GE Money - the saga continues

gettinglifeback

After sitting and thinking things over, I believe FN/GE were infact agents to pinnacle pre - 2005 and bodoni agreement/refund proves this as no broker involved, so it is obvious that FN/GE included ppi to most agreements for a commission on the sale of such policies, and think I can prove this fact 100% and back up my last post

In 2005 it was decided that GE Money had to refund all its customers PPI Policies due to mis-selling , this included a £640,000 fine - this would of ran into millions , but it promised to return such policies and received a lower fine on the promise of returns

Also I have documented evidence from GE referring to commissions from sales of such agreements which states:

In relation to the comment that GE Money received commission from the insurer, our position is that a fiduciary relationship doesn't exist between lender and borrower, and therefore GE has no duty to disclose this information.

dunstonh, your thoughts will be greatly appreciated, another thing which I think is pretty important also, in 2010 when finding out that the ppi was with pinnacle, I contacted this company and were asked a series of questions before been put through to the GE section regarding ppi mis-selling (yes GE had a section at pinnacle insurance) to deal with complaints (strange I know)

This lead nowhere, and a few month later contacted pinnacle again , and this time round was advised that pinnacle no longer involved with GE money

gettinglifeback

dunstonh wrote: »

Are you saying that the PPI in your case was not supplied by a broker using a third party company but using the PPI offered with the lender?

That is a more unusual way of doing it but one where you could see success with the underwriter. Normally a broker would use an insurer that has no relationship with the lender (and the lender wouldnt get any remuneration for the insurance) What you are explaining in this post indicates that it is the lenders linked product that is being used. That link can make all the difference.

Yes definitely linked product

I have just been checking the PPI policie number A0062209???
GE credit agreement 0062209???-01

Put question marks so not to reveal full account numbers , see the credit agreement account number and the ppi policy number are the same , apart from the A placed at the start of ppi number (A - for Agent)
And the credit agreement does not bear the A , but - 01 after the account number

:T

roonaldo

In 2005 it was decided that GE Money had to refund all its customers PPI Policies due to mis-selling , this included a £640,000 fine - this would of ran into millions , but it promised to return such policies and received a lower fine on the promise of returns

where did you find this out? as from what I know GE Money have never been fined over PPI. dont get them muddled up with GE Capital who are a different company.

gettinglifeback

roonaldo wrote: »

where did you find this out? as from what I know GE Money have never been fined over PPI. dont get them muddled up with GE Capital who are a different company.

Hi thanks for your advice guess you are correct, never thought for one minute they were not one of the same

chargebackclaims.com/bankslenders/72-ge-money

Any thoughts on rest of previous post