GE money ppi help please :)

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
10 replies 1K views
robbo523robbo523 Forumite
8 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
hi back in april 2004 we had a £30000 loan with ge money with the ppi totaling £4800, it got paid off 2006, i have recieved a copy of the agreement that says i had ppi, i phoned ge about the ppi and they said its got nothing to do with them that it's freedom finance i need to speak to but they no longer exist, contacted the fs and they wont help due it being taken out before 2005, any advice on where to go next?

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  • roonaldoroonaldo Forumite
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    there is nothing you can do. It's pre-regulation, broker doesnt exist and not under FSCS remit.
  • dunstonhdunstonh Forumite
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    Game over before you start. You have no-one to complain to as the seller is no longer in business and it is pre insurance regulation.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 31 October 2012 at 11:24AM
    calce1987calce1987 Forumite
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    edited 31 October 2012 at 11:24AM
    Unfortunately you are unable to claim but not for the reasons stated above, according FSA Dispute Resolution: Complaints (DISP) a company does not have to consider a complaint if it it outside the timescales for referral to the Financial Ombudsman Service (FOS). The Ombudsman cannot consider a complaint if the complainant refers it to the FOS:

    More than:

    a) six years after the event complained of; (2004 loan start date)

    b) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint; (2006 loan end date)

    As a result your complaint would be 'timebarred' and would not even be considered.
  • di3004di3004 Forumite
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    Mine was taken out in 2001 (GE), and Santander did investigate, and as expected rejected, they rejected due to the fact of not being able to track down the information. Then said to take to FLA if I want to, as also expected because I am well aware they were not FSA registered etc, and I do know there is not much succcess the FLA avenue. Because they would want to see information that the business had not already seen. So just thought I would give it a go and rule them out anyway.

    At the same time as sending the letter about the ppi, I sent a SAR request to the Data protection unit, and within time did receive the information on the account.

    As I had now had new information, my case has now been with the FLA for the last few weeks, still not holding much hope, but giving it a go anyway, see what happens.
    The one and only "Dizzy Di" :D
  • di3004 wrote: »
    Mine was taken out in 2001 (GE), and Santander did investigate QUOTE]

    Can I ask when the PPI was cancelled?

    A company can 'timebarr' a complaint if it does not meet the requirements above but I suppose soem company's may consider the complaint even with this get out clause.
  • di3004di3004 Forumite
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    calce1987 wrote: »
    di3004 wrote: »
    Mine was taken out in 2001 (GE), and Santander did investigate QUOTE]

    Can I ask when the PPI was cancelled?

    A company can 'timebarr' a complaint if it does not meet the requirements above but I suppose soem company's may consider the complaint even with this get out clause.

    April 2004, all settled up. Cheers.;)

    Please also accept my apologies, the date opened was 1997, not that of 2001 as said in my above post, got that date confused with another separate matter, cheers.
    The one and only "Dizzy Di" :D
  • roonaldoroonaldo Forumite
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    calce1987 wrote: »
    Unfortunately you are unable to claim but not for the reasons stated

    actually the reasons state above are correct. you are going off point as this is a broker sale.

    you are saying they can time bar, but they cannot time bar as the company doesnt exist, there is no one to time bar it! hence what we said was correct.
  • roonaldoroonaldo Forumite
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    calce1987 wrote: »
    Unfortunately you are unable to claim but not for the reasons stated above, according FSA Dispute Resolution: Complaints (DISP) a company does not have to consider a complaint if it it outside the timescales for referral to the Financial Ombudsman Service (FOS). The Ombudsman cannot consider a complaint if the complainant refers it to the FOS:

    More than:

    a) six years after the event complained of; (2004 loan start date)

    b) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint; (2006 loan end date)

    As a result your complaint would be 'timebarred' and would not even be considered.

    this is a bit of a contradiction. this is from as you have said the DISP rules and you refer to FOS. Freedom Finance were not under FOS jurisdiction for sales as this time. ths is also pre-regulation sale too.
  • [Deleted User][Deleted User] Forumite
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    I am beginning to wonder about calce1987....
  • magpiecottagemagpiecottage
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    calce1987 wrote: »
    Unfortunately you are unable to claim but not for the reasons stated above, according FSA Dispute Resolution: Complaints (DISP) a company does not have to consider a complaint if it it outside the timescales for referral to the Financial Ombudsman Service (FOS). The Ombudsman cannot consider a complaint if the complainant refers it to the FOS:

    More than:

    a) six years after the event complained of; (2004 loan start date)

    b) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint; (2006 loan end date)

    This is incorrect.

    Freedom Finance PLC (which subsequently changed its name) went into liquidation last year and declared in default by the Financial Services Compensation Scheme.

    That means it has no resources to meet any claim against it. Consequently the Financial Ombudsman Service will not consider any complaint about it because any award it made could not be paid and would therefore be meaningless.

    If the sale was made on or after 14 January 2005 then the FSCS will consider a claim although that is not the same as saying it will decide compensation is due.

    Prior to that it has no jurisdiction.

    The rules about FOS jurisdiction prior to that date are a little different. If a firm sold PPI under the jurisdiction of the GISC then FOS inherited that jurisdiction if, as in the case of Freedom Finance, it subsequently became directly authorised by the FSA (as opposed to being a representative of somebody else).

    That is somewhat academic, because there is no equivalent provision with the FSCS.

    The six year/three year rule is correct except that for it to apply the firm has to claim the right to timebar and FOS can overrule it if it believes there are exceptional circumstances (which generally means a serious medical condition or bereavement) - and even then, they will not hold the window open indefinitely.
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