PPI G E Money

cfcdonna

Hope someone can help......
Took out a secured loan with first national bank (now ge money), through a broker wilmslow finance. I applied to claim ppi that was definately miss sold to g e money, they have forwarded complaint to wilmslow finance who have not responded, no tel number that is working etc. I had taken a further advance with ge money in 2002, the ppi on that was sold by ge money and the response i have to that one is as follows "based on the information you have provided, any complaint you may have concerning the sale of your ppi policy is time barred under the limitation act 1980. Please also note that ge money were not at any time members of GISC. This is their final response letter. So it would appear 1 way or the other they have wriggled out of both claims. Under the original agreement is a statement that says "thr credit consumer act 1974 covers this agreement and lays down certain requirements....If you have obtained unsatisfactory goods or services under a transaction financed by this agreement, you may have a right to sue the supplier, the creditor or both. Similarly, if the contract is not fulfilled, perhaps because the supplier ha gone out of business, you may still be able to sue the creditor.
As Wilmslow are no longer trading, surely i can then take the complaint up with G E Money?
Any help on this would be very much appreciated

amersall

This is tricky due to the year, give FOS a call and ask what you can do, they may suggest the insurer route.
Mention the credit act, as PPI , in my opinion you have received an unsatisfactory service, think they have a get out clause for this though, ask anyway.
http://www.financial-ombudsman.org.uk/contact/index.html

magpiecottage

The insurer will not have a liability as the intermediary (Wilmslow Finance) was independent.

Wilmslow Finance has gone belly up - so it cannot answer the complaint.

A pre 2005 sale will not be covered by the Financial Services Compensation Scheme.

You could, in theory attempt to use Section 75 of the Consumer Credit Act 1974 against the lender. However, because the sale predates consumer credit falling under the jurisdiction of FOS (6 April 1997) I think it is unlikely to consider it.

In addition, I think you would need to prove the intermediary was legally liable. Whilst a complaint to FOS on this point against the intermediary would probably be upheld, a court probably would not.

In theory, too, you might be able to use Section 75 to force a lender to pay a FOS award against an intermediary, but FOS cannot make an award against a firm that no longer exists.

So I think you are clutching at straws.

cfcdonna

Many thanks Amersall, have been on the phone to fos who are taking on both cases using the underwriters insurance route!
Still a way to go, but at least they are willing to take it on as a complaint. Thought all was lost. Brilliant advice :-)

cfcdonna

Have in fact been told that Wilmslow are STILL trading even though they are having problems they are not yet folded. They are just passing the buck so they wriggle out of paying up on all the policys that they miss sold. Clutching at straws i might be, but its worth it, i cant lose anything but trying. The fact of the matter is someone should be held accountable for telling customers that they wont be approved a loan unless they accept the ppi....and the fact that i would have been covered with sickness and redundancy anyway. Lets see how it goes......