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5 years ago I had a secured loan from GE Money. I applied for the loan through a company called "Purple Loans" who appear to be just a broker offering GE Products. I had PPI on this and now believe it was mis-sold so am seeking to claim it all back.
I also had a DFS Sofa on finance with GE that had product insurance that was certainaly mis-sold by DFS who told me "buy this leather care kit and it comes with free product insurance". As this was a GE finance agreement, I hope to claim something on this as well as the loan PPI.
I sent my SAR request this afternoon.
I'll keep this thread updated accordingly for the benefit of others.
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5 years ago I had a secured loan from GE Money. I applied for the loan through a company called "Purple Loans" who appear to be just a broker offering GE Products. I had PPI on this and now believe it was mis-sold so am seeking to claim it all back.
I also had a DFS Sofa on finance with GE that had product insurance that was certainaly mis-sold by DFS who told me "buy this leather care kit and it comes with free product insurance". As this was a GE finance agreement, I hope to claim something on this as well as the loan PPI.
I sent my SAR request this afternoon.
I'll keep this thread updated accordingly for the benefit of others.
Good luck and we look forward to hearing from you again.
Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.
So far, so good.
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Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.
Just 3 days after my letter to GE arrived with them, they've written to me thanking me for the SAR and saying they will happily comply and provide all information within the 40 day period.
So far, so good.
Hi seems ive actually found someone trying to claim from same company G E Money /Purple Loans as my self GE Money are not accepting my claim so hope you do better please keep me up to date with yours and good luck tomorrow im contacting the FOS as advised by this site so fingers crossed for me too try reading my posts see if anything in them resembles your predicament an let us know
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Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.
Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.
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Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.
Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.
This can be rather confusing!
They are all linked together by the seems of it.
When you write to them, they should confirm whom you should write to in regards of PPI,(if for example if was not the correct one), but hopefully you got it right anyway, good luck.
Whilst trawling through my statements online this evening, I've seen that my GE Money loan (as I remember it) started out as as "iGroup" loan - Well, thats who was taking the direct debit.
Does this mean any PPI claim would have to be made to iGroup? It seems that they are in the same location as GE Money but I dont remember how the loan went from being an iGroup loan to a GE Loan. The direct debit date and amount is identical so I presume GE took on the loan from them for some reason.
hi mine's the same first national home finance then GE Money i wrote to them but they say they're not in the wrong they are a terrible co to contact and don't give straightforward answers BIGGEST REGRET GOING WITH THEM I do wish you luck
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I had a Special Delivery this morning and it was all of the information from GE Money!
It seems that I did indeed have PPI of £1560 on the loan and that I signed to say I wanted it on the application form that Purple Loans (the broker) sent me. However, at the time of application I remember being told that if I diddnt take the PPI I would end up on a much higher APR so the payments would be the same regardless of whether I took the PPI or not.
Knowing nothing about it at the time I took the PPI - after all when you're told it is effectively "free" you're be a fool not to.
The statements make no mention of there being a separate PPI payment each month and it looks like it was simply added to the loan amount - The application form shows the amount I requested + the PPI = the amount I borrowed.
I'm now going to send the PPI Claim letter off to GE Money.
Last edited by 218bhp; 07-11-2009 at 9:47 AM..
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Now I read this I think I must have been mad - I ended up paying more to settle the loan than the original amount that I borrowed!
The loan was taken out before 2005 so if it comes to it, the FOS cant help me much with my claim
I made 17 monthly payments before requesting the settlement data above.
So how on earth do I calculate what they owe me?
Can I claim my £10 SAR payment back too?
Hi there
Bumping this up for you, for someone to take a look at this one for you, I'm hopeless with calculations......, good luck with this and hopefully someone will be along soon.
I've read a few threads on here that say "dont worry, they'll work it out for you" so I have sent my PPI complaint anyway. However, it would be nice to be able to check their sums!
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They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"
There is no reference to the phone call where the mis-selling originally took place.
So what should I say to them?
I'm tempted to write back along the lines of:
The argument that I “signed the agreement that showed ppi was optional” is incorrect: The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.
They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"
There is no reference to the phone call where the mis-selling originally took place.
Sorry about this, it seems like yet another fob off response just because they were not covered by the FSA when you taken this out.
However, I would still contact the FOS to ask is there anyway they could consider taking on this complaint for you.
The FLA I believe that not many have been successful, you could contact them if you want to, but maybe the FOS will help, ask them first and take it from there.
I note it seems though that on your letter you can write to the Escalations team, you could forward a copy of your original letter you sent GE and a copy of this one you received from them, also any other information you may have to support your case, in hope they will consider this for you, but otherwise as suggested contact the FOS, just in case there are other ways around this one.
Good luck, please let us know how you get on.
CONGRATULATIONS TO ALL PICTURE WINNERS
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From the FSA 29 September assessment of redress for PPI compaints
" The firm should not reject a complainant's account of events solely on the basis that the complainant signed relevant documentation regulating the purchase of the policy.
The firm should not reject a complaint because the complainant failed to exercise the right to cancel.
In determining a particular complaint, the firm should give more weight to the specific evidence of what happened during the sale than to the general evidence of selling practices at the time, such as training, instructions or sales scripts. A firms disclosure of details of a policy at the time of the sale should carry more weight than providing material to the complainant after the decision to buy the policy."
Good luck with your challenge, keep at them
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I am very disappointed that you feel you are unable to uphold my complaint. Whilst I do not dispute that the paperwork was signed, I still believe that the policy was mis-sold.
Please consider that I was unqualified in financial matters at the time of taking the loan and was simply following the guidance given by the salespeople that I spoke to.
I would like to draw your attention to the Financial Services Authority’s assessment of redress for PPI complaints that states:
" The firm should not reject a complainant's account of events solely on the basis that the complainant signed relevant documentation regulating the purchase of the policy.
The firm should not reject a complaint because the complainant failed to exercise the right to cancel.
In determining a particular complaint, the firm should give more weight to the specific evidence of what happened during the sale than to the general evidence of selling practices at the time, such as training, instructions or sales scripts. A firms disclosure of details of a policy at the time of the sale should carry more weight than providing material to the complainant after the decision to buy the policy."
I would also like to draw your attention to a legal president whereby The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.
In the light of this, I look forward to your reply and full refund as originally requested.
Last edited by 218bhp; Yesterday at 11:15 AM..
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They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"
There is no reference to the phone call where the mis-selling originally took place.
So what should I say to them?
I'm tempted to write back along the lines of:
The argument that I “signed the agreement that showed ppi was optional” is incorrect: The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.
hi 218bhp thanx for all of this with letters you're gonna send to ge money i got exactly the same letter which i sent onto the FOS unfortunately they say they can't help but should send all info to FLA i haven't as yet cos i'm going from pillow to post untill i saw your copy of your letter you're gonna send to ge money so i'm gonna send one the same if you don't object please keep updated as after reading your veiws there might be glimmer of light to end of tunnel GOOD LUCK 218bhp
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hi 218bhp thanx for all of this with letters you're gonna send to ge money i got exactly the same letter which i sent onto the FOS unfortunately they say they can't help but should send all info to FLA i haven't as yet cos i'm going from pillow to post untill i saw your copy of your letter you're gonna send to ge money so i'm gonna send one the same if you don't object please keep updated as after reading your veiws there might be glimmer of light to end of tunnel GOOD LUCK 218bhp
Margymuggins - Did you respond to that letter when you received it from GE? Or did you just leave it at that?
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Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps. Take care over copyright. Use excerpts and links rather than copying long text. This site asserts copyright on all comments posted on the board.
Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.
218bhp Vs. GE Money (PPI Claim)
, good luck with this and hopefully someone will be along soon.
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