GE Money "Credit Protection Insurance"

DebtKiller

I bought a Peugeot 206 (for my sins!) just over 3 years ago from a Peugeot dealership.

Due to my credit rating being somewhere below ground level at the time, the 3 year "options" plans weren't available to me, so I had to go with a 5 year loan with GE Money in order to pay the same monthly amount. I was told I could go back in 3 years & look to replace the car, though, yadda yadda (what was I thinking!?).

Anyway, I'm just looking through the documentation now, it's been 3 years, I'm thinking about a new car, or maybe just paying it all off (I have some savings, might be the better option)... Looking at the original credit agreement, the £240pcm I am paying seems to be £204 for the loan and just over £36pcm for the "CPI"!!

When I think back, I seem to recall when I was buying the car that I was told "it was a wise move" to get the CPI to make sure I got the loan, seeing as I'd been refused the options plan already. To be honest, I was just grateful I was able to get the loan, I wasn't thinking too hard about "extras".

My question is - can I reclaim this?

More details available if needed.

Oh, and the credit agreement is SO sneaky. No mention of the CPI anywhere on Page 1, on Page 2 it's just snuck in as an afterthought. Hmm.

Any comments??

di3004

DebtKiller wrote: »

I bought a Peugeot 206 (for my sins!) just over 3 years ago from a Peugeot dealership.

Due to my credit rating being somewhere below ground level at the time, the 3 year "options" plans weren't available to me, so I had to go with a 5 year loan with GE Money in order to pay the same monthly amount. I was told I could go back in 3 years & look to replace the car, though, yadda yadda (what was I thinking!?).

Anyway, I'm just looking through the documentation now, it's been 3 years, I'm thinking about a new car, or maybe just paying it all off (I have some savings, might be the better option)... Looking at the original credit agreement, the £240pcm I am paying seems to be £204 for the loan and just over £36pcm for the "CPI"!!

When I think back, I seem to recall when I was buying the car that I was told "it was a wise move" to get the CPI to make sure I got the loan, seeing as I'd been refused the options plan already. To be honest, I was just grateful I was able to get the loan, I wasn't thinking too hard about "extras".

My question is - can I reclaim this?

More details available if needed.

Oh, and the credit agreement is SO sneaky. No mention of the CPI anywhere on Page 1, on Page 2 it's just snuck in as an afterthought. Hmm.

Any comments??

Hello there

So basically the insurance was not discussed with you and it was added to the finance?
And you taken this out 3 years ago?

You may have a case here of mis selling, but also check the link here below for more info and follow the reclaiming guidelines, there are also templates to help you through this but write in your own reasons and additional information to support your case.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full.

You may get another opportunity to write back if they have not resolved this in your favour.
Also in the final response they should give details of the Financial ombudsman service (FOS) if eligible to take your complaint to them to investigate, if your not satisfied.

Post all letters by recorded delivery, good luck.

DebtKiller

di3004 wrote: »

So basically the insurance was not discussed with you and it was added to the finance?
And you taken this out 3 years ago?

It was mentioned, but I don't think it was ever stated that I would be paying so much for it (well, compared to the actual loan cost). Unfortunately my memory is a little hazy on the specifics, but it was 3 years ago!

I'll look at the link you've provided & see how I get on. Thanks for your input!

di3004

DebtKiller wrote: »

It was mentioned, but I don't think it was ever stated that I would be paying so much for it (well, compared to the actual loan cost). Unfortunately my memory is a little hazy on the specifics, but it was 3 years ago!

I'll look at the link you've provided & see how I get on. Thanks for your input!

Hi DB

Yes do check the link and if any of the reasons occur to you, then go for it, and please post up for help whenever.;)

If you don't have the agreement to this any longer, you can request for a copy to be sent to you through the post, you just enclose a small payment of £1 either by postal order or cheque payment, they should supply this by 12 days of request.

But on the other hand, if you know you were sold this insurance you can continue to write to reclaim, they sometimes send these copies free of charge with the first response.

DebtKiller

No proper carbon copy of a signed agreement, I wonder if they printed one off on standard A4 and I signed that?

The copy agreement I do have is a fax copy by the looks, attached to the initial acceptance letter from GE Money (saying "welcome, your payments will be XX, starting dd/mm/yy"). The copy agreement doesn't show a copy signature, just the 59 payments of XX, final payment YY as well as all the various calculations and interest rate info. The 2nd page simply has a line in the middle that says:

Credit Protection Insurance Premium
Amount of monthly premium payments (including IPT) £XX.XX

I can't find anything on the CPI policy! Nothing to indicate what that premium covers or anything, so I'd have a hard task claiming under it, I'm sure.

Sorry if I'm not explaining this very well!! I don't think the documentation I do have is very helpful, so I think I'll spend some time going through all my old documents/paperwork and see if I can find anything else. Failing that, it won't hurt to see if I can make a claim, I think...

DebtKiller

Oh, another question, please!

I'm looking at the template letter, and I think the general mis-selling section applies here, but I'm wondering if I send it to GE Money, or to the Peugeot dealership (which I believe is no longer there, or rather has been swallowed up by another, larger one).

Thanks!

di3004

DebtKiller wrote: »

Oh, another question, please!

I'm looking at the template letter, and I think the general mis-selling section applies here, but I'm wondering if I send it to GE Money, or to the Peugeot dealership (which I believe is no longer there, or rather has been swallowed up by another, larger one).

Thanks!

Hi there DB

Send the letter to the ones who sold you the finance.;)

di3004

DebtKiller wrote: »

No proper carbon copy of a signed agreement, I wonder if they printed one off on standard A4 and I signed that?

The copy agreement I do have is a fax copy by the looks, attached to the initial acceptance letter from GE Money (saying "welcome, your payments will be XX, starting dd/mm/yy"). The copy agreement doesn't show a copy signature, just the 59 payments of XX, final payment YY as well as all the various calculations and interest rate info. The 2nd page simply has a line in the middle that says:

Credit Protection Insurance Premium
Amount of monthly premium payments (including IPT) £XX.XX

I can't find anything on the CPI policy! Nothing to indicate what that premium covers or anything, so I'd have a hard task claiming under it, I'm sure.

Sorry if I'm not explaining this very well!! I don't think the documentation I do have is very helpful, so I think I'll spend some time going through all my old documents/paperwork and see if I can find anything else. Failing that, it won't hurt to see if I can make a claim, I think...

Why don't you request a Subject Access Request (SAR), a template for tis below, where they must supply you all the information requested on the SAR.
They have 40 days to compy, but there is a charge of £10 for this, again made by postal order or cheque payment.

Post by recorded mail.

Template with details here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

It may supply useful information to support your case.;)

DebtKiller

di3004 wrote: »

Hi there DB

Send the letter to the ones who sold you the finance.;)

Umm, only problem is, I've checked and the original dealership no longer exists. It's been merged with or taken over by a much larger car dealership.

So maybe submit to GE directly, but modify the letter to say "your agents" rather than "your salesperson", I'm thinking?

These things are never easy, are they!?

Edit: Actually I think I'm wrong there, the dealership was Elton Peugeot, but the cash receipt I have from my deposit in 2006 is from RRG Group (which is what the dealership is now) -- so I think I submit it to RRG. Looks like RRG owned Elton back then, they just hadn't re-branded.

Is that right?

DebtKiller

di3004 wrote: »

Why don't you request a Subject Access Request (SAR), a template for tis below, where they must supply you all the information requested on the SAR.
They have 40 days to compy, but there is a charge of £10 for this, again made by postal order or cheque payment.

Post by recorded mail.

Template with details here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

It may supply useful information to support your case.;)

Thanks. But now I'm confused.

Is it important to submit a SAR before making a claim against mis-sold PPI (or CPI in this case)? Or... can I submit my claim against the dealership and a SAR to GE Money at the same time, or is that unwise?

di3004

DebtKiller wrote: »

Umm, only problem is, I've checked and the original dealership no longer exists. It's been merged with or taken over by a much larger car dealership.

So maybe submit to GE directly, but modify the letter to say "your agents" rather than "your salesperson", I'm thinking?

These things are never easy, are they!?

Edit: Actually I think I'm wrong there, the dealership was Elton Peugeot, but the cash receipt I have from my deposit in 2006 is from RRG Group (which is what the dealership is now) -- so I think I submit it to RRG. Looks like RRG owned Elton back then, they just hadn't re-branded.

Is that right?

Hi there

If this is the name stated on the cash receipt, then write to them, you could as well send a copy to GE to cover both ends if you want to.;)