GE Money

KIMY

Can you advise me l have sent letter to GE Money as l had a secured loan in 2002 through them with First National. In 2004 l paid loan off in full over £60,000 and know l was missold the PPI as this was arranged through a broker call ed Personal Loan Express but l contacted First National (GE Money) on receipt of application forms regarding PPI and was advised it was in by best interest to have this to ensure my application was accepted. This was a single premium of which l know now was added to loan and l paid interest on. GE money have just wrote back to me saying the broker is responsible and they now have ceased trading, and not mention that l stated l was not refunded enougth interest or PPI on early settlement of Very large loan. I have no actual paperwork what do you suggest ?

di3004

KIMY wrote: »

Can you advise me l have sent letter to GE Money as l had a secured loan in 2002 through them with First National. In 2004 l paid loan off in full over £60,000 and know l was missold the PPI as this was arranged through a broker call ed Personal Loan Express but l contacted First National (GE Money) on receipt of application forms regarding PPI and was advised it was in by best interest to have this to ensure my application was accepted. This was a single premium of which l know now was added to loan and l paid interest on. GE money have just wrote back to me saying the broker is responsible and they now have ceased trading, and not mention that l stated l was not refunded enougth interest or PPI on early settlement of Very large loan. I have no actual paperwork what do you suggest ?

Hi there

So sorry to hear this and I know how annoying this can be.

I would therefore contact the FOS, explain to them your situation and ask due to this if you could try the insurer/underwriter direction instead.
http://www.financial-ombudsman.org.uk/contact/index.html
Some of us have gone this direction, its another avenue to take if all else fails.

Its unlikely the broker was governed by GISC/the FSA taken over in Jan 2005, or I would suggest that you contact the Financial compensation scheme (FSCS) to ask if these are listed with them, you could do this first if you want to and if they are not the contact the FOS to ask about the other alternative around this.

FSCS:
http://fscs.org.uk/contact-us/
So check with the FSCS first, at least you have tried and ruled this out, if this fails contact the FOS and ask for their suggestions on the insurer/underwriter.

You can actually request for a copy of the ppi policy booklet from the lender GE MONEY and the insurer details should be enclosed on them.

Good luck.

KIMY

Have contacted the FLA and they are willing to look at grounds of not been refunded after settlement. But the mis sale of PPI looking a no go but will take your advice.
Will update you thanks:A

di3004

KIMY wrote: »

Have contacted the FLA and they are willing to look at grounds of not been refunded after settlement. But the mis sale of PPI looking a no go but will take your advice.
Will update you thanks:A

Good luck with this KIMY, please keep us posted, fingers crossed.:A
Di
X

megsamzai

I took out a car loan 4 years ago for a new car, we spent a couple of hours with the dealer discussing the balloon payment at the end of the loan which was £15,000. It has now become apparent that this was an unsecured personal loan that was sold to us and not a car loan despite the fact that the document was laid out like a car loan, including the registration number etc of the vehicle.

It only became apparent that it was an unsecured personal loan when we tried to trade the car, and were told that the value was £6k under the balloon and that there was in fact no finance on the car.

The salesman explained at some length that at the 4 year point we could pay the balloon and keep the car or return the car with no further payments to be made as the balloon was the guaranteed future value.

We were mis-sold and have explained this to the loan company who is now Bank of Scotland, although it was not them when the loan was taken out.
They say that it is the responsibility of the salesman, is this correct.

I cannot afford to pay the £15k that they are going to be demanding in 2 months.:mad::mad:

di3004

megsamzai wrote: »

I took out a car loan 4 years ago for a new car, we spent a couple of hours with the dealer discussing the balloon payment at the end of the loan which was £15,000. It has now become apparent that this was an unsecured personal loan that was sold to us and not a car loan despite the fact that the document was laid out like a car loan, including the registration number etc of the vehicle.

It only became apparent that it was an unsecured personal loan when we tried to trade the car, and were told that the value was £6k under the balloon and that there was in fact no finance on the car.

The salesman explained at some length that at the 4 year point we could pay the balloon and keep the car or return the car with no further payments to be made as the balloon was the guaranteed future value.

We were mis-sold and have explained this to the loan company who is now Bank of Scotland, although it was not them when the loan was taken out.
They say that it is the responsibility of the salesman, is this correct.

I cannot afford to pay the £15k that they are going to be demanding in 2 months.:mad::mad:

Hi there


So you was sold the PPI in with the finance, and would like to make a reclaim on the PPI?

Just double checking.

If it was the salesman that set this up for you then yes its down to him.

If they are trying to pass the buck then after the bank holiday, I would contact the FOS (Financial ombudsman service) who will check out who is responsible, you could also ask if they would write to them on your behalf for you.
http://www.financial-ombudsman.org.uk/contact/index.html

Hope this helps, please keep us posted.
Good luck.