MSE News: PPI summit: Commitment to help consumers reclaim for free

patfearn

When are finance companies like GE Money going to be investigated? When we took out a loan some years ago we were forced to take PPI otherwise the loan would not be authorised. I spoke to the broker, the insurance company (Cardiff Pinnacle) and GE Money who all said the same thing. No PPI no loan. Now GE money say that they ad no part in the sale of the PPI so they are not responsible and yet they have answered the complaint letters sent to Cardiff Pinnacle.
Have reported both to regulator who have given them 8 weeks to address my complaint. Problem is they have already started delay tactics and sent all letters to an address where I haven't lived for three years. Lucky for me my daughter now owns that house .
These people will try anything to avoid responsibility so isn't it time we focused on them as well as the banks. They are just as much to blame and were perhaps even more unscrupulous than the banks if that's at all possible

Borris-the-Bear

patfearn wrote: »

When are finance companies like GE Money going to be investigated? When we took out a loan some years ago we were forced to take PPI otherwise the loan would not be authorised. I spoke to the broker, the insurance company (Cardiff Pinnacle) and GE Money who all said the same thing. No PPI no loan. Now GE money say that they ad no part in the sale of the PPI so they are not responsible and yet they have answered the complaint letters sent to Cardiff Pinnacle.
Have reported both to regulator who have given them 8 weeks to address my complaint. Problem is they have already started delay tactics and sent all letters to an address where I haven't lived for three years. Lucky for me my daughter now owns that house .
These people will try anything to avoid responsibility so isn't it time we focused on them as well as the banks. They are just as much to blame and were perhaps even more unscrupulous than the banks if that's at all possible

GE Money (formally GE Capital Bank) were investigated and fined £610,000 in 2007. http://www.fsa.gov.uk/library/communication/pr/2007/015.shtml

BLINDEDBYMEDIAPROPAGANDA

marina81 wrote: »

I tried to claim my PPI back but in the end went to a claim company as i couldn't get any sense at all out of my bank. They kept telling me they couldnt find my PPI then my signature didnt match it was madness and i just didn't have the time to spend every day on the phone to them. Seems to me that this is a PR Stunt from the banks as it screams look at us we are the good guys. If they had just done what they were supposed to in the beginning we wouldn't be in this mess. I also don't trust them to put this right or be transparent! I am starting to loose complete trust in our banking system and their "rules and regulations". :mad:

Not all claims are as easy as MSE makes out and we can be very helpful in situations such as these with our experience of how the lenders try every tactic in the book to wriggle out of paying but we obviously know what to do !

BLINDEDBYMEDIAPROPAGANDA

jjr197 wrote: »

Any CMC that provides an honest service has nothing to fear from stronger regulation!

Then again, as the banks currently ignore the regulation placed over them, wouldn't that be a better place to start?

Jimi

:T Could not of put it better myself

Credit-Crunched

patfearn wrote: »

When are finance companies like GE Money going to be investigated? When we took out a loan some years ago we were forced to take PPI otherwise the loan would not be authorised. I spoke to the broker, the insurance company (Cardiff Pinnacle) and GE Money who all said the same thing. No PPI no loan. Now GE money say that they ad no part in the sale of the PPI so they are not responsible and yet they have answered the complaint letters sent to Cardiff Pinnacle.
Have reported both to regulator who have given them 8 weeks to address my complaint. Problem is they have already started delay tactics and sent all letters to an address where I haven't lived for three years. Lucky for me my daughter now owns that house .
These people will try anything to avoid responsibility so isn't it time we focused on them as well as the banks. They are just as much to blame and were perhaps even more unscrupulous than the banks if that's at all possible

What did you spend the loan on?

Seriously forced, gun to head, arm bar, nasty words. You were not forced, you were desperate for finance and would do anything to secure it.

You are an adult, if you say yes to everything offered to you in every day life then you must lead a very very interesting existence.

Yes, it was wrong at the point of sale, however if you did not like it you should have walked away. Simple.

Coiley

Many of these companies "helping" people reclaim PPI, previously sold it to their customers in the past.

There are some companies that visit you in the home. This is so they can get a foot in the door to sell other products and services that the client didn't necessarily want!

Bean31

Credit-Crunched wrote: »

What did you spend the loan on?

Seriously forced, gun to head, arm bar, nasty words. You were not forced, you were desperate for finance and would do anything to secure it.

You are an adult, if you say yes to everything offered to you in every day life then you must lead a very very interesting existence.

Yes, it was wrong at the point of sale, however if you did not like it you should have walked away. Simple.

As taken off MSE

It's a common complaint that consumers are told they must buy a policy from the same provider as the loan in order to be accepted for the product. This is mis-selling.

Any company that subscribes to the Lending Code (see list) agrees it won't insist you buy an insurance product from it. Therefore if the salesperson:

Didn't make it clear the policy was optional or tell you about any cooling off period
Implied or stated it would be more expensive if you didn't take the insurance
Implied or insisted you take out their policy to qualify for the product or help with your application
Was very pushy when selling the product, so that you felt you could not say no
Would not let you continue with the application if you did not sign the insurance agreement as well

I rest my case - its a common complaint.....! There are thousands of people who needed money for whatever reason, banks have prayed on vulnerable people for years and still do! I see you are one of those with bad debt, question reversed "what have you spent your money on?"

vince05

have used a company to reclaim ppi ,have i got to pay them the 800 pound they want from the 2800 we got offered we are getting a cheque sent to us and company are sending a invoice to be paid in 3 weeks

Bean31

If youve signed their terms and conditions then yes! The vendor pays you direct then it's up to you to settle with the cmc etc.

Well done on your win though, brilliant!!!!

dunstonh

It's a common complaint that consumers are told they must buy a policy from the same provider as the loan in order to be accepted for the product. This is mis-selling.

Not necessarily. A lender is allowed to insist on insurance. However, what they cant do is tell you that you should have it when there is no need to.

This complaint reason is also one of the hardest to prove as it is just a verbal allegation with no evidence.

Implied or stated it would be more expensive if you didn't take the insurance

There are cases, in particular mortgages but some personal loans too, that offered better terms if insurance was taken. That is allowed.