Ge money ppi

Clairej1234

Hi can anyone help I took out a secure loan with ge money for £4000 in October 2003 we didn't opt for ppi but after receiving a copy of agreement it was added in a single premium of £500 against myself and £300 for my then partner who was unemployed at the time both were sold by different companies the one was Curaças part of freedom finance and the other a company called credit link both have ceased trading contacted ge money but they have dismissed both claims has they did nit sell policies fos said because they were taken before jan 2005 they cannot help today ge money sent me a copy of orignal agreement showing the underwriter has Cardiff pinnacle how do I proceed with this or is it a waste of time

magpiecottage

You cannot complain about simply having PPI. In itself it is neither "good" nor "bad". It has a cost and it has benefits.

Your complaint is therefore that it was missold. But only the seller can missell something.

If I can give an analogy, suppose you were allergic to nuts. You ask a shop if a particular cake has nuts in it and they say "no" when it does. It is not the fault of the baker unless he said it did not have nuts in it when it did. If he told the shop it had nuts in - or if they simply didn't bother to ask - it is not his fault.

PPIRanger

magpiecottage wrote: »

You cannot complain about simply having PPI. In itself it is neither "good" nor "bad". It has a cost and it has benefits.

Your complaint is therefore that it was missold. But only the seller can missell something.

If I can give an analogy, suppose you were allergic to nuts. You ask a shop if a particular cake has nuts in it and they say "no" when it does. It is not the fault of the baker unless he said it did not have nuts in it when it did. If he told the shop it had nuts in - or if they simply didn't bother to ask - it is not his fault.

This is not entirely true. GE money were acting as Pinnacle's agent at the time and the broker in turn acted as the agent of GE and therefore a sub-agent of Pinnacle, making it responsible for the actions of the seller at the time. As Pinnacle was a member of the Insurance Ombudsman Bureau it is liable to answer mis-selling complaints for sales pre-dating ICOB (14/01/05). You should complain to them about it. Don't say you weren't aware or they'll try to time bar you. Tell them you were told you had to have it and say nothing more!