GE Money ppi rebuff

dunstonh

the salesperson didn't explain that the cover was optional or that we could go buy elsewhere. I

The sales person doesnt have to tell you that you can buy it elsewhere. Its something we see often posted on this board but its not a valid complaint reason.

My complaint points are that I have a chronic health condition which was manageable at the time of the loan as I was working but I was always upfront about when taking out loans or mortgage and so I wouldnt have been able to claim on the ppi.

If the health condition is serious enough to invalidate the bulk of the policy then you have a case to consider (subject to regulation at point of sale). However, if the health condition only prevents claims in that particular area of health and not other unrelated conditions then you dont have a case.

If you knew that you wouldnt be able to claim up front as you say, then why did you take it out?

[Deleted User]

dunstonh wrote: »

If you knew that you wouldnt be able to claim up front as you say, then why did you take it out?

He didn't say that, he said he was always upfront about his condition when taking loans etc. His point being that the seller should have realised the PPI would never pay out.

Grin74

Update. Indentified Underwriter as Cinga International but, they claim, they only got 15-25% of the premium so best to go to the FSCS (Financial Services Compensation Scheme). However, rang them today and PPI claims are handled by Deloitte UK who are contracted to handle the claims. They will only deal with claims for products taken after regulation started (Jan 2005) and/or only for those where the company has ceased trading. They advised to go back to GE and find out who the broker was and write to them. Call me a cynic but we're being fobbed off and passed round the houses because no-one wants to accept responsibility or foot the bill. This is not over.:mad:

forresflower

dunstonh wrote: »

The sales person doesnt have to tell you that you can buy it elsewhere. Its something we see often posted on this board but its not a valid complaint reason.



If the health condition is serious enough to invalidate the bulk of the policy then you have a case to consider (subject to regulation at point of sale). However, if the health condition only prevents claims in that particular area of health and not other unrelated conditions then you dont have a claim.

If you knew that you wouldn't be able to claim up front as you say, then why did you take it out?

I didn't know I couldn't claim. I thought that the person selling the policy would know who the policy was suitable for and by being upfront about my health that there would be no confusion. I was told on more than one occasion that as long as it didn't prevent me from working then I would be covered. Obviously I now realise that the person who was selling the mortgage or loan was nothing more than a sales person with no more knowledge than myself about the policies they were offering. Anyway to update my situation I have had a further letter from GE money, even though the last two said they would not communicate further, full of apologies and admitting it was them who provided us with the PPI and they would look into my claim further. I am a wee bit confused now because one of their other letters said that I was over the time limit for a claim. Also because they are now over the eight weeks since my initial enquiry could they please have more time. I will update further when they get back to me.

Cheers.

roonaldo

forresflower wrote: »

. Obviously I now realise that the person who was selling the mortgage or loan was nothing more than a sales person with no more knowledge than myself about the policies .

Mortgages and associated insurance are sold by mortgage advisers, they have to be CeMAP qualified (or equivalent). Fact Finds are completed and numerous other documents. Mortgage PPI is usually a monthly PPI.

Loans dont have to be. Loans were poorer sales as they were usually sold by unqualifed people, usually single premium PPI and there wasnt as much documentation to be completed as a mortgage. They are often non advised sales, where they dont have to ask you about medical conditions, existing cover etc.

You can compare the sales and are completely different.

Grin74

Good luck to you Forresflower, let us know how you get on, am going crazy chasing different people. no one claiming they are responsible. Also, although i appreciate the advice on here is helpful, something a little more constructive would be good - theres a lot of 'you can't do this or that' or 'you're wrong' type comments. People come here cause they're struggling and would like pointing in the right direction, if possible please.

roonaldo

Grin74 wrote: »

Good luck to you Forresflower, let us know how you get on, am going crazy chasing different people. no one claiming they are responsible. Also, although i appreciate the advice on here is helpful, something a little more constructive would be good - theres a lot of 'you can't do this or that' or 'you're wrong' type comments. People come here cause they're struggling and would like pointing in the right direction, if possible please.

You are are right, but this person is being told these things for a reason. Either they want accurate information or to be told what they want to hear.

The OP is not going to get their money back. They cannot take it the complaint to FOS and its nots under remit of the FSCS either.

~Brock~

Grin74 wrote: »

Good luck to you Forresflower, let us know how you get on, am going crazy chasing different people. no one claiming they are responsible. Also, although i appreciate the advice on here is helpful, something a little more constructive would be good - theres a lot of 'you can't do this or that' or 'you're wrong' type comments. People come here cause they're struggling and would like pointing in the right direction, if possible please.

So you're actually saying that you woudl prefer to receive misleading advice about your chances because it will make you feel better?

You need to be very wary of the advice being dished out on certain 'other' forums and understand that there are many out there with such a jaundiced view of banks/financial services that their advice gets clouded by their own prejudices.

I also doubt that those giving advice that suggests taking these cases to court will be there to help bail you out when it all goes horribly wrong and you are facing a costs order.

magpiecottage

I have just found this page.

The significance of this is the reference to the GISC. That suggests it DID subscribe to the GISC Code. If so, then if it accepted business from an intermediary that did not it breached the code and you have grounds for complaint.

However, the fact that GE Money did not would not help you if it was arranged by somebody else who did subscribe.

roonaldo

~Brock~ wrote: »

You need to be very wary of the advice being dished out on certain 'other' forums and understand that there are many out there with such a jaundiced view of banks/financial services that their advice gets clouded by their own prejudices.

oh god I know what you mean, on the 'other' forum, the regulars crucified me for giving correct information and not join the bank bashing. i tried correcting them a few times and now they wont let me post! ha ha.