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  • FIRST POST
    • lindaos
    • By lindaos 5th Aug 17, 10:51 AM
    • 1Posts
    • 0Thanks
    lindaos
    Been royally ripped off....
    • #1
    • 5th Aug 17, 10:51 AM
    Been royally ripped off.... 5th Aug 17 at 10:51 AM
    I think I'm flogging a dead horse but I just feel so sick in my stomach at how much money we have lost I can't stop myself form continuing to try and get to the bottom of who is responsible. I have tried in the passed and come to a dead end but that was a few years ago and I'm hoping that new information may have come to light since then.
    Firstly I'm getting quite confused by this whole situation, you think it is going to be straight forward but when people start talking about regulations etc my mind goes blank.

    My husband and I took out a secure loan in 2004 with First National, a GE Money Company. The Royal Bank of Scotland is also mentioned on the credit agreement. The load was for 20,000 and and the PPI was an additional cost of £5,400, the term was 180 months.
    In 2009 just over 5 years after taking the loan out my husband was made redundant, he rang GE Money to put the wheels in motion to start claiming the PPI but was told the insurance policy only covered the first 5 years of the loan.... now this got us really confused because at no point were we ever told this. It is not any of the paperwork we received (and I have kept it all).
    So basically we are still paying off this PPI but it is totally useless to us.

    I have contacted GE Money before and they have passed us to Karacus, part of Freedom Finance. I ended up talking to the FO about this and they said basically the loan was taken out before 2005 so we are not covered...... Now a couple of weeks ago I started the process again and sent another letter to GE Money, they have responded again saying my complaint is with Karacus Ltd, c/o Freedom Finance based in Wilmslow. Does anyone have any experience dealing with them and should I go straight back to the FO.

    I'm sorry to ramble on but like I said I am finding this all very confusing. This is a genuine case of mis-sold PPI and it is for a lot of money...... I just can't accept that nothing can be done to right this wrong.

    Thanks
    Linda
Page 1
    • dunstonh
    • By dunstonh 5th Aug 17, 2:49 PM
    • 89,895 Posts
    • 56,571 Thanks
    dunstonh
    • #2
    • 5th Aug 17, 2:49 PM
    • #2
    • 5th Aug 17, 2:49 PM
    I have contacted GE Money before and they have passed us to Karacus, part of Freedom Finance. I ended up talking to the FO about this and they said basically the loan was taken out before 2005 so we are not covered...... Now a couple of weeks ago I started the process again and sent another letter to GE Money, they have responded again saying my complaint is with Karacus Ltd, c/o Freedom Finance based in Wilmslow. Does anyone have any experience dealing with them and should I go straight back to the FO.
    Insurance became regulated in January 2005. The FOS do not have the ability to look at cases from before Jan 2005 unless the firm was a member of an earlier body. This is why they can look at bank cases from before then but not look at secured loan cases sold by brokers.

    You have already been told the FOS cannot look at it so why would you go back them again?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • antrobus
    • By antrobus 5th Aug 17, 3:50 PM
    • 15,297 Posts
    • 21,828 Thanks
    antrobus
    • #3
    • 5th Aug 17, 3:50 PM
    • #3
    • 5th Aug 17, 3:50 PM
    ...My husband and I took out a secure loan in 2004 with First National, a GE Money Company. The Royal Bank of Scotland is also mentioned on the credit agreement. The load was for 20,000 and and the PPI was an additional cost of £5,400, the term was 180 months...

    This is a genuine case of mis-sold PPI and it is for a lot of money...... I just can't accept that nothing can be done to right this wrong.
    Originally posted by lindaos
    Your problem is this; your loan might have been with the former First National, but the loan and PPI bundle was sold to you by a broker, Freedom Finance. Your complaint of mis-sold PPI has to made to Freedom Finance, because they sold it to you.

    As dunstonh has pointed, because it was sold to you in 2004, the FOS has no jurisdiction over the sale.

    Time to leave the dead horse be, and move on, I'm afraid.
    • Moneyineptitude
    • By Moneyineptitude 5th Aug 17, 11:03 PM
    • 18,900 Posts
    • 10,121 Thanks
    Moneyineptitude
    • #4
    • 5th Aug 17, 11:03 PM
    • #4
    • 5th Aug 17, 11:03 PM
    I started the process again
    Originally posted by lindaos
    You need to understand that you cannot continue complaining about the same thing over and over. You had a "full and final" response in the past and the Ombudsman service was denied to you. Any attempt to resurrect this "complaint" will simply result in a repeat of the response you originally received.

    The complaint is dead.
    • RabbleRouser
    • By RabbleRouser 14th Aug 17, 10:22 AM
    • 3 Posts
    • 0 Thanks
    RabbleRouser
    • #5
    • 14th Aug 17, 10:22 AM
    • #5
    • 14th Aug 17, 10:22 AM
    Why would her complaint be dead? I had a PPI request rebutted and ignored and then tried a different route, which has resulted in a response. Yes a different situation, but surely she should not give up soo easily after being conned?!
    Great minds discuss ideas, Average minds discuss events, Small minds discuss people!
    • dunstonh
    • By dunstonh 14th Aug 17, 11:32 AM
    • 89,895 Posts
    • 56,571 Thanks
    dunstonh
    • #6
    • 14th Aug 17, 11:32 AM
    • #6
    • 14th Aug 17, 11:32 AM
    Why would her complaint be dead?
    1 - it is pre-regulation
    2 - she has already complained and been rejected (as being pre-regulation)
    3 - she has no access to the FOS
    4 - she has no access to the FSCS

    I had a PPI request rebutted and ignored and then tried a different route, which has resulted in a response. Yes a different situation, but surely she should not give up soo easily after being conned?!
    Ok then. Please let us know what this different route was and we can see if it applies to the OP or not.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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