iGroup / GE Money Mortgage PPI ~ Please help!!

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sskubisnac
sskubisnac Posts: 1 Newbie
in Reclaim PPI & other insurance
Hi

I was sold mortgage PPI back in 2004 by a broker (Olympian Finance - now defunct!).
I was expressly told at the time that not taking up the ppi offer would seriously affect the outcome of the associated mortgage application.
I therefore signed up to pay £4250.00, (for 5 years cover) payable over the term of the mortgage.
I contacted GE Money today to query and was told they have no responsibility for the mispayment and I must proceed against Olympian Finanance (who are no more!) or via the Financial Services Compensation Scheme, which only covers anyone signed up to the the Financial Services Authority (FSA), which Olympian were not!!

Can I please get some advice as I would have thought that iGroup must take some responsibility for the actions of their brokers selling their products; and that this responsibility surely passes to GE Money?

Many thanks in advance for your assistance.
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Comments

  • roonaldo
    roonaldo Posts: 3,420 Forumite
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    sskubisnac wrote: »
    Can I please get some advice as I would have thought that iGroup must take some responsibility for the actions of their brokers selling their products; and that this responsibility surely passes to GE Money?
    GE are the lender not the seller of the PPI. If you are alleging something was mis-sold then you need to complain to the seller.

    The lender is not responsible for the sales or complaints of a broker.

    The FSCS will not take it on because they only deal with PPI complaints post 14 Jan 05.
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    I contacted GE Money today to query and was told they have no responsibility for the mispayment and I must proceed against Olympian Finanance (who are no more!)

    Correct. No-one from GE Money gave you advice or sold the product. They are not liable.
    or via the Financial Services Compensation Scheme, which only covers anyone signed up to the the Financial Services Authority (FSA), which Olympian were not!!

    Also correct. FSA regulation began in 2005. FSCS protection also started later that year on all new business arranged after that date.
    Can I please get some advice as I would have thought that iGroup must take some responsibility for the actions of their brokers selling their products

    Igroup never had any brokers. So, have no liability.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • anney63
    anney63 Posts: 20 Forumite
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    That's an odd statement re no brokers when I found this on a website today
    About iGroup


    Just found this on a loans website .

    If they only sell through intermediaries they are definately acting as their agents may be of use to other Caggers I thought !!!


    iGroup is a leading provider of Mortgages and Secured Loans, but does not sell products directly to customers. iGroup products are offered through a nationwide network of intermediaries.
    iGroup itself has been a part of GE Money since its acquisition in 2001.
    GE Money is the trading name for GE Consumer Finance and GE Capital Bank Ltd, and was formed when General Electric bought the Burton Group's finance company.
    It is possible to borrow between £5,000 and £100,000 with iGroup secured loans.
    iGroup also currently offers fixed rate mortgages for 1, 2, 3 and 4 years and discount mortgages for 1 and 2 years.
    You must be over 18, employed and have a bank account in order to apply for iGroup loans and mortgages.
    Make sure to compare offers fromIgroup to deals from other uk leading merchants on this site.
  • anney63
    anney63 Posts: 20 Forumite
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    did you have a seperate PPI form from IGroup ??
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    That's an odd statement re no brokers when I found this on a website today

    Seems to support exactly what was said. i.e. they sell through intermediates (which is the industry name for advisers, brokers etc)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Vasantha59
    Vasantha59 Posts: 5 Forumite
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    There is hope...last year I finally won a 7 year battle against Igroup for mis-sold PPI with the help of FOS.
    Basically,Igroup,the Insurance company and the Broker ran me round in circles but FOS were able to prove that the ultimate culprit was Society of Lloyds after I suggested that Socy of Lloyds was complicit in fraud because they KNEW group was their agent/representative and ,therefore,knew what they were doing .

    I won back 7 years worth of interest even though I had already had some of the PPI back...in total with PPI of £5900 on the mortgage,I won back over £10,000!

    So,don't give up!
    Take your cases to FOS and they should be able to sort things out! I am now submitting the mortgage itself to FOS for misseling as there were a number of irregularities on it which FOS is aware of.
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    Basically,Igroup,the Insurance company and the Broker ran me round in circles but FOS were able to prove that the ultimate culprit was Society of Lloyds after I suggested that Socy of Lloyds was complicit in fraud because they KNEW group was their agent/representative and ,therefore,knew what they were doing .

    There was no fraud to be complicit in. Lloyds is an insurance market. They are not involved in retail.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • -taff
    -taff Posts: 14,507 Forumite
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    Vasantha59 wrote: »
    There is hope...last year I finally won a 7 year battle against Igroup for mis-sold PPI


    \When were you sold the PPI?
    Shampoo? No thanks, I'll have real poo...
  • roonaldo
    roonaldo Posts: 3,420 Forumite
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    Vasantha59 wrote: »
    I am now submitting the mortgage itself to FOS for misseling as there were a number of irregularities on it which FOS is aware of.
    like what?
  • hughmungus_3
    hughmungus_3 Posts: 4 Newbie
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    Just found an old IGroup PPI policy from 2003 for £4000, is it better to go via FOS or one of the hundreds of PPI claim companies, I am aware there may be fees but it could be quicker and easier than dealing with FOS.
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