Mortgage PPI with GM Money

bonn1e_2

Hi, Wondered if anyone can give me some advise pls. I claimed my MPPI back with GM Money and was told it had been found in my favour but because of the amount it had to be authorised at the next level. I then received a letter saying because of the time lapse they did not have to pay me anything. I took this out in June 2003 and paid it off in Aug 2006.
Is this correct ??? Helpppppp plssssss.

magpiecottage

I cannot find the name GM Money on the FSA register.

Can you give the EXACT name of the company you have complained to?

bonn1e_2

Sorry, it was originally FNMC ( First National Mortgage Company ) think they were taken over by G.E.Money Lending.
Thanks for your help in advance.

bonn1e_2

Any advice pls ???

magpiecottage

Give me chance - I do have to earn a living!

Whether FOS has jurisdiction depends on the specific company. However, it is probably trying.

roonaldo

GE Money have a get out of jail free card as they are not under FOS jurisdiction for sales prior to 14 Jan 2005.

magpiecottage

roonaldo wrote: »

GE Money have a get out of jail free card as they are not under FOS jurisdiction for sales prior to 14 Jan 2005.

That would depend - there are no less than 11 businesses registered by the FSA as trading under the name GE Money. I have not investigated which, if any subscribed to the GISC code and which did not.

roonaldo

magpiecottage wrote: »

That would depend - there are no less than 11 businesses registered by the FSA as trading under the name GE Money. I have not investigated which, if any subscribed to the GISC code and which did not.

the post relates to GE Money Money Direct Ltd (correct business entity) who are owned by GE Money Home Lending Ltd.

magpiecottage

GE Money Direct Limited is registered as an Appointed Representative of GE Money Home Lending Limited, and has been since 31 October 2004 - the day on which mortgages became regulated.

Although they have the same registered office and a similar name, they are separate legal entities and, because GE Money Direct has never been regulated by the FSA, FOS seems to have no jurisdiction.

It MAY still be worth attempting a complaint to FOS arguing that they are one and the same but legally they are not. GE Money probably also has deep enough pockets to attempt a Judicial Review and, given that your success would be likely to open the floodgates for similar complaints it would not surprise me to see it do so.

Sorry - not the news you wanted.