PPI Reclaiming Discussion Part 5

toni66

Thanks for your reply amersall, i will not bother ringing them, i will just send the form in xx Thanks again

Arya_Stark

Hi
This is my first time posting on the boards so please bear with me :-)

I took out a loan with freedom Finance in 2004, although the cash was actually supplied by GE Money. I was told by Freedom Finance that I should really have PPI as it would smooth the application so to speak. I needed the money for urgent home repairs, so agreed.
Anyway I had no problems until 2009 when GE Money wrote to me to say that my PPI policy was due to expire and that I should find another product to cover my loan.

I was a little concerned as I had not been informed that the policy would only last 5 years, so recently after reading a lot of stuff on Money Saving Expert I decided to begin a claim against GE Money and see if I was due to some form of compensation.

So I hunted out all my documentation which said the PPI had been supplied by First National (a GE Company). I called GE Money on the number stated on their website for customers with concerns about PPI Policies and was put in touch with a helpful lady who then told me that GE Money wasn't responsible for the PPI and that it was supplied by a broker called Karacus, who incidentally have now gone into liquidation. She also said I would have to contact the FSCS if I had any hope of compensation.

All I want to know now is:

Has anyone else had this problem ?

Any help or advice would be very much appreciated as I'm pretty unsure of how to proceed.

Thanks in Advance

Arya:o

Ginger_Scarlet

amersall wrote: »

It seems Egg are dragging their heels at the moment regarding sending applications, let Barclays have another 7 days and if you hear nothing by then ring FOS and let them deal with Egg for you.

Thank you very much. I rang Lloyds today to see if there was any progress, there wasn't (they did in effect confirm that they are dealing with these claims just before the deadline!).

I will pick this up again in 10 days which is the expiry of the 12 week period!

Would be interesting to hear any other comments from people trying to reclaim PPI from Barclaycard in respect of Egg Cards at the moment.


Cheers!

amersall

Arya_Stark wrote: »

Hi
This is my first time posting on the boards so please bear with me :-)

I took out a loan with freedom Finance in 2004, although the cash was actually supplied by GE Money. I was told by Freedom Finance that I should really have PPI as it would smooth the application so to speak. I needed the money for urgent home repairs, so agreed.
Anyway I had no problems until 2009 when GE Money wrote to me to say that my PPI policy was due to expire and that I should find another product to cover my loan.

I was a little concerned as I had not been informed that the policy would only last 5 years, so recently after reading a lot of stuff on Money Saving Expert I decided to begin a claim against GE Money and see if I was due to some form of compensation.

So I hunted out all my documentation which said the PPI had been supplied by First National (a GE Company). I called GE Money on the number stated on their website for customers with concerns about PPI Policies and was put in touch with a helpful lady who then told me that GE Money wasn't responsible for the PPI and that it was supplied by a broker called Karacus, who incidentally have now gone into liquidation. She also said I would have to contact the FSCS if I had any hope of compensation.

All I want to know now is:

Has anyone else had this problem ?

Any help or advice would be very much appreciated as I'm pretty unsure of how to proceed.

Thanks in Advance

Arya:o

Due to the year the FSCS cannot help you, they only compensate for loans post January 2005.

Try to find out who the insurer was and put a complaint into them, if they come back and say no then the FOS can chase them for you.

It would not hurt to give FOS a ring and see if they can help you find the insurer.

When you find out the insurer, send this letter to them (adapt to your circumstances, although i think they all apply!)

We/I believe we were mis sold the ppi on the above account number,and would like recordings,if any to the contrary of my/our reasons for mis sell set out below.

1)We/I were not told that the ppi was in effect another loan that was added to the original loan and was repayable over the loan term with interest.

2) We/I were told that the ppi was a 5 year policy, but not told the ppi would still be on the loan to term end with interest.

3) We/I were told that if we did not make a claim,or go into arrears on the ppi ,after 5 years we would receive the cashback of ppi but were not told this would not include the interest made on these payments that we paid over the 5 years.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that Barclays pays them back to us. We/i believe we were not given enough information on this ppi to make an informed decision. Had we/i known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included on the above loan

amersall

Anyway I had no problems until 2009 when GE Money wrote to me to say that my PPI policy was due to expire and that I should find another product to cover my loan.

I was a little concerned as I had not been informed that the policy would only last 5 years, so recently after reading a lot of stuff on Money Saving Expert I decided to begin a claim against GE Money and see if I was due to some form of compensation.

Ge money will know who the insurer was, they sent you the letter to say it was expiring.

Did you complain about this in 09 if you did what happened?, Freedom Finance may still have been in business then.

amersall

toni66 wrote: »

Thanks for your reply amersall, i will not bother ringing them, i will just send the form in xx Thanks again

You are welcome, keep me posted x.

The_Logans

Yorkshire_Bank_company_representative wrote: »

Hi, I've just seen your post. I am sorry to see you're having problems.

There is one thing that has occurred to me, and apologies if this isn't the case, but do you have the right Clydesdale?

We regularly get queries from customers of Clydesdale Financial Services, which is nothing to do with us, it is part of Barclays. It would certainly explain why we can't find anything.

I've provided a link to their website, which hopefully sheds some light on matters....
http://www.cfs-uk.com/


Jason

Thanks but it is definitely clydesdale bank. I have now posted off the evidence again, recorded delivery this time so will see what comes of that.

di3004

monkey81 wrote: »

hi. :j
Just to let you know...
My partner rang lloyds tsb on 20th February 2012 and received a letter on 29th feb stating they are looking into the claim!
Quite a quick response i think, so now fingers crossed, i will keep you updated!!! :beer:

Fingers crossed.:);)

di3004

Placida wrote: »

Hi,
My OH is waiting for a decision on a Halifax MasterCard and a Halifax Visa card and received a phone call from them last week. They basically asked him questions that he had already answered on the questionaire re sick pay, death in service payment etc.
Is this normal practice for Halifax?
We haven't received phone calls concerning other PPI claims from LLoyds, BOS, NatWest or Barclays which were all successful.
:(Just hoping it isn't a bad omen!

Hi

Sounds like they are currently dealing with the complaint then and maybe it's one of their procedures just to double check randomly and go through it.
Fingers crossed.;)

toni66

Well i didnt bother ringing them i just posted the claim form off, i just hope nationwide dont make me wait a further 8 weeks, even though my other loan claims have been 5 weeks, hopefully they will put it all together, i sent it next day delivery, lol
x