Wonkydog & G E Money

wonkydog

Hi all, i am about to send off an sar request for a loan myself and wife took out 5 years ago with G E Money i think when we took the loan it was First National but then changed to G E Money after, reasons are: it is a £25000 loan secured on our house, i was told that i would have to take their PPI as a condition of the loan, also i have just recived a letter saying that the PPI has just come to an end 5 years into a 15 year loan, which means i paid up front (added on to the loan) £4500 for PPI that only covered us for a third of the loan life, and also paying interest on that money for 10 more years, and when i get details of the PPI policy i will have to check through the t's & c's because my wife was only working 16 hours a week at the time,
I am assuming that because its a joint loan and PPI, i want details of all records on myself and my wife, i should send a cheque for £20,
I will let you know how it goes when i get the info i need, i will read up as much as i can on the subject but may need some help as i go along

many thanks

Wonkydog x

marshallka

If its a joint SAR then both should sign one letter and only send £10 to them. Good luck

amersall

Hi there, dont wait for sar to come back, get a claim in for mis sell now, these front loaded policies are the worse.You have put the reasons why you were mis sold in your post, just put that into a letter and tell them you want ppi paid to date back.

wonkydog

Hi amersall, i will get a letter together and send it straight off tomorrow, i will also send sar off too, as i have no paperwork for the ppi and limited paperwork for the loan, and also i would like any info they have on myself and my wife.
The reasons for mis-sell are: When i took the loan out over the phone the person said that i had to take out their ppi as conditions of the loan, also i didnt realise that the ppi was only for 5 years on a 15 year loan, just found that out when i received a letter a couple of weeks ago saying that my ppi has finished and they couldn't offer me anymore cover, which means i am paying interest on that up fronted sum for another 10 years and have no cover, i might also be able to argue that the person selling me these products may not have had a financial background or be qualified to advise me on such a large loan and ppi, and have my best financial interests, it was possibly just a sale / bonus for that person. Also i will have to check the details when i receive them - as it was a joint loan / ppi i was in full time employment but my wife was only part time, so not sure if she was eligible for cover in the first place.
I will have to do some more reading up on this subject as ppi claims is a new thing to me, but having a few successful bank charges and credit card claims in the past i don't think it is going to be an easy ride
many thanks for your help

wonkydog x

amersall

wonkydog wrote: »

Hi amersall, i will get a letter together and send it straight off tomorrow, i will also send sar off too, as i have no paperwork for the ppi and limited paperwork for the loan, and also i would like any info they have on myself and my wife.
The reasons for mis-sell are: When i took the loan out over the phone the person said that i had to take out their ppi as conditions of the loan, also i didnt realise that the ppi was only for 5 years on a 15 year loan, just found that out when i received a letter a couple of weeks ago saying that my ppi has finished and they couldn't offer me anymore cover, which means i am paying interest on that up fronted sum for another 10 years and have no cover, i might also be able to argue that the person selling me these products may not have had a financial background or be qualified to advise me on such a large loan and ppi, and have my best financial interests, it was possibly just a sale / bonus for that person. Also i will have to check the details when i receive them - as it was a joint loan / ppi i was in full time employment but my wife was only part time, so not sure if she was eligible for cover in the first place.
I will have to do some more reading up on this subject as ppi claims is a new thing to me, but having a few successful bank charges and credit card claims in the past i don't think it is going to be an easy ride
many thanks for your help

wonkydog x

Hi there, your wife would only have been covered for death as the second borrower.These front loaded ppi are frowned upon by the fos and i think you have a good chance of winning this.Who in there right mind would take insurance that only covered you for 5 years and the insurance would still be on the loan that you pay back for the remaining term with interest, had this been explained to you then i know you would not have taken this.The salesperson would have been on commission for these policies, for example, first plus made commission on there front loaded ppi of 70% per policy.what a nice little earner?. you would not have been given the correct info on this ppi to make a choice so this i think is a win win situation.Good luck with this and please let us know how you get on x.

wonkydog

Hello again, sorry its been so long, i have been pooter less as laptop broken, SAR send today, and i have just filled in the FOS questionnaire, gonna print it off and send that away 2moro, if someone could say what they think about my reasons of being unhappy with the policy, just make sure its not going to get me into trouble with anyone, it would much apreciated:

I am unhappy with the ppi as i believe i was mis-sold the policy, as i was told i must take the ppi as a condition of the loan, also i received a letter dated 27/08/2010 saying that the policy is about to end, which means the ppi was for only 5 years of a 15 year loan, which i don't recall being told about at the time of taking out the loan, hence, i am now still paying for the policy, and interest, on an out of date ppi policy for the next 10 years and have no cover for myself and my wife, also, not having a great deal of knowledge in the finacial industry i would have trusted the salespersons to act in my best financial interest, which i don't believe has happened. It also leads me to believe that the sales person also has no finacial background and couldn't advise my best finacial interest, and also, was the ppi, sales driven ie: bonuses or financial benefits for the sales person for every policy sold, in which case the emphasis would be to sell the customer ppi regardless of whether it was the correct policy for that person, ie myself and my wife.

Many thanks
Wonkydog x

amersall

wonkydog wrote: »

Hello again, sorry its been so long, i have been pooter less as laptop broken, SAR send today, and i have just filled in the FOS questionnaire, gonna print it off and send that away 2moro, if someone could say what they think about my reasons of being unhappy with the policy, just make sure its not going to get me into trouble with anyone, it would much apreciated:
dear sir/madam
with reference to ppi for the above account.
I believe i was mis sold this policy, as on the 27/08/10 i recieved a letter to notify me that the ppi was about to end.
I believed the policy was to cover for the term of the loan, at no point in the application process was i told that the ppi only covers for 5 years but i would be paying this back over the loan term with interest.
So i am in effect paying for a product with interest for another 10 years, that i no longer have.
I do not believe i was given enough information on this product to make a informed decision,had the full implications and cost of this ppi been explained to me i would not have taken it.
I would like a resonse within 8 weeks or i will be taking this mis sell claim to the financial ombudsman.

Many thanks
Wonkydog x

Hi there, does this look ok?

wonkydog

Hi Amersall, with reference to the above statement, it was an explanation of what i put in the last box of the FOS questionnaire, however, i think what i might do is send a copy of the questionnaire, and also a letter incorporating the one you have done there also adding a few points, do you think i should leave out the parts about the salesperson possibly having no financial background etc....
huge thanks for the input it is very appreciated

Wonkydog

amersall

wonkydog wrote: »

Hi Amersall, with reference to the above statement, it was an explanation of what i put in the last box of the FOS questionnaire, however, i think what i might do is send a copy of the questionnaire, and also a letter incorporating the one you have done there also adding a few points, do you think i should leave out the parts about the salesperson possibly having no financial background etc....
huge thanks for the input it is very appreciated

Wonkydog

Glad to be of help, the sales person having no financial background is irrelevant, you were sold a front loaded ppi that was not explained to you.I doubt if it was a "professional" who sold it to you, would have been truthful about the cost and implications of this.Dont waffle too much :rotfl:less is more as they say:D:D You just need to get the point across that you were mis sold. And believe me you were.Good luck with this and keep us posted.

wonkydog

im on it..........less waffle and more to the point:) many thanks again :beer:
Wonkydog

amersall

wonkydog wrote: »

im on it..........less waffle and more to the point:) many thanks again :beer:
Wonkydog

You are very welcome.Hope this comes good for you.