasmum]

Hello all, just have to say you guys are awesome......anyway this an update to a post a put up last year. I took out a £40.000 home improvement loan in 2003 with Purple Loans who were owned by GE Money. I was told I wouldn't get the loan if I didn't take out the ppi. The loan was repaid in 2010 but I had already written to GE Money asking for a refund, and had been fobbed off. Anyway, I wrote again in November 2010 and was again fobbed off. So I contacted the FOS who said because it was before 2003 they would try to go after Pinnacle Insurance.....and I think mine was one of many cases they had received. They warned me it would probably take a year or more. I received an update from FOS in April just to let me know they were still working on the case. Then in June I received a standard letter from GE Money saying they were sorry that I had felt the need to complain and that they would look into it and let me know the outcome in 8 weeks....now I had not contacted them at all. Imagine my surprise last Wednesday when I received a letter from GE Money saying that they felt that I did know what I was doing when I signed up for the ppi and that I could afford it, but on this occasion they would uphold the complaint and would award me £15.450.00 .....now I really am not greedy and right now that money would be very handy...but if you calculate how much they should be paying me it is in the region of nearly £20.000........there is a lot of legal jargon in the letter and it also states that I should take legal advise........please have you any advice as to what I should do Thank you all in advance.....xxxxx

[di30]

Re: GE Money and PPR claim

Hi there

Wow, well done!!!

Do you have the breakdown of the calculations?

If so please could you post them up.
What you should receive is all you have paid of the PPI, plus relevant interest, also 8% of what a court would award.
So if you settled earlier, they should work out the ppi from start to settlement.

However, as the FOS dealt with it, you can request them to check the figures for you, if anything amiss, they will usually contact the business to put it right and/or to forward any further refund later on, (if they already made the payment arrangement on that amount stated).
The FOS once noticed an underpayment on one of mine some years back and I had a cheque following the other.

[corrinasmum]

Re: GE Money and PPR claim

Hi Dizzy Di, Wow, thank you for replying so quickly. Right this is whats in the letter:Redress offer.The offer comprises of two elements. 1 A refund of the total repayments on the PPI element of the loan, including any interest charged. 2. Simple interest calculated at 8% per annum on each payment made to the end of the month in which the redress is paid. Please not, for the purpose of calculating the amount of refund of repayments only, a split is assumed between the premium elements of the loan, with any payments on the account applied to each element pro rata. This is in order to comply with the FCAs rules on calculating redress. The offer of redress assumes that payment is calculated at todays date. The original premium amount was £6.164.72. The refund is calculated as follows. A Loan repayments (including interest) paid to date, towards the PPI £11.329.20. B Refund of additional interest on the premium element of the loan as a result of arrears (if any) £0.00 C Simple interest calculated at 8% per annum on A & B above £4.151.04. D Total amount payable to you £15.480.24. You will note that your insurance premium has been refunded together with interest on the refunded amount calculated at 8% pa. I cant make head of tail of most of this .......Thank you soo much for your help in this am so grateful. Hope this helps . Much love and sparkly rainbows to you wonderful peeps xxx

[corrinasmum]

Re: GE Money and PPR claim

Hi guys...I know know you are all really busy, but would really appreciate any feed back on this as not sure what it all means...Many thanks x

[Bill-K]

Re: GE Money and PPR claim

Hi Corrinasmum - and many congratulations to you on your PPI claim result. I'm glad to see your patience has been finally rewarded !!!

I'm afraid I missed your earlier posts, as I was away on holiday. We should be able to make an accurate calculation of what you should expect to be offered, but will need a few more details. As you seem to have a pretty good idea of what to expect, then hopefully you have enough of these details.

We have a spreadsheet/calculator program here for this, which should hopefully 'formalise' your calculations:

http://www.legalbeagles.info/forums/...s&goto=newpost

Use the SPI spready in post #2 here:

http://www.legalbeagles.info/forums/...571#post306571

If you can fill in the details in the box, the spready will open out and attempt to forecast the PPI. You will then need to check this forecast against your own data for accuracy (eg., late or missed payments etc.)

Also - bear in mind that any successful claims under the PPI policy will be deducted from your redress offer, and that if the loan was settled early or consolidated into another loan this may affect the redress. If you have a copy of your original loan agreement, and a copy of your closing statement of account, then these will be the most useful documents. Checking the loan repayments and dates will increase the accuracy, and you may be able to do this if you have copies of all your loan statements. Failing that, bank statements may suffice.

By all means post up the completed spready for us to check, but if you prefer more privacy then PM me.

[corrinasmum]

Re: GE Money and PPR claim

Hi Bill, thanks for getting back to me....no worries and hope you had a great holiday