First National / GE Money PPI - New and need lots of help PLEASE!!!!

Jilly1911

I'm new to all this PPI reclaiming business and could really do with some advice please!!!

In Oct 2004 we stupidly took out a secured loan with First National, A GE Company with PPI totalling £9000. The loan has since been paid off. I have sent my 1st letter to GE Money (as they were the only people I could find for 1st National). They in turn sent a letter back saying that it was nothing to do with them as we went through a broker - Ocean Finance!! They also said that the PPI was paid to a company called Alabaster based in Jersey who ceased trading in Dec 2004 ( so ho did we pay our PPI premiums to as the company ceased trading so soon after we got the loan?!?!)

My thinking - maybe very naive - is that as we paid the monthly premium to 1st National / GE money, surely they should be responsible? I'm also confused (doesnt take much!!!) as I was unaware that we were paying Alabaster - thers no mention of it on any of the original paperwork that we have!

Am I fighting a losing battle - can anyone shed some light on which way to go please? Has anyone had any success with these cowboys?

di3004

Jilly1911 wrote: »

I'm new to all this PPI reclaiming business and could really do with some advice please!!!

In Oct 2004 we stupidly took out a secured loan with First National, A GE Company with PPI totalling £9000. The loan has since been paid off. I have sent my 1st letter to GE Money (as they were the only people I could find for 1st National). They in turn sent a letter back saying that it was nothing to do with them as we went through a broker - Ocean Finance!! They also said that the PPI was paid to a company called Alabaster based in Jersey who ceased trading in Dec 2004 ( so ho did we pay our PPI premiums to as the company ceased trading so soon after we got the loan?!?!)

My thinking - maybe very naive - is that as we paid the monthly premium to 1st National / GE money, surely they should be responsible? I'm also confused (doesnt take much!!!) as I was unaware that we were paying Alabaster - thers no mention of it on any of the original paperwork that we have!

Am I fighting a losing battle - can anyone shed some light on which way to go please? Has anyone had any success with these cowboys?

Hi there and welcome to the PPI reclaiming.

Sorry to hear this, but I would in your case contact the Financial ombudsman service (FOS) who may try to help you on this one.

Normally it is that of the ones who set this up that you write to.

If all this fails the FOS may suggest that you contact the actual insurer/underwriter, as they are also trying to make these responsible as well.
http://www.financial-ombudsman.org.uk/contact/index.html
Its another direction to take if all other avenues have been exhausted.

One of mine was taken out in 2004, and the broker dissolved the company, I then tried the lender, but as these were not responsible for setting the loan and PPI up, it was then suggested to try to insurer/underwriter, so contact the FOS on this and explain the situation, as the insurer would have a part involvement in the PPI from the sale of the loan, as they would have to be sure you were eligible etc.

Good luck and please keep us posted.;)

halphy

My loan was with first national but took out originally with Loans.co.uk, who did u take yours with at first?

eddy166

Hi Jilly1911,

Im a Newbie, but am in the same situation with these guys. Only just started claiming, but had major success with Natwest, HSBC and Barclays.
Im stumped on this one. Didi you follow it up. Looking for some advice if you did.
Owed £7500
Thanks

Eddy166




I'm new to all this PPI reclaiming business and could really do with some advice please!!!

In Oct 2004 we stupidly took out a secured loan with First National, A GE Company with PPI totalling £9000. The loan has since been paid off. I have sent my 1st letter to GE Money (as they were the only people I could find for 1st National). They in turn sent a letter back saying that it was nothing to do with them as we went through a broker - Ocean Finance!! They also said that the PPI was paid to a company called Alabaster based in Jersey who ceased trading in Dec 2004 ( so ho did we pay our PPI premiums to as the company ceased trading so soon after we got the loan?!?!)

My thinking - maybe very naive - is that as we paid the monthly premium to 1st National / GE money, surely they should be responsible? I'm also confused (doesnt take much!!!) as I was unaware that we were paying Alabaster - thers no mention of it on any of the original paperwork that we have!

Am I fighting a losing battle - can anyone shed some light on which way to go please? Has anyone had any success with these cowboys?

Camaro3

Hi Jilly1911, I took out a secured loan with iGroup ( now GE Money). The insurance money was paid to iGroup insurance services, but the loan was brokered by Ocean Finance. I've heard that Ocean Finance was dissolved some time later and has now reappeared as Ocean Finance & Mortgages.

Now the strange part, on the agreement it says that no commission was paid to Ocean Finance, so what was their incentive to broker the loan?

Let me know how you get on!