Help and GE Money

helpmary

Hello This is my first posting so I do hope I do this right.

We had a secured loan with GE Money ( i group ) from 7/6/07 for £40,000.00 PLUS ppi OF £4,860.00 TOTAL £44,860.00 THEN ADDED £500 FOR LENDER'S application and completion cost
Making a Total £45,360.00
Then on the 5th Sept 2007 we cancelled the policy as we seen it was not right for us it was also with Ge Money ( i group ) they took this money of the loan rebate of £4,455.00. The full loan was paid of at the start of November 2007 a total of £45,186.32 OUTRAGES Money............
We sent a letter in May this year stating we wanted our money + interest for ppi to take us back as to where we got a loan without ppi, as we know it was mis sold as it was no use to us.
Got a letter back to say we took this out through a company called,
Spectrum Loans & Mortgages Ltd
105 Hamlet Court Road
Westcliffe on Sea
Essex SSO7ES

We have never heard tell of them, We understood we were dealing with GE MOney from the very start and as all paperwork ( still have it all ) was GE Money ( igroup ) we knew no different.
GE Money went on to say it was after investigation that they ( GE ) did not sell the ppi and it was this Spectrum Loans ( now gone ) that sold this and we would have to chase them or contact a company called FSCS and GE could do nothing more. I rang the FOS this morning for help but alas they were of no help and said that there was nothing they could do.
I am now stuck and would like this money back.
Can Anyone here HELP or has the same trouble with GE MONEY.
I hope this is not long winded.
Mary

di3004

helpmary wrote: »

Hello This is my first posting so I do hope I do this right.

We had a secured loan with GE Money ( i group ) from 7/6/07 for £40,000.00 PLUS ppi OF £4,860.00 TOTAL £44,860.00 THEN ADDED £500 FOR LENDER'S application and completion cost
Making a Total £45,360.00
Then on the 5th Sept 2007 we cancelled the policy as we seen it was not right for us it was also with Ge Money ( i group ) they took this money of the loan rebate of £4,455.00. The full loan was paid of at the start of November 2007 a total of £45,186.32 OUTRAGES Money............
We sent a letter in May this year stating we wanted our money + interest for ppi to take us back as to where we got a loan without ppi, as we know it was mis sold as it was no use to us.
Got a letter back to say we took this out through a company called,
Spectrum Loans & Mortgages Ltd
105 Hamlet Court Road
Westcliffe on Sea
Essex SSO7ES

We have never heard tell of them, We understood we were dealing with GE MOney from the very start and as all paperwork ( still have it all ) was GE Money ( igroup ) we knew no different.
GE Money went on to say it was after investigation that they ( GE ) did not sell the ppi and it was this Spectrum Loans ( now gone ) that sold this and we would have to chase them or contact a company called FSCS and GE could do nothing more. I rang the FOS this morning for help but alas they were of no help and said that there was nothing they could do.
I am now stuck and would like this money back.
Can Anyone here HELP or has the same trouble with GE MONEY.
I hope this is not long winded.
Mary

Hi Mary and welcome.

Yes your in the correct place here.;)

Seems like you've been given the runaround here.

If the company are now gone under it looks like you can make a claim through the Financial compensation scheme (FSCS), some of us have had to go this direction in regards of other companies that went the same way.

So what you could do is give a call to the FSCS and ask if the company in question are listed with them, if so then arrange for a claim form to be sent to you, they can do this by hard-copy post or online I think, but contact them and go from there.
http://www.fscs.org.uk/contact-us/

Or if you want to first - ring the Financial ombudsman service (FOS) explain your position as above, due to the fact that your not sure who is responsible, and they may be able to help and advise on your best direction to take from here.
http://www.financial-ombudsman.org.uk/contact/index.html

There is also a thread for claims made through the FSCS below you may find helpful - if you end up going this direction here;
http://forums.moneysavingexpert.com/showthread.php?t=1897143

Hope this is some help to you, but please let us know how you get on and we shall take it from there, cheers.;)

Di

helpmary

I have spoken to Mr nasty in Ge money Manager of resoultation team
he is so cocky and nasty ( untouchable ) more or less told me p..s off
Has any one else here had dealings with him.

di3004

helpmary wrote: »

I have spoken to Mr nasty in Ge money Manager of resoultation team
he is so cocky and nasty ( untouchable ) more or less told me p..s off
Has any one else here had dealings with him.

Hi Mary

Sorry to hear that.

Did you follow the above procedures I posted after from the other day?;)

helpmary

Hello, Yes I did / doing but I have also read that as all money was from and also paid to GE Money it is them I should keep going after, as all papers I have are from GE Money / igroup and I had in my last letter sent ( recorded ) asked of proof as regard to this so called broker and any hidden com paid to them.
That letter was sent on 3/8/10 and they have failed to reply that is the reason I rang them and even now they have failed to answer this.
I know that I read some where that they are in breach of some law but not sure which or who to report them to.
The Gov bodies do not really care much from what I can see or read.I do think more is being hidden to the public as monies will run into billions and most likely not there to cover all.

KIMY

I had exavtly same problem with GE Money and l paid over £10K ppi, they would not take responsability and stated we used a broker(of which we never knew) who had gone in to receivership but because prior to 2005 the FSCS could not help. GE money were really unproffessional and rude. I am now in process with FOS pursing Cardiff Pinnacle for misselling of the policy.

woodymeg

KIMY wrote: »

I had exavtly same problem with GE Money and l paid over £10K ppi, they would not take responsability and stated we used a broker(of which we never knew) who had gone in to receivership but because prior to 2005 the FSCS could not help. GE money were really unproffessional and rude. I am now in process with FOS pursing Cardiff Pinnacle for misselling of the policy.

Keep after this as I successfully got a refund on my policy and they dated it back to 2005 even when i should have cancelled it, although mine was mis informing of the policy not misselling, they caved in in the end so good luck.

KIMY

Many thanks, what do you mean by miss informing as this loan was paid off in Nov 2004 and GE Money will not take any responsability at all as they say it was sold by broker Loan Express who are now insolvent. I know l only had dealings with GE Money but can not approve. And stated by everyone including FSA that as pre 2005 they were not regulated.