Is this the end of the road ?

billypre

I had a loan with GE Money (First National) in 2003. It had ppi as a single premium.

I sent a ppi claim to GE Money and they replied today saying that the loan was set up by a broker called COMPASS FINANCE and they had no mis-selling on the part of GE Money. They gave me the address for COMPASS FINANCE.

After looking around the web, and companies house i see that Compass are no longer in business since 2008.

Is that the end of my claim ? Is there anything at all i can do ?

di3004

billypre wrote: »

I had a loan with GE Money (First National) in 2003. It had ppi as a single premium.

I sent a ppi claim to GE Money and they replied today saying that the loan was set up by a broker called COMPASS FINANCE and they had no mis-selling on the part of GE Money. They gave me the address for COMPASS FINANCE.

After looking around the web, and companies house i see that Compass are no longer in business since 2008.

Is that the end of my claim ? Is there anything at all i can do ?

Hi there

Sorry to hear this, but its not the end of the road yet.

First of all make sure they are not listed with the Financial compensation scheme (FSCS) first, if they were not regulated by the FSA at the time you taken out the loan, its unlikely to be under the FSCS, but all the same check anyway.
http://www.fscs.org.uk/contact-us/

Then if not, contact the Financial ombudsman service (FOS) ask for the next best direction.
The FOS even though they would not be able to help if the business have gone bust - they do suggest other avenues, such as the insurer/underwriter of the business that went under.
Some of us are currently gone this direction now.
The insurer/underwriter would have part involvement from when the loan was approved for you from the start.

So do not give up yet, if the above FSCS is unable to help then contact the FOS and ask for advice on this one.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, and please let us know how you get on, cheers.:)

billypre

Hi di, thanks for your response. Checked the FSA website and it states that they were authorised when i took out the loan but as they are now bust, obviously they no longer are. What does that mean now ? Is there a glimmer ?

It's a loan which was secured for £7000, i think i remember it was for 10 years. I ended up unable to make payments and my home was repossessed. The house sold for £54,000 and the mortgage company took just over £42,000. I was told at the time that there was nothing left over from the sale so i assume that GE Money took the £12,000 which was left. This was after only around 18-24 months of which i missed around 4 payments.

di3004

billypre wrote: »

Hi di, thanks for your response. Checked the FSA website and it states that they were authorised when i took out the loan but as they are now bust, obviously they no longer are. What does that mean now ? Is there a glimmer ?

It's a loan which was secured for £7000, i think i remember it was for 10 years. I ended up unable to make payments and my home was repossessed. The house sold for £54,000 and the mortgage company took just over £42,000. I was told at the time that there was nothing left over from the sale so i assume that GE Money took the £12,000 which was left. This was after only around 18-24 months of which i missed around 4 payments.

Hi

If this is the case then and they were regulated when you taken out the loan, then I would contact the FSCS, and make sure with them, I have gone this direction with one of mine and its just a case of them sending you a general claim form, and take it from there, they will then ask later on for more details, such as copies of the paperwork, then send to the partner company called Deloittes to sort out the claim for you, so if you can find time next week contact the FSCS, and take it from there, then let us know, we can then work out other ways then maybe with the FOS via insurer/underwriter if the FSCS are unable to help.;)

So yes there is hope here.

So sorry about the repossession as well, hope things are okay now.

di3004

Just thought I would post up some details in regards of Compass Finance.....

Name & Registered Office:
COMPASS FINANCE LIMITED
2ND FLOOR WARWICK HOUSE
HOLLINS BROOK WAY
PILSWORTH
BURY
BL9 8RR
Company No. 03958143
Status: Dissolved 20/08/2008 I notice there are 2 business of the same kind, going by the info found, but check the company numbers, one above is dissolved and the one below active.....



Name & Registered Office:
COMPASS FINANCE LIMITED
UNIT 002 STOKE BUSINESS VILLAGE
STAFFORDSHIRE UNIVERSITY 72 LEEK ROAD
STOKE ON TRENT
STAFFORDSHIRE
ST4 2AR
Company No. 07128531


Status: Active

di3004

Cool, looks like they are listed with the FSCS going by info on link below......;)

http://www.fscs.org.uk/can-we-help/?contacted=Yes&search=compass finance&company=1129&stage=3#q3

Matching companies:

1. The Debt Advisor Group Plc t/a Compass Finance Group Plc

billypre

It's the first one. GE Money gave me their details in their letter and the above matches the address etc

billypre

Yes thats the one The loan was taken out in 2003 though (more than 6 years ago) and paid in full in Jan 2005. I think i read somewhere that FSCS couldnt help if it was over 6 years ago ? or have i misread ?

di3004

Sorry for all these posts lol.......

Just trying to split them to make it easier and not to confuse...
But if these are the ones, then your okay, you only just need to contact the FSCS to arrange a claim form, and as they are already listed, this means they are declared in default, so with a bit of luck you won't be waiting too long before its resolved and paid out to you.;)

di3004

billypre wrote: »

Yes thats the one The loan was taken out in 2003 though (more than 6 years ago) and paid in full in Jan 2005. I think i read somewhere that FSCS couldnt help if it was over 6 years ago ? or have i misread ?

If they were covered by the FSA when you taken the finance out, then I am aware they can still help, its only if they were not regulated when you taken it out, they are unable to.

The FSCS should confirm this to you.

billypre

Wow - i feel a lot better, and could be a light at the end of the tunnel. Of all the ppi and fees i am reclaiming, this is the one i want because GE Money were totally ruthless and showed no compassion when repossessing my home (making me and my family including 2 children under 4 homeless).

I will get onto FSCS first thing Monday morning with renewed passion !!

Are there any timeframes etc or anyone had any success stories such as this from FSCS ?