GE money / first National help needed please

worthingc

Have trawled this site and have yet to find an answer to my problem regarding ppi, so I hope some lovely person can help.

In November 2004 took out a secured loan with First National ( GE Money)

Amount- £30,000.00
PPI- £4500.00

total credit - £34, 000.00
variable rate of interest.

300 monthly payments of at least £335.00

First name on the agreement is my husband a police officer.
my name second.
We have ticked single cover in a box which mentions PPI.

They tried to give my husband the PPI but we declined as he has fantastic cover through work.
They then insisted I have it. Now I have a copy of what they wanted me to have.

PPI - £2700.00
monthly payment- £26.27
298 payments
Variable rate of interest. Minimum apr 11.4%

It states that the insured party will be myself, however, I have not signed the copy of this agreement that I have, and the amount of PPI on the actual credit agreement is very different.

On the conditions of credit agreement on the main credit agreement details as above, it states in section 9 that the PPI is optional. Where single cover is selected it provides protection for the first named customer on this agreement. If the customer agrees to take out this insurance the premium will be included in the loan

As I said my Husband is the first customer, and we definitely did not agree to him being insured.

The PPI cover is due to stop at the end of this month, 5years, this I was also unaware of, and that we would still be paying interest on this amount for the rest of the term of the loan.

I have statements showing all the various rates of interest over the years we have paid which are always well over 8%, will these actual rates be used to calculate what I wish to claim back?

Do you think I have any case here at all.

Many thanks

di3004

worthingc wrote: »

Have trawled this site and have yet to find an answer to my problem regarding ppi, so I hope some lovely person can help.

In November 2004 took out a secured loan with First National ( GE Money)

Amount- £30,000.00
PPI- £4500.00

total credit - £34, 000.00
variable rate of interest.

300 monthly payments of at least £335.00

First name on the agreement is my husband a police officer.
my name second.
We have ticked single cover in a box which mentions PPI.

They tried to give my husband the PPI but we declined as he has fantastic cover through work.
They then insisted I have it. Now I have a copy of what they wanted me to have.

PPI - £2700.00
monthly payment- £26.27
298 payments
Variable rate of interest. Minimum apr 11.4%

It states that the insured party will be myself, however, I have not signed the copy of this agreement that I have, and the amount of PPI on the actual credit agreement is very different.

On the conditions of credit agreement on the main credit agreement details as above, it states in section 9 that the PPI is optional. Where single cover is selected it provides protection for the first named customer on this agreement. If the customer agrees to take out this insurance the premium will be included in the loan

As I said my Husband is the first customer, and we definitely did not agree to him being insured.

The PPI cover is due to stop at the end of this month, 5years, this I was also unaware of, and that we would still be paying interest on this amount for the rest of the term of the loan.

I have statements showing all the various rates of interest over the years we have paid which are always well over 8%, will these actual rates be used to calculate what I wish to claim back?

Do you think I have any case here at all.

Many thanks

Hello and welcome.

The way I'm reading into this, you asked if they could protect you, but they have given a Single cover for the first signed only?

I think you have reason to complain and request for a refund, as you have stated that your hubby did not require this but just for you, and this does not seem to be the case.

When you write to them your not required to write the amounts down, although its handy to have them on hand to compare, for example on an offer, but if the loan is still active and your successful, they should refund what you have paid in ppi and interest etc, and put you back in the position as if you did not have the PPI.
I am hopeless at working out calculations, but I'm sure someone will have a look for you.

You can always check this thread here below as well, on how the Financial ombudsman service (FOS) calculates refunds, this should give you an idea.
http://forums.moneysavingexpert.com/showthread.html?t=1596473

For more on reclaiming PPI there is a useful link with templates, guidelines of reclaiming, a checklist of mis selling reasons, if you require any help please post up, good luck on this.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

margymuggins

worthingc wrote: »

Have trawled this site and have yet to find an answer to my problem regarding ppi, so I hope some lovely person can help.

In November 2004 took out a secured loan with First National ( GE Money)

Amount- £30,000.00
PPI- £4500.00

total credit - £34, 000.00
variable rate of interest.

300 monthly payments of at least £335.00

First name on the agreement is my husband a police officer.
my name second.
We have ticked single cover in a box which mentions PPI.

They tried to give my husband the PPI but we declined as he has fantastic cover through work.
They then insisted I have it. Now I have a copy of what they wanted me to have.

PPI - £2700.00
monthly payment- £26.27
298 payments
Variable rate of interest. Minimum apr 11.4%

It states that the insured party will be myself, however, I have not signed the copy of this agreement that I have, and the amount of PPI on the actual credit agreement is very different.

On the conditions of credit agreement on the main credit agreement details as above, it states in section 9 that the PPI is optional. Where single cover is selected it provides protection for the first named customer on this agreement. If the customer agrees to take out this insurance the premium will be included in the loan

As I said my Husband is the first customer, and we definitely did not agree to him being insured.

The PPI cover is due to stop at the end of this month, 5years, this I was also unaware of, and that we would still be paying interest on this amount for the rest of the term of the loan.

I have statements showing all the various rates of interest over the years we have paid which are always well over 8%, will these actual rates be used to calculate what I wish to claim back?

Do you think I have any case here at all.

Many thanks

Hi i'm with you on having to carry on paying and no longer have cover after nov 09 and although we are now paying £168 pm the ppi was and still is only for £130 pm cover ( only 2days cover left) did not realse this until investigating after hearing about ppi claiming and we have paperwork regarding interest rates ours don't seem to reduce any at the moment my information is with the FOS as GE Money have said the claim and enquiries are exhausted I don't want to put a dampener on your's but be ready for a long haul cos i think GE Money are hard one's to fight just don't give up and fight them to the end GOOD LUCK

worthingc

thankyou for the replies.

Just to clarify we did not want any ppi but after reitterating why we didnt want or need OH to have cover, they then bombarded us with the fact I would need it. So reluctantly agreed to me being covered..ie single cover only as my job may be the more unstable at the time. However on close inspection I see now that I am not covered it only applies to the first named customer and that is my husband.

I have now turned it over to FOS,who have said they will contact GE Money and demand a response within 8 weeks. I appreciate it will take time, hey we aren't going anywhere in the next yr or so, so nothing to lose.

worthingc

Just and update and request for help,

This complaint is against GE Money trading as First National when we took out the secured loan. FoS have informed us that First National was not a member of the GISC or Financial Ombudsman Service in Nov 2004. Therefore cannot pursue a complaint against them.
However we may pursue a complaint against the underwriters which provided the cover. After loads of investigating by ourselves, as FoS were unable to identify them, we uncovered the underwriter as Cardif Pinnacle; who answer the phone as GE MONEY!

On contacting Cardif Pinnacle who refused to talk to me, as I was not the policy holder, this reinforced our complaint, that they sold the policy "to me", but actually it was for my husband, who as I said earlier does not need that cover in his job and so declined.
We then requested the policy as we have never recieved a copy of it. The first time we realised they had wrongly sold my oh this PPI was when we recieved a letter from GE Money that the plan would be coming to an end.

Cardif Pinnacle have now been informed by FoS that I am complaining, and I have been sent a Sale Questionnaire to fill in. Just wondered if anyone else has had dealings with this company? And has anyone had any success in complaints against the underwriters?

Many thanks

di3004

worthingc wrote: »

Just and update and request for help,

This complaint is against GE Money trading as First National when we took out the secured loan. FoS have informed us that First National was not a member of the GISC or Financial Ombudsman Service in Nov 2004. Therefore cannot pursue a complaint against them.
However we may pursue a complaint against the underwriters which provided the cover. After loads of investigating by ourselves, as FoS were unable to identify them, we uncovered the underwriter as Cardif Pinnacle; who answer the phone as GE MONEY!

On contacting Cardif Pinnacle who refused to talk to me, as I was not the policy holder, this reinforced our complaint, that they sold the policy "to me", but actually it was for my husband, who as I said earlier does not need that cover in his job and so declined.
We then requested the policy as we have never recieved a copy of it. The first time we realised they had wrongly sold my oh this PPI was when we recieved a letter from GE Money that the plan would be coming to an end.

Cardif Pinnacle have now been informed by FoS that I am complaining, and I have been sent a Sale Questionnaire to fill in. Just wondered if anyone else has had dealings with this company? And has anyone had any success in complaints against the underwriters?

Many thanks

Hi there

Thanks for your update.

Yes I believe there have been a few so far, its only over the last year or so that the FOS are looking more into the insurer/underwriter complaints and are now trying the make these responsible.

I am actually waiting for one to be passed on to an adjudicator in regards of the insurer, the FOS have not turned it away, and of course my loan was originally taken out in Nov 2004, but the insurers/underwriters would have been governed, so in this case the FOS are able to investigate.

You treat this the same way as you have done with the broker etc.;)
They have 8 weeks to respond in full.

Good luck and ask for help anytime as well.

Di

worthingc

Hi would anyone be able to help me. I need to let Cardif Pinnacle how I have disadvantaged by them taking the PPI, see first post for full details of loans amounts ect. And what in my opinion would be a fair and reasonable solution.

I had informed FoS that I wanted a full refund of the £4.500 and actual interest paid on this over the time I have been paying the loan. Readjust the loan amount and monthly payments without PPI and refund the difference. Pay compensation, but if so at what %? Would this be right or am I missing something? What I'd really like is them to write off the whole loan, thieving b****ds. :mad:

Thankyou to anyone that can help.

helpmary

Could anyone look at this please, FULL ACCOUNT STATEMENT
12/6/07 ----4/10/2011
I asked for this from GE as my loan was paid in full in Oct 2007,I paid over 50,000 to them and this statement goes on unto Jan 2nd 2008
All figure from Redemption figure to me are false 31/10/2007 also some figures do not add up. Can anyone help.

Original loan £45,360.00
DEBIT CREDIT BALANCE
Gross loan £45,360.00
direct debit £495.58 £44,865.42
interest £472.50 £45,337.42
D/D £503.06 £44,834.86
INTEREST £481.72 £45,316.54
D/D £503.06 £44,813.52
INTEREST £481.49 £45,295.01
D/D RECALL £ 20.00 £45,315.01
CHARGE
D/D RECALL £503.06 £45,818.07
PPI CANCELLATION CREDIT £4,455.00 £41,363.07
TRANSFER to s/a E £40.00 £41,403.07
Transfer from s/a C £40.00 £41,363.07
D/D £503.06 £40,860.01
D/D recall charge £20.00

£40,880.01
D/D recall £503.06 £41,383.07
capital repayment £3,911.94 £37,471.13
Bal transfer on
settlement £3,911.94 £41,383.07
D/D £503.06 £40,880.01 £-2,646.59
Interest £439.70 £41,319.71
reduce prev interest £36.95 £41,282.76
D/D recall charge £20.00 £41,302.76
D/D recall £503.06 £41,805.82
Admin fee £40.00 £41,845.52
Redemptionxxxxxx £45,186.32 £-3,340.50
Interest £439.02 £-2,901.48
Reduce interest £183.91 £-3,085.39
Interest £438.80 £ -2,646.59
Reduce interest £465.12 £-3,111.71
Reduce interest £325.58 £-3,437.29
Reduce interest 0.12 £-3,437.41
Reduce interest £334.44 £-3,771.85
Income on early
settlement £421.81 £-3,350.04
Solicitor Discharge fee £5.88 £-3,350.04
ADMINISTRATION
Discarge Fee £3,297.16 £0.00
Repayment of
Admin charge £3,297.16 £ -3,297.16
Repayment of captial £40,466.00 £-43,763.16
Bal transfer
on settlement £43,763.16 £0.00
Repayment of
capital £811.43 £-811.43
Ball trans
on settlement £811.43 £0.00
Totals £0.00

roonaldo

You've hijacked someones post thats over 18 months old, you have quoted a load of figures so what is wrong with them? Also if you complain now it may be time barred as you have known/should have known about this problem over 3 years ago.