GE Money/IGroup/Loans.co.uk/Alabaster Ltd

Chrips

Hello

Can anyone help me out with my recent complaint?

In 2002 I took a loan with the IGroup to consolidate my debt which I superceded with another loan from First National Home Finance in 2004. Both loans were sold through brokers, the first with Loans.co.uk, the second with Ocean Finance. I did not sign up to payment protection with the first but had to take (was told I wouldnt get the loan without it) a front loaded PPI to the sum of £3k with the second. The loan was secured on my property which was subsequently sold and the loan cleared in full some 18 months later (£20k loan value, £3k ppi, total paid back £26k?!)

I contacted the FOS earlier in the year (regarding a PPI claim) to be told I need to contact the underwriter (Cardiff Pinnacle) as Alabaster Ltd aka Ocean Finance were not regulated by them. This I did (in the form of the FOS form); I received an acknowledgement from them advising they had 8 weeks to reply. 6 weeks into my claim I received another letter from them advising they had been unable to assess my claim but hoped to do so shortly.

During these 6 weeks I contacted GE Money (who are both the IGroup and First National Home Finance) asking for any information they may hold on me (account numbers provided) but all they could produce was the 2002 loan details. I had previously asked for details over the phone but again they couldnt find them.

The 8 weeks is up next week but I am chomping at the bit making all sorts of assumptions that because they cannot assess and GE Money cannot provide that this must mean my paperwork has been lost.

Is this a good thing, ie do my chances of claiming become higher or is this general practice in prolonging any potential claim?

Has anyone been in this situation? If so, would appreciate your comments. :j

Thank you

dunstonh

Both loans were sold through brokers,

Which is key information as it means the brokers have the liability normally.

I contacted the FOS earlier in the year (regarding a PPI claim) to be told I need to contact the underwriter (Cardiff Pinnacle) as Alabaster Ltd aka Ocean Finance were not regulated by them. This I did (in the form of the FOS form); I received an acknowledgement from them advising they had 8 weeks to reply. 6 weeks into my claim I received another letter from them advising they had been unable to assess my claim but hoped to do so shortly.

Normally in this case you would expect the firm to eventually reply saying its pre-regulation and you have no access to the FOS. The 8 week guide doesnt apply to you.

The 8 weeks is up next week but I am chomping at the bit making all sorts of assumptions that because they cannot assess and GE Money cannot provide that this must mean my paperwork has been lost.

more likely destroyed than lost. It was over 6 years ago.

Chrips

Thanks Dunstonh.

I believed the Broker had the liability too but seemingly through the FOS I had to contact the Underwriter.

Why wouldnt the 8 week rule apply to me?

I provided a copy of my agreement with GE Money as I dont have one with Ocean, as for the destroyed part, how would they hold records from 2002 and not 2004?

dunstonh

I believed the Broker had the liability too but seemingly through the FOS I had to contact the Underwriter.

FOS tell that to everyone as there is a very tiny minority where that can be the case. Success does happen but its rare.

Why wouldnt the 8 week rule apply to me?

Because it only applies to companies regulated by the FOS at the time of sale.

I provided a copy of my agreement with GE Money as I dont have one with Ocean, as for the destroyed part, how would they hold records from 2002 and not 2004?

Luck or mistake. Maybe a change of computer system (computer deletes records automatically in line with DPA requirements but earlier ones are manual? Could be anything.

Vickster1234

I started the ball rolling in march 2010 against loans.co.uk, and because they had gone into administration, thought that it would be better to get a ppi firm involved, they got straight on the case, it was sent to the F.O in sept 2010, and due to the backlog that they had got, we finally got a dicision through in dec 2012, and they ruled in our favour, but end of march 2013 loans.co.uk rejected the claim and have since bounced it back to the F.O for further investigation, now the reason why we shouldn't have been sold the ppi is because I work for the NHS, and have done for the past 13 years, and by all accounts back in 2006 when we went for the loan, it was classed as a secure job, and subsequently should not have been sold it, so it looks like the loan that we took out with GE money, through loans.co.uk, will be paid off before we get anything, and its due to finish in November 2014, has anyone else had the same issues, where the F.O has ruled in their favour, but the company has bounced it back, and have their claims been successful eventually, because I'm getting very bored of it all now!

roonaldo

Vickster1234 wrote: »

I started the ball rolling in march 2010 against loans.co.uk, and because they had gone into administration,

No they haven't gone into administration, they are actually owned by the Bank of America.

It sounds like loans.co.uk have argued the FOS's adjudicators decision and it will go to the Ombudsman for a final decision ( which will take another few months)