GE Money/FinanceProvider.co.uk

wicked_witch_2

Hi

I’d be very grateful for any advise anyone is able to offer.

I submitted a PPI claim back in November to GE money about mid-selling of PPI and also the unfair settlement fee of a secured loan, (£5000 more than the original loan despite having made seven years of payments).

I’ve received a letter from GE Money saying they are not responsible as while they provided the finance the policy was taken out through the finance provider.co.uk and have given their address as a residential street in Cheshire.

I’m progressing to the financial ombudsman as I don’t think this is correct.

They have also completely ignored the section of my complaint on the settlement figure.

Any advise on what I should do next apart from write to financial ombudsman? Not sure if I should write to this financeprovider address but wary of sending my personal details to what appears to be a normal residential address not a finance company.

Many thanks

SonOf

I’m progressing to the financial ombudsman as I don’t think this is correct.

An awful lot of GE Money loans were arranged via third party brokers. So, it doesn't necessarily sound wrong.

The loan arranger is liable for the sale of any PPI. Not the lender. By going to the FOS, the adjudicator will ask GE Money if they sold the PPI. GE Money will say no and the FOS will reject the complaint and tell you to refer your complaint to the seller.

The FOS will not be able to consider your complaint against the seller as they were only authorised between 14th Jan 2005 and 25th March 2008. They are no longer authorised and the FOS cannot adjudicate on complaints against companies that are no longer trading.

If the loan sold between 14th Jan 2005 and 25th March 2008, then the FSCS will consider the complaint, providing you make it before the deadline.

If the loan was sold before the 14th Jan 2005, then your complaint is over and you give up.

They have also completely ignored the section of my complaint on the settlement figure.

The PPI complaints team deal with PPI complaints. Not other areas.
That said, if you were unhappy about early repayment terms, then you should not have bought the loan in the first place. It is too late after the event unless the terms breach the original agreement. As the loan would almost certainly be regulated under the consumer credit act, it is unlikely that GE Money breached the terms. If you wish to continue with that complaint, you need to raise it separately and also point out what they have done wrong. You can't just say you are unhappy with it being £5000 more than the original loan as that does not indicate a wrongdoing. Indeed, it is quite normal where repayment happens early in the period when PPI was added upfront as well as a broker fee.

Without you identifying a breach of the consumer credit act, they will say they complied with the consumer credit act and the terms of your agreement.

Reds33

Hi, I had the same response then found out it was Santander who were now responsible, so it might be worth contacting them.

SonOf

Reds33 wrote: »

Hi, I had the same response then found out it was Santander who were now responsible, so it might be worth contacting them.

The response from GE Money has told the OP who carries the liability. It won't be Santander.