GE Money PPI Claim

[ElizaW]

In 2001 I took out a Secured Loan for £22,400 with igroup Loans (now GE Money).The Loan was sold to me by a broker (Greenhill Finance).The PPI on the loan was £2400 a single premium.The underwriter/insurer of the PPI is Cigna.The Loan was paid off in 2002.I contacted Greenhill Finance in 2008/2009 to request a refund of my ppi premiums.I requested a refund on the grounds that at the time my income and circumstances did not fit the Criteria of the PPI,I submitted Payslips and other evidence to prove this,so I wouldn't have been able to claim on the PPI anyway.They replied saying they were not regulated at the time,more than 6 years after the date of the claim had passed they also said they didn't believe it had been missold.I then wrote to GE Money firstly in 2008,they would not accept responsibility because they didn't sell it to me.They said it was Greenhill Finance who were responsible.In September 2009 I wrote again to GE Money.They said it was more than 6 years ago and would not refund the ppi.In September 2009 I contacted the FOS with regards to claiming the PPI.The FOS investigated this matter which took them over 3 years.The Final Response from them was in Febuary 2013.Their conclusion was Greenhill Finance was unregulated at the Time so they Pursued Cigna (the underwriter).Cigna was covered by the FOS jurisdiction but wasn't the seller.In order to find it responsible for the sale they would need to find evidence that Greenhill was acting on behalf of Cigna in other words Greenhill Finance was Cigna 's agent.The FOS could not find the link -so they could not uphold the complaint.In May 2013 I wrote to cigna they replied to me saying they could not be held responsible for the sales process or the actions of intermediaries they also said GE Money were responsible for any refund.So I wrote back to GE Money again.Their conclusion was it was Greenhill Finance's Responsibility for any refund.
Any help would be much appreciated.
Thankyou.

[di30]

Re: GE Money PPI Claim

Hi and welcome

Many of us have been in this same position, some of us have also succeeded via underwriter.

However, I done my own letter to the underwriter as wording is important, because they do tend to come back otherwise to say they had no part of the sale, but the point here is they DO have some liabilities of when the policy was set up for you, because when the loan is set up and arranged by the broker/lender, the underwriter also has a responsibility to check the application and to make sure it was acceptable for you with the PPI.
I did succeed with my complaint via underwriter.

I also note that everytime the FOS deal with the underwriter, they have each time for almost lots of complaints of others have came back to say they're unable to find the link, so unable to take it further.

PM me if you wish to take a look at my letter.

[SAVA05]

Re: GE Money PPI Claim

Hello I had a similar thing with GE Money as there were not around the sale of PPI at the point of sale, it was the Broker who are responsible. I took out a remortgage with GE Money through Loans Etc the broker in 2005 and had to go the Financial Services Compensation Scheme ( FSCS ) but they rejected my PPI Claim and could not go to the FOS after that.There seem to be putting you through the go around the houses with you as nobody wants to take responsibility.

[di30]

Re: GE Money PPI Claim

SAVA05

I expect you have mentioned about this before, but why did the FSCS reject your complaint?

[SAVA05]

Re: GE Money PPI Claim

The FSCS said I could only complain to them as when we took out a remortgage with GE Money in 2005 through the Broker Loan Etc, they went into administration and gone bust. Because it was post regulation 2005 or something I could not go to the FOS, that was the history. The PPI Policy which was a monthly premium paid along side the Mortgage and not added together. The FSCS said I could of cancelled the Policy at any time and even so still had 30 days to cancel the policy when we first taken it out. They rejected us again even though I said I had other Life Insurances an sick pay etc etc and was of no need to have the PPI, but they came back and said the other Life Insurances I had would of added extra cover for the Mortgage and did not uphold our complaint. They also stated that the FOS would not be able to help me as it was under their FSCS jurisdiction. When I looked at the agreement I recognised my signature but the box ticked for PPI was not my hand writing. It was a single premium policy in my name only, even though the Mortgage was in joint names. So I lost a potential £6000, but only had the mortgage with GE Money for 2 years.

[di30]

Re: GE Money PPI Claim

So sorry to hear that SAVA05

So you can now try the underwriter if you've not done so yet as another avenue the FOS would also suggest if the business who directly dealt with the complaint were non-regulated etc.

Do you know who the underwriter were for this one?

[SAVA05]

Re: GE Money PPI Claim

I went after both, the under writer ( GE MONEY ) and the broker ( Loans Etc ). GE Money said there was not present at the point of sale and FSCS agreed with them so that avenue has gone. GE Money said go after Loans Etc,..... LOL ( going around the houses ). So then I went to the FOS anyway and they said they cannot help, so I forgot all about that now. On the plus said ( do not mean to hijack the original Poster thread ) won other PPI cases and other stuff not related to PPI and still awaiting Goldfish Credit Card ( just found out I had two credit cards with them ) which I think will take a long long while to sort out.

[di30]

Re: GE Money PPI Claim

Arh right ok so GE Money was the actual underwriter in your case then? Yep you certainly did go around the houses on this one didnt you? LOL! (I know your probably fed up of trying to get this resolved by now) did you also write to the CEO of GE after the complaints dept rejected?
Well done on your other successes though, good for you!

[SAVA05]

Re: GE Money PPI Claim

Lol, did'nt bother with the CEO of GE Money, never crossed my mind. I only knew it was an idea to write to any CEO'S until a few months ago, and BANG, all of sudden you get somewhere fast, every Bank seem to fall part when making complaints to the CEO's and all the Banks seem to panic when you say the word, F.O.S.

[di30]

Re: GE Money PPI Claim

Was it more than 6 months ago? (You received the final decision from the underwriter) GE?

[SAVA05]

Re: GE Money PPI Claim

This was last year, I don't think I get any where now with them.

[di30]

Re: GE Money PPI Claim

Drat shame, although no harm in trying (if you wish to give it just one go).

If you do then, I would write to the CEO that you would have got in touch at an earlier date but was unaware that you could raise issues up of your previous complaint until recently, and as a respectable company (LOL)! I believe you will consider my letter and understand why I have tried to resolve my complaint by writing to his complaints dept of the underwriting business that agreed my application before the finance went ahead with the lending business.

(Did I ever send you my letter to the underwriter) SAVA05?

[SAVA05]

Re: GE Money PPI Claim

Lol, no you have'nt. I think your right I think I drop the CEO of GE Money an e-mail and see what they say. Please send me a letter template on how to write to the CEO and do you know the CEO of GE Money e-mail address?

[di30]

Re: GE Money PPI Claim

Give me a few mins and check your PM ;-)

[SAVA05]

Re: GE Money PPI Claim

Ok Di, thanks very much.