218bhp Vs. GE Money (PPI Claim)

di3004

218bhp wrote: »

OK, I've been looking for the answer to this one over the last week or so (in anticipation of receiving the info from GE)......

How on earth do I calculate the amount that they owe me in my PPI claim letter?

They have kindly sent a copy of my redemption statement from when I settled the loan:

Original sum loaned £14560
Add disbursements +£80
Add interest charged + £3024.48
Total = £17664.48

Less monies received £2766.64
Account balance at settlement = £14897.84

One month's interest on balance £161.39
No. Months early settlement charge £6
Total early settlement charge = £968.34

Settlement figure = £15866.18
Add discharge costs £200

Sum required to redeem = £16,066.18


Now I read this I think I must have been mad - I ended up paying more to settle the loan than the original amount that I borrowed!

The loan was taken out before 2005 so if it comes to it, the FOS cant help me much with my claim

I made 17 monthly payments before requesting the settlement data above.

So how on earth do I calculate what they owe me?

Can I claim my £10 SAR payment back too?

Hi there

Bumping this up for you, for someone to take a look at this one for you, I'm hopeless with calculations......:o, good luck with this and hopefully someone will be along soon.;)

218bhp

Thanks di3004.

I've read a few threads on here that say "dont worry, they'll work it out for you" so I have sent my PPI complaint anyway. However, it would be nice to be able to check their sums!

218bhp

HELP!

Today I got the following letter from GE:

http://i1016.photobucket.com/albums/af285/218bhp/extract.jpg



They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"

There is no reference to the phone call where the mis-selling originally took place.

So what should I say to them?

I'm tempted to write back along the lines of:

The argument that I “signed the agreement that showed ppi was optional” is incorrect: The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.

source: http://forums.moneysavingexpert.com/showpost.html?p=26173293&postcount=3

di3004

218bhp wrote: »

HELP!

Today I got the following letter from GE:

http://i1016.photobucket.com/albums/af285/218bhp/extract.jpg



They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"

There is no reference to the phone call where the mis-selling originally took place.

So what should I say to them?

I'm tempted to write back along the lines of this: http://forums.moneysavingexpert.com/showpost.html?p=26173293&postcount=3

Hi there

Sorry about this, it seems like yet another fob off response just because they were not covered by the FSA when you taken this out.
However, I would still contact the FOS to ask is there anyway they could consider taking on this complaint for you.
The FLA I believe that not many have been successful, you could contact them if you want to, but maybe the FOS will help, ask them first and take it from there.

I note it seems though that on your letter you can write to the Escalations team, you could forward a copy of your original letter you sent GE and a copy of this one you received from them, also any other information you may have to support your case, in hope they will consider this for you, but otherwise as suggested contact the FOS, just in case there are other ways around this one.;)

Good luck, please let us know how you get on.

goaliesmum

Hi there, you could try this :

From the FSA 29 September assessment of redress for PPI compaints

" The firm should not reject a complainant's account of events solely on the basis that the complainant signed relevant documentation regulating the purchase of the policy.

The firm should not reject a complaint because the complainant failed to exercise the right to cancel.

In determining a particular complaint, the firm should give more weight to the specific evidence of what happened during the sale than to the general evidence of selling practices at the time, such as training, instructions or sales scripts. A firms disclosure of details of a policy at the time of the sale should carry more weight than providing material to the complainant after the decision to buy the policy."

Good luck with your challenge, keep at them :T

218bhp

OK, how about something like this:




Thank you for your letter dated XXXX

I am very disappointed that you feel you are unable to uphold my complaint. Whilst I do not dispute that the paperwork was signed, I still believe that the policy was mis-sold.

Please consider that I was unqualified in financial matters at the time of taking the loan and was simply following the guidance given by the salespeople that I spoke to.


I would like to draw your attention to the Financial Services Authority’s assessment of redress for PPI complaints that states:

" The firm should not reject a complainant's account of events solely on the basis that the complainant signed relevant documentation regulating the purchase of the policy.

The firm should not reject a complaint because the complainant failed to exercise the right to cancel.

In determining a particular complaint, the firm should give more weight to the specific evidence of what happened during the sale than to the general evidence of selling practices at the time, such as training, instructions or sales scripts. A firms disclosure of details of a policy at the time of the sale should carry more weight than providing material to the complainant after the decision to buy the policy."

I would also like to draw your attention to a legal president whereby The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.

In the light of this, I look forward to your reply and full refund as originally requested.

di3004

Brilliant, go for it :T:T

Make sure it reaches them by using recorded delivery, good luck and good one to also "goaliemum" as well.:T:T

margymuggins

218bhp wrote: »

HELP!

Today I got the following letter from GE:

http://i1016.photobucket.com/albums/af285/218bhp/extract.jpg



They also sent another page from the original loan application that they had not previously sent in my SAR request. This extra page shows where I signed and they have highlighted the term that says something along the lines of "I agree to have this optional PPI"

There is no reference to the phone call where the mis-selling originally took place.

So what should I say to them?

I'm tempted to write back along the lines of:

The argument that I “signed the agreement that showed ppi was optional” is incorrect: The Court of Appeal in HOWARD MARINE AND DREDGING CO. LTD. v. A. OGDEN & SONS (EXCAVATIONS) LTD. [1975 H. No. 4557], establishes that a clause in a contract which states that a signature indicates full acceptance is not valid where it would be unlikely that the customer would have the skill and inclination to go through the fine detail. Moreover, the same case establishes the burden of proof in relation to Misrepresentation Act claims: that a customer should be able to rely on the information given, and that even without an intent to misrepresent, if the consequences of a misrepresentation are such that a customer is disadvantaged then that is enough.

source: http://forums.moneysavingexpert.com/showpost.html?p=26173293&postcount=3

hi 218bhp thanx for all of this with letters you're gonna send to ge money i got exactly the same letter which i sent onto the FOS unfortunately they say they can't help but should send all info to FLA i haven't as yet cos i'm going from pillow to post untill i saw your copy of your letter you're gonna send to ge money so i'm gonna send one the same if you don't object please keep updated as after reading your veiws there might be glimmer of light to end of tunnel GOOD LUCK 218bhp

218bhp

margymuggins wrote: »

hi 218bhp thanx for all of this with letters you're gonna send to ge money i got exactly the same letter which i sent onto the FOS unfortunately they say they can't help but should send all info to FLA i haven't as yet cos i'm going from pillow to post untill i saw your copy of your letter you're gonna send to ge money so i'm gonna send one the same if you don't object please keep updated as after reading your veiws there might be glimmer of light to end of tunnel GOOD LUCK 218bhp

Margymuggins - Did you respond to that letter when you received it from GE? Or did you just leave it at that?

margymuggins

218bhp wrote: »

Margymuggins - Did you respond to that letter when you received it from GE? Or did you just leave it at that?

Hi 218bhp no i referred it to the FOS now they have replied saying get in touch with FLA i'm now in 2 minds to carry on until i saw your letters you're gonna send so i'm gonna give it another go i do hope you have more luck than me please keep us posted with any updates or good news/ideas