Equipment Protection Insurance illegally charged?

rhhmunro

Hi

I'm new here - what a great place.

I'm having a bit of local difficulty with GE Finance trading as Apple Finance. Two years ago I took out a lease for some computer equipment regulated under the Consumer Credit Act. The payment terms were clearly laid out and I was happy with them.

I took out a another lease for some other equipment last year on similar terms.

I have since discovered that GE have been charging me Equipment Protection Insurance on both agreements.

The agreement requires that I have in place insurance to cover loss or damage to the equipment, which, as a professional photographer, I had at the time of both agreements.

At no time was I asked for proof of this insurance as GE is required to do by the terms of the agreements before applying their own insurance. The terms also state that premiums will be applied after 30 days if the evidence is not supplied but they were charged immediately. I was not told that equipment protection insurance premiums would be applied. Equipment protection insurance was never discussed. If it had been I would have refused it as it was not needed.

My assertion is that insurance premiums have been charged in breach of the contract.

In fact with regard to the initial agreement I have to date paid a total sum of £2370 as the insurance premiums were misapplied whereas the original sum payable for the life of the contract and stipulated on the signed agreement is £2285.76. I have therefore overpaid by £84.24 but GE are trying to make me pay another two installments.

I wonder what others make of this.

TIA

Rob

di3004

rhhmunro wrote: »

Hi

I'm new here - what a great place.

I'm having a bit of local difficulty with GE Finance trading as Apple Finance. Two years ago I took out a lease for some computer equipment regulated under the Consumer Credit Act. The payment terms were clearly laid out and I was happy with them.

I took out a another lease for some other equipment last year on similar terms.

I have since discovered that GE have been charging me Equipment Protection Insurance on both agreements.

The agreement requires that I have in place insurance to cover loss or damage to the equipment, which, as a professional photographer, I had at the time of both agreements.

At no time was I asked for proof of this insurance as GE is required to do by the terms of the agreements before applying their own insurance. The terms also state that premiums will be applied after 30 days if the evidence is not supplied but they were charged immediately. I was not told that equipment protection insurance premiums would be applied. Equipment protection insurance was never discussed. If it had been I would have refused it as it was not needed.

My assertion is that insurance premiums have been charged in breach of the contract.

In fact with regard to the initial agreement I have to date paid a total sum of £2370 as the insurance premiums were misapplied whereas the original sum payable for the life of the contract and stipulated on the signed agreement is £2285.76. I have therefore overpaid by £84.24 but GE are trying to make me pay another two installments.

I wonder what others make of this.

TIA

Rob

Hi Rob

Just keeping this thread bumped for you, and hopefully someone should post back soon on your best options here, good luck.;)

miketowers_2

Hi I've just seen your post and I too have had EPP added to my quarterly payments which I was unaware off.

I've emailed GE and received a reply saying I'm not entitled to a refund becasue there is a paragraph (2.6) in my terms and conditions which says that if they don't receive evidence of insurance within 30 days they are entitled to take out an insurance premium.

I've never signed anything or received any information suggesting they needed to see my insurance certificate.

I was hoping you may have some success in retrieving your EPP payments and you could forward any suggestions how I too can claim back my money.

Rgds

Mike Towers

WombleSW20_2

I'm not aware of any regulations here that you can refer back to. It's not a consumer insurance product hence any recent Competition Commisison rules are not applicable. I think your best bet would be to plead to GE that this is an oversight and provide them with copies of your equipment insurance to demonstrate that you did have cover in place. If this is unsuccessful, then media threats or writing to Apple's distributor may help to get a result here.

They would have been required to send you a letter confirming the cost of the insurance and a request to provide the cover. If you don't recall receiving this, challenge them to produce the original letter / policy wording. If they fail to produce an original (I would be very surprised if they can physically provide a copy here) then threaten to take them through the small claims court.

Being GE, they hate negative media threats so this probably best approach to take.