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    sskubisnac
    iGroup / GE Money Mortgage PPI ~ Please help!!
    • #1
    • 9th Jul 12, 1:43 PM
    iGroup / GE Money Mortgage PPI ~ Please help!! 9th Jul 12 at 1:43 PM
    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.
Page 2
    • -taff
    • By -taff 27th Sep 17, 9:57 PM
    • 7,187 Posts
    • 5,173 Thanks
    -taff
    My PPi was sold PRE-Regulation and I won my case because I KNEW WHAT to SAY to the FOS and that's what enabled me to win my case!...
    It CAN be claimed back if it's pre-regulation if you have the docs and know what to SAY!...
    Vasantha"
    Originally posted by Vasantha59

    I suggest you don't hold back then, tell us what your wording was so you can help others.
    • Madders1950
    • By Madders1950 5th Oct 17, 7:46 PM
    • 5 Posts
    • 1 Thanks
    Madders1950
    I Group/Ocwen/GE Money
    I had a mortgage with I Group/Ocwen, not sure which one was first, then taken over by the other, but then it was taken over by GE Money. GE Money say they have no trace of me, contacted the brokers that sold it but they say they don’t keep records for more than 6 years. They ceased trading but are now trading under a new name. Sold the property to pay it all off at greater expense as there was a clause where I had to pay more than was owed. Are the brokers responsible for miss selling and who do I claim ppi back from please? I’ve been pursuing this for the last two years but getting nowhere. I had a stroke recently and I’m afraid something may happen to me before I can sort this for my children. Any ideas or help gratefully accepted please.
    Last edited by Madders1950; 05-10-2017 at 8:43 PM.
    • dunstonh
    • By dunstonh 5th Oct 17, 8:34 PM
    • 89,942 Posts
    • 56,646 Thanks
    dunstonh
    They ceased trading but are now trading under a new name.
    They cant be both of those. It would be one or the other.

    Are they still responsible for miss selling and who do I claim ppi back from please?
    If its the same limited company then its a continuation (Assuming the PPi was sold after Jan 2015). if its a new limited company and the old one is closed then the new company has no liability.
    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.
    • Brokerwise
    • By Brokerwise 5th Oct 17, 8:42 PM
    • 165 Posts
    • 74 Thanks
    Brokerwise
    I had a mortgage with I Group/Ocwen, not sure which one was first but then it was taken over by GE Money. GE Money say they have no trace of me, contacted the brokers that sold it but they say they donít keep records for more than 6 years. They ceased trading but are now trading under a new name. Are they still responsible for miss selling and who do I claim ppi back from please? Iíve been pursuing this for the last two years but getting nowhere. I had a stroke recently and Iím afraid something may happen to me before I can sort this for my children. Any ideas or help gratefully accepted please.
    Originally posted by Madders1950
    Ocwen (new company backwards) was is the 90ís well before regulation
    • Madders1950
    • By Madders1950 5th Oct 17, 10:00 PM
    • 5 Posts
    • 1 Thanks
    Madders1950
    Ocwen/IGroup
    Canít remember whether the original mortgage was with Ocwen or IGroup but whichever one it was it was taken over by the other and then by GE Money. Sorry, I didnít make that clear in my original post. I destroyed all paperwork after we paid it all off so canít find any account numbers.
    • Moneyineptitude
    • By Moneyineptitude 5th Oct 17, 10:23 PM
    • 18,907 Posts
    • 10,122 Thanks
    Moneyineptitude
    I destroyed all paperwork after we paid it all off so canít find any account numbers.
    Originally posted by Madders1950
    I'm afraid you are going to have to forget about this....
    • Madders1950
    • By Madders1950 5th Oct 17, 10:28 PM
    • 5 Posts
    • 1 Thanks
    Madders1950
    Ocwen / IGroup
    Thereís no way I will forget about this.......

    I donít give up easily!
    • Madders1950
    • By Madders1950 5th Oct 17, 10:38 PM
    • 5 Posts
    • 1 Thanks
    Madders1950
    Ocwen/IGroup
    Can someone tell me about ďregulationĒ please? It was taken out in 1995 .... is that before or after and what are the implications please?
    • Moneyineptitude
    • By Moneyineptitude 5th Oct 17, 10:45 PM
    • 18,907 Posts
    • 10,122 Thanks
    Moneyineptitude
    It was taken out in 1995 ....
    Originally posted by Madders1950
    As already mentioned by Brokerwise, the sale is pre-regulation (by ten years) and so even if you had full comprehensive documentation the brokers who sold you the PPI on your mortgage wouldn't have to even consider your complaint.

    As neither you nor the seller have any records, your complaint was over before it began.

    You've wasted your time devoting two years to this.

    Look for more productive use of your time..
    • Madders1950
    • By Madders1950 5th Oct 17, 10:56 PM
    • 5 Posts
    • 1 Thanks
    Madders1950
    Ocwen /IGrouo
    Haha! Having had 3 books published I make good use of my time thank you!
    • Brokerwise
    • By Brokerwise 6th Oct 17, 10:26 AM
    • 165 Posts
    • 74 Thanks
    Brokerwise
    Ocwen
    The order of ownership was as follows

    City Mortgage Corp (CMC)
    Ocwen
    I Group
    Ge Money

    Even if was a later I Group sale they did not subscribe to GISC and only to the Mortgage Code much later than other lenders at the time so end of the road I am afraid
    • Rone
    • By Rone 11th Oct 17, 11:58 AM
    • 22 Posts
    • 13 Thanks
    Rone
    The same happened to me with GE Money my loan began in 2004..went to Ombudman they also did not uphold the claim..
    Have been told to put in a claim for plevin so awaiting the reply, although not holding my breath.
    • Olli
    • By Olli 17th Oct 17, 6:07 PM
    • 4 Posts
    • 0 Thanks
    Olli
    I'm confused, having read this thread.
    It appears people are saying that you can't claim PPI back fro products sold before 2015.
    Have I read that wrong?

    I got my mortgage in 1996 and (I think it was with Bank of Scotland or Royal Bank of Scotland) then it was taken over by G E Money (iGroup) and I paid it off in 2011 (with some hefty fees for early repayment)

    I didn't even recall having any PPI but I seem to recall getting the mortgage through the independent broker side of what was then MI Group, or Merchants Investors. (However, it could even have been via my bank Nat West, or some other broker?)

    I have the policy number from the GE Money policy but I am guessing the twenty minutes or so I have spent looking into this, so far, is twenty minutes wasted.

    Any thoughts?
    • dunstonh
    • By dunstonh 17th Oct 17, 6:29 PM
    • 89,942 Posts
    • 56,646 Thanks
    dunstonh
    It appears people are saying that you can't claim PPI back fro products sold before 2015.
    I assume that is a typo. You mean 2005. 14th Jan 2005 is the date in question. Most brokers were not regulated prior to that date. So, if you bought via a broker, the broker is likely to reply that its pre-regulation and they do not need to consider your complaint.

    I got my mortgage in 1996 and (I think it was with Bank of Scotland or Royal Bank of Scotland) then it was taken over by G E Money (iGroup) and I paid it off in 2011 (with some hefty fees for early repayment)
    GE Money/Igroup did not take over either BoS or RBOS mortgages. Perhaps you moved your mortgage from them.

    I didn't even recall having any PPI but I seem to recall getting the mortgage through the independent broker side of what was then MI Group, or Merchants Investors. (However, it could even have been via my bank Nat West, or some other broker?)
    Merchant investors were tied agents who sold their own insurance products. Not independent. Natwest sold their own product range or those of the insurer they were linked to.
    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.
    • shayzaq
    • By shayzaq 3rd Dec 17, 12:53 AM
    • 1 Posts
    • 0 Thanks
    shayzaq
    help me out here
    had a morgage with igroup wrote to them in 2012 sent of a letter asking if i had paid ppi went to fos got word back saying broker went burst porchester finance so heard not another thing 3 weeks ago i called up ge money they said yes i did pay ppi unknowing to me of the sum of £3950 woooooshhhh i have asked for another refund reclaim totally ripped off unaware in 2002 till 2005 this was even paid gobsmackes aint the word!!!! i also asked for copy of my paperwork he asked can i ask why u want it strange to needs to replay by 8 weeks fingers crossed,🤞
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