Long time ago....

25OR624

April 2012 in fact, Wife and I put in a claim for PPI to the FOS for a claim against GE Money that had retained £1,700 of a refund of PPI when we settled the loan early.

Despite a couple of calls to FOS for a progress report (laugh) I have yet to hear anything positive, they have all the paperwork, but I have been advised that since it was a claim by both my wife and myself that this might have been the problem? And coupled with the fact that it was not a Mainstream lender it was somehow more complex!

So I now feel as though trying to speak with them I am somehow just making things worse for all the other poor souls by being a time waster, well that is virtually how they put it via the website and the condescending pre amble by the Director lady on the 'phone. ,

Perhaps someone on here has a similar problem or maybe advice as to what we can do.:)

[Deleted User]

FOS referrals typically take in excess of eighteen months, but longer periods are not unheard of.

You are basically in a queue, so the circumstances of your complaint are irrelevant to how long you wait.

All you can do is be patient, but do realise that there is no guarantee that the Ombudsman will uphold your concerns.

dotdash79

From an up date on this page in December 2013:

http://www.financial-ombudsman.org.uk/contact/PPI-your-case.html


We also talked about some of the ways we’ve been sorting out complaints in 2013 and the real benefits we’ve seen in approaching PPI complaints strategically. This year, we deliberately focused on where we could resolve the greatest number of PPI complaints for our customers. By initially turning our attention to complaints about some of the largest banks and credit card providers, we’ve been able to deal with tens-of-thousands of complaints at any one time. This has meant more than 350,000 PPI customers getting an answer to their complaint – a record for the ombudsman service and 60% more PPI cases than last year.

roonaldo

25OR624 wrote: »

April 2012 in fact, Wife and I put in a claim for PPI to the FOS for a claim against GE Money that had retained £1,700 of a refund of PPI when we settled the loan early.

GE sold single premium ppi which is added to loan and spread out of the repayments for the life of the loan, so if you redeem early the rebate will be taken off the loan balance and therefore reducing the debt. The refund would not go in your pocket as you had not paid for it. Is this what you mean?

25OR624

The loan was cash settled and the amount of £1,700 was charged for the period of the loan (about 7 months) GE made a part refund of the PPI that was for the period of the loan that was not taken up. (4yrs 5 months)

However as we were both not eligible to affect a claim on the PPI if needed the original PPI was mis-sold.

[Deleted User]

25OR624 wrote: »

However as we were both not eligible to affect a claim on the PPI if needed the original PPI was mis-sold.

Do note that this part refund would be deducted from any redress you might receive if FOS eventually uphold your complaint...

25OR624

Yes thank you I realise that, I wouldn't expect another pay out of what they had already settled.:think:

roonaldo

Can you clarify what your complaint is? Your first post is about a rebate being being retained (which would be the correct thing for them to do). Then post 5 suggests your are persuing a PPI mis-sale complaint. They are both completely different issues.

25OR624

roonaldo wrote: »

Can you clarify what your complaint is? Your first post is about a rebate being being retained (which would be the correct thing for them to do). Then post 5 suggests your are persuing a PPI mis-sale complaint. They are both completely different issues.

OK I will try... My wife and I took out a loan with then loans .co.uk. who now are GE Money. There was a charge on the loan of £7,200 which was for PPI. We cash settled the loan within six months or so.

£1,700 was charged as 'cover' for insurance for the 6 months that the loan was active.The remainder was paid back. However I understand that due to my and my wife's employment status that any claim for payment protection would not have been possible.

In truth, without the PPI the loan would not have been granted. Therefore we complained to the FOS the claim is still 'active' but I have been advised by FOS is not 'straight forward' as the loan was not a mainstream lender and requires specialist consideration

[Deleted User]

25OR624 wrote: »

There was a charge on the loan of £7,200 which was for PPI.

There was no "charge" on the loan, the extra amount was the cost of the PPI.

25OR624 wrote: »

I understand that due to my and my wife's employment status that any claim for payment protection would not have been possible.

If the Bank have rejected this reason, then are you absolutely certain your circumstances precluded you from claiming? Many PPI policies DID cover the self-employed, for example. Before referring this to FOS I'd have checked the policy's terms.

25OR624 wrote: »

In truth, without the PPI the loan would not have been granted.

Unfortunately, even if this is "truth", you can't prove this allegation and this weakens your complaint.

roonaldo

25OR624 wrote: »

OK I will try... My wife and I took out a loan with then loans .co.uk. who now are GE Money. There was a charge on the loan of £7,200 which was for PPI. We cash settled the loan within six months or so.

£1,700 was charged as 'cover' for insurance for the 6 months that the loan was active.The remainder was paid back. However I understand that due to my and my wife's employment status that any claim for payment protection would not have been possible.

In truth, without the PPI the loan would not have been granted. Therefore we complained to the FOS the claim is still 'active' but I have been advised by FOS is not 'straight forward' as the loan was not a mainstream lender and requires specialist consideration

Ok fair enough, single premium ppi is bad and there are rebate issues. The only thing is Loans.co.uk are owned by Bank of America/MBNA in Chester not GE Money, if loans.co.uk sold the loan and PPI the complaint needs to be against them them not GE Money. You may want to resolve this now as you dont want to be waiting for months and FOS just kick back the complaint for this reason.

Most PPI does cover self-employed, its just more difficult to claim unemployment on some policies. So have you checked this?