Sandander/GEMoney help please

Joannie51

I had a loan from GEMoney 2006 for 10,000.00 paying 234.00 per month. It was transferred to Santander 2010. I got my final statement from Sant that the loan paid off but on the statement it says I was paying 205 per month. I sorted through paperwork and discovered I was paying 28.76 per month ppi so I put in a complaint to Santander. Received letter stating they reject this as I signed up for it.
When I took the loan GE money contacted me and the loan was done over the telephone and nothing was mentioned about PPI. I was quoted the repayments of £234 per month and told to sign the application boxes and return which I did and in my ignorance must have signed up for the ppi. They have sent me a copy showing this.
Will I just forget it or go to the FOS.
Any help would be appreciated.

magpiecottage

If it was a single premium that was added to the loan and you were simply paying for it (including interest) as part of your loan repayments each month it will be difficult to defend, so FOS would be worth trying.

If it is a monthly premium, payable in addition to the loan repayments it is a little more difficult because there is an argument that you should have realised pretty soon after the loan was taken out as it would have appeared in your bank statements - and raised the issue at the time. However, it is less than six years since the policy was taken out so a complaint would not be timebarred.

So again, I think taking it to FOS is worthwhile.

Joannie51

Thanks for your reply....It was a single premium included with the loan. Repayments of 234.21. I only discovered it when I received final statement from Santander with only the loan repayments on it of £205.45. So 28.76 was added for ppi.
If I go to the FOS do I complain about Santander or GE money.

magpiecottage

If the rejection is from Santander then go for Santander. If they did not think it was them they should have told you it was GE Money when rejecting the complaint.

roonaldo

Joannie51 the complaint is Santander. Santander bought out GE Capital (who were owned by GE Money Bank)

Not to be confused with GE Home Lending in Watford.