PPI Reclaiming discussion

tiggrae

babsybabe wrote: »

Hi - I'm a newbie to the discussions but a big fan of the site.

I'm trying to reclaim PPI I believe was missold as part of a loan. The loan is administered by GE Money but was originally taken out through Creditlink.

I wrote to GE who told me I needed to take it up with Creditlink. I then wrote to Creditlink but have received notification that the company has ceased trading.

What do I do now?

Is it worthwhile writing back to GE and asking them who they now administer the policy on behalf of?

Hi there, you may have a bit of a problem here as it's always the company or financial adviser who sold you the policy who you go after for mis selling (it's exactly the same with endowment miss selling), so it doesn't matter who administers the policy now - unless of course they bought Creditlink out. What you need to do is find out what is meant by ceased trading - is that gone bust or has been taken over.

lilly1_2

babsybabe wrote: »

Hi - I'm a newbie to the discussions but a big fan of the site.

I'm trying to reclaim PPI I believe was missold as part of a loan. The loan is administered by GE Money but was originally taken out through Creditlink.

I wrote to GE who told me I needed to take it up with Creditlink. I then wrote to Creditlink but have received notification that the company has ceased trading.

What do I do now?

Is it worthwhile writing back to GE and asking them who they now administer the policy on behalf of?

GO TO THE FINANCIAL OMBUDSMAN THEY WILL KNOW WHAT TO DO NEXT, IT DOES NOT MATTER IF THE CO HAS STOPPED TRADING THEY WHERE STILL REGULATED AT THE TIME BY THE O/MAN GOOD LUCK

lilly1_2

Sorry See Above

m.colak

cocker100 wrote: »

Hi,

The wording about the interest rate is in the terms and conditions of the loan. It goes as follows:

"We may from time to time vary our interest rate. We may increase or reduce our interest rate to reflect a change which has occurred, or which we reasonable expect to occur in interest rates generally or to ensure that our business is carried on prudently, efficiently and competitively. The interest rate on your account will not in any twelve month period, vary by more than twice the variation in the Finance House Base Rate published by the Finance and Leasing Association during the same period. If for any reason, the Finance and Leasing Association ceases to publish the Finance Bate Rate we may refer the variation in our interest rates to any other Base Rate which in our reasonable opinion best matches that rate."



There is also a question in the FAQ's booklet.

Q: How does the variable interest rate affect my loan?

A: Your monthly repayments may go up or down from time to time to reflect, for example, trends in interest rate movements.

Any ideas???

As i thought its a tracker. Check the base rate when you took the loan out. Minus the base rate from the loan interest rate and this should be your tracked rate. Now check that when the base rate changed you interest rate changed (that is positvely and negatively). If there is a huge variation then this is what you take them to court for. Unresonable business pratices.

stikiuk

Hi all
Ive had a reply from Welcome regarding the mis selling of PPI, can someone please explain to me what this actually means

"If you decide to refer your complaint to the FOS, considering the documentrs available to me, we would request your claim to be dismissed under the FOS rule DISP 3.3.1 (3) R on the grounds that it has not reasonable prospect of success" .

Thankyou in advance x

Lucky7_3

Can anyone help on this one:

I wrote to HSBC, to claim back the PPI on my credit card, based on the fact that I was not given the correct information when the policy was sold to me. Whilst the HSBC are unable to locate the original application, they are saying that I must have been aware of the policy, as the policy would not have proceeded without my agreement.

Can anyone advise what I should do as the next step? Thank you.

Kaia_2

dreamer33 wrote: »

Has anyone had PPI sold to them through Freedom Finance I'm really keen to know?

Hi there, only just read up on ppi mis selling and sent off letter today, realised back in december we were mis-sold and sent letter to GE money , but told that back when we took out loan it was sold by broker Freedom Finance and we need to take it up with them. letter posted today.
Did you had any luck in reclaiming?
Kaia

Kaia_2

Hi ,
We have an 18K loan with GE Money, sent a letter back in December to reclaim mis-sold PPI, had a reply within 4 weeks to say we need to take the matter up with Freedom Finance as they were the broker who sold the loan to us, so have sent off the template letter to them today.
Anyone having been down the same route....any advice would be most welcome, will keep you all posted on any outcome.
Kaia

Mum_of_3_3

OK Here's our story.

My partner took out a loan & unbeknown to me he signed up for PPI, but I only found this out after we had been paying it for 1 year or so (we had about 3 years left).

As he's self-employed I told him it was a waste of time so he went back to the bank and was told that they couldn't cancel the PPI aolne, so he had to take out another loan (which would pay off the old loan etc).

However, I had a real go at him when he came home (poor sod!!!) as he had re-loaned for the original period (4 years) and was paying more than the original loan which had PPI on it!

So I have two questions:
i) can we reclaim the PPI on the original loan - he's self-employed and therefore the sickness part is not applicable
ii) can we claim any money for the re-loan as I fel he was mis-sold.

Surely they should have advised him that taking out the second loan to repay the first was unwise as the interest rate had gone up massively and would counteract any non-PPI savings?

My dear partner was completely unaware what he had done until he bought home all the paper work and I sat down and explained it to him.

Final bits of info (honest!): The first loan was taken out in 2003 and the second in 2004. We only have 4 more repayments to make on the second loan and the first was paid off in 2004 when he reloaned.

Any help would be more than greatfully received.

M_o_3

Meant to add that I had chalked it all up to experience until I saw the reclaim PPI notice on this site!!! Horray for MSE

lilly1_2

I Think You Should Contact The Financial Ombubdsman Direct, It Looks Obviouse To Me That You Have A Good Case, If You Are Self Employed Ppi"s Are No Good Because You Can Never Ever Make A Claim
Good Luck