the ge homelending norton finance story, chapter 1

yellow3

morning all
ok so a bit of back ground

i have a 10 year secured loan with ge money, norton were the brokers.
i took this loan out in jan 08
in october 2011 i decided to cancel the ppi to try and reduce the payments slightly as i was going through all my outgoings.
i called ge money who told me to put my request in writing and wait 30 days. when they got back in touch to say the ppi had been cancelled i was shocked to see such a small reduction to the balance and no change in my monthly payments. this is when i started to investigate.
as i was completley ignorant to all things ppi beforehand i was shocked to find out i had a 5 year ppi policy on a 10 year loan and i will be paying for the ppi over 10 years despite not being covered! disgusting!

anywhoo this forms the basis for my complaint ect.
sooo yesterday got in touch with ge money who refered me back to norton.
printed off a fos consumer questionaire and completed, this will be posted today.
needed to find out when i cancelled my ppi policy to put this info on the questionaire so called ge money.
ge money gave me the date but told me that they need to log the complaint also???
told the girl on the phone that this was not what i was told yesterday, i was told to write to norton, she said no we will log????
let her log the complaint but will still send the letter to norton.

read a few horror stories regarding norton and ppi so got a feeling im in for the long haul im a bit daunted but prepared to see it out till the end.

any advice or opinions would be greatly appreciated
y x

themass

Hi and welcome,,i have the same but im 7 months down the line
Norton will deny it trust me and it will take them weeks to do it too, you then have to go to the FOS, whom will look at your case and no doubt will uphold, Norton will then still deny and you have to go further when the guy upstairs also agrees they will drag their feet again.
mine was with Nemo and Norton were the brokers and like you had the front loaded ppi which was for only 5 years with a promise of a large return if we did not use it.
Anyway like i say i reported it to Norton they refused so off to the FOS and now im still waiting after 7 months my case has not be viewed, but hang in there dont let them get away with it.

yellow3

Hi there
Thanks for your comments it's nice to know there are others who have first hand experience.
Can't believe I ever went with norton in the first place, but at the time it was my only option.
I wasnt surprised by some of the horror stories I have read on the web re ppi reclaiming and nortons tactics
I've also read some real horror stories regarding ge money so not sure they were instant I logged the complaint with them???

yellow3

Well fos letter sent 1st class recorded and on it's way to norton... Bring it on!!!

themass

Good luck, like i say they will drag their heels the deny it, but please keep going and lets get this company paying back monies that they owe us and many others.

yellow3

Well and truly got the bit between my teeth now, although I'm sure the enthusiasm will soon wane.
Been reading up about compounded interest and struggling to understand it. I.e in what circumstances if any it is calculated and awarded with refund?
As some people get ppi premium paid + 8%
and I've read of others getting ppi premiums paid + compounded interest + 8%
also there are various calculators dotted around the web for doing such calculations but not sure what category I fall into or if the compounded interest catergory is pie in the sky and wishful thinking?

Sorry for the waffle

Anyone got any info??

themass

Just in case nobody else has heard, Norton Finance have gone into administration.

yellow3

Oh fantastic! Not....
Does that mean we have to complain to there administrators??
Y

ANY_CHANCE

Really? no didnt know that any links to more info please?

hwest1980

Not heard about Norton’s going into administration... Interesting news. As someone who worked in the finance industry I have tended to have a biased view towards ppi reclaim, Mainly because of the 1000`s of ppi claim companies who quite happily take a cut for doing something that this site shows you how to do yourself!
Would i be right in thinking though that from a claims point of view this will make things easier?
Norton’s seem to have a reputation for being tough to reclaim from but now all cases would go the Financial Services Compensation Scheme who would pay out quicker than Norton’s would have?

themass

Originally Posted by Kuffs1978
Hi everyone,
Although a separate page has been set up for us via the wonderful Amersall, I thought it was only fair that I share the info I've received with anyone who may be having issues with the same company. I have received notice from the FOS today that Norton Finance have gone into administration, and thus all rulings made by the FOS are now void. This means that even though the FOS had, in our case, instructed Norton and GE to recalculate our repayments so that they reflected the situation we would now be in had the PPI not been sold, since Norton can no longer compensate GE for this loss, the ruling is void and repayments (for us) still remain at the same level as they did whilst PPI was included, even though the PPI has been cancelled. We are unlikely to get any rebate of the PPI premiums paid, even though the Ombudsman provided clear instructions of what was to be done. I have absolutely no idea what to do now, and it just proves that the house does actually win every single time. Any suggestions would be very much appreciated.