GE Money, brokers for loans pre 2005

chrissy32

Hi I wrote to GE money in respect of claiming back PPI on two loans taken out in 2004 with PPI which related to two home improvement projects with Everest. GE money have written back to say they provided the finance but the PPI was sold to me through Caradon Everest Ltd. I did a check on Companies House and I don't think Caradon Everest Ltd exist anymore. GE money tell me the policy was underwritten by Cardiff Pinnacle and I have seen their name crop up on a few posts here. I have also seen posts saying that loans taken out pre 2005 are likely to be very difficult in terms of claiming PPI claims. Do any experts have a view on my chances were I to write to Cardiff Pinnacle or the last known address of Caradon Everest Ltd? Would my chances of any redress be improved if I were to seek redress for the PPI I paid for after Jan 2005? Thanks

magpiecottage

You can seek redress for a misSALE, so it is when the policy was SOLD, not when it was paid for that decides what rules apply. So premiums paid for a policy sold when the old rules applied will be judged against the old rules - and the seller. Not the time they were paid or who they were paid to.

chrissy32

Thanks magpie. Since I posted my thread two things have come to light 1) Caradon Everest Ltd do exist but under the name Everest Home Improvements - they have given me an address to write to. However I am struggling to see GE's logic that they only provided the money not sold me the insurance product. I think that is a fob off. 2) I have read FSA Handbook 10/12 which advises that in their opinion standards for pre 2005 PPI sales from bankers, insurance companies etc ought to be subject to the same rigour and integrity as post 2005 sales (my words). I accept GE were a lender and perhaps not a 'seller' but as a 'responsible lender' they ought to be subject to the various industry codes of practice that the FSA Handbook is aimed at. I am going to write to the CEO of GE and remind them of that. Perhaps I should also write to the underwrite of the insurance too Cardiff Pinnacle...

chrissy32

Magpie - may I ask a quick question - I have since learnt GE were not 'signed up' to the GISC code, do you know if this is correct? (I gather the underwrites Cardiff Pinnacle were subject to GISC)

[Deleted User]

A PPI mis-selling complaint involves the actual sale of the insurance. You cannot complain about PPI to a financial institution unless it was originally mis-sold by them.
Therefore,since GE didn't actually sell you PPI and in addition it was bought prior to January 2005, GE were not regulated and can (and did) reject your complaint on that basis.

I cannot see any reason why you would think writing to the chief executive would in any way change this. You'll just receive a curt rebuttal and a reminder that they have already rejected your complaint.

You may have more success with Cardiff Pinnacle, but it is by no means certain.

Insider101

chrissy32 wrote: »

Thanks magpie. Since I posted my thread two things have come to light 1) Caradon Everest Ltd do exist but under the name Everest Home Improvements - they have given me an address to write to. However I am struggling to see GE's logic that they only provided the money not sold me the insurance product. I think that is a fob off.

It's amazing how many people come out with this comment. I think in many cases it's because it's what they want to believe.

The logic is very simple. You are complaining that you were misSOLD the PPI policy. I.e that the person who sold you the cover provided false, misleading or inaccurate information and caused you to purchase a product that you would not have done had you been correctly informed.

They have responded to state that they were not the party that sold you the cover and any misleading advice or information was not provided by them. Therefore, you are effectively accusing them of something they didn't do. The policy was sold to you by Caradon Everest and underwritten by Cardiff Pinnacle. GE have had nothing to do with it other than having agreed to lend you some money alongside the PPI.

They are right here I am afraid.

roonaldo

It's about PPI mis-selling. You cant allege someone mis-sold you something when they didnt sell you anything.