GE Money from 2004

[pinknico]

How was the PPI added?

[chrisb333]

Sorry, how do you mean?

[pinknico]

Sorry wasn't very clear of me was it!! When PPI was put on second loan was it automatic as in left on from original loan ? And did the cost of PPI go up?

[chrisb333]

Sorry Mate, I've got my dates wrong.

The first loan WAS 04 but the 2nd loan wasn't 05 it was signed by us on 17/11/04.

The 2nd PPI was £1000 added to anohter loan of £5000 to make a total of £6000 credit as a totally seperate loan to the first.

 

Both loans were paid off in June 05 when we remortgaged our property.

 

No idea what percentage of both PPI's were paid back as never received any PPI confirmation other than for total loan amounts.

 

Am I back to square one?

[pinknico]

OK so to recap, second loan 17/11/04 with Ocean Finance, should be covered by FOS.

What reasons are you giving for mis selling on second loan?

 

If you want to know figures, SAR GE Money for all documents on both loans.

[chrisb333]

Same reasons.

Lets face it, it was a notorious [problem].

I paid over £3,777 for insurance that I never needed or was ever gonna need.

Don't have a clue how much was refunded as never had break down of PPI refunded if any!

 

Also, I have a letter from Ocean claiming they werent covered by FSA until 14th Jan 05. Is this the same as the FOS?

[pinknico]

I have been on the FSA website and it says 31/10/04

 

Best thing to do , call the FSA and ask, say you have been told the register shows the date as 31/10/04. And see what they say. They are nice and helpful at the FSA.

Do you have a company number for Ocean on that letter?

[chrisb333]

Right, I phoned the FSA

The date you stated was the date that companies were registered for Mortgages

 

Insurance service were regulated on 14 Jan 05, so Ocean werent covered by regulation it appears.

 

The FSA advised me to seek legal help as the only option.

 

Obviously I cant afford to do that.

 

So lloks like they have gotten away with it unless anyone else knows differently

 

But many thanks for your advise

[chrisb333]

Oh yes, the answer to your question about company number.

 

Theres a couple of them.

 

Company Registration number is- 4892540

Consumer credit Licence No- 550081

[pinknico]

How annoying . I am so sorry to get your hopes up.

[iconoclash]

Hi - I have also been trying to get my money back from GE re PPI - have jumped through all the hoops re FSA etc and the end result after a year+ is that they are/were not covered by schemes and I am so cross about this particular company getting away with so much with so many people, I am wondering if we could try to utilise our collective 'clout' and put together a mass complaint, perhaps set up one of those petitions to Downing Street or something and make ourselves heard far and wide - GE is general electric isn't it? an american company? - they seem to have a lot to answer for!!!

[lilal]

Hi - I have also been trying to get my money back from GE re PPI - have jumped through all the hoops re FSA etc and the end result after a year+ is that they are/were not covered by schemes and I am so cross about this particular company getting away with so much with so many people, I am wondering if we could try to utilise our collective 'clout' and put together a mass complaint, perhaps set up one of those petitions to Downing Street or something and make ourselves heard far and wide - GE is general electric isn't it? an american company? - they seem to have a lot to answer for!!!

probably the only way is to take them to court. i doubt going to downing st would be any good .birds of a feather as they say flock/stick together,who runs the regulators where were they when we were getting ripped off ,now if only guy fawkes was still about:cool:

[iconoclash]

Hi - hope its ok to post this link - might be here already somewhere, its about the FSA action against GE

 

http://www.fsa.gov.uk/pubs/final/gemhl.pdf

[alanalana]

I agree with pinknico,

 

It is much like a many of the store cards being pushed your way they get you to sign up with or without PPI but your payments on that card go to GE finance in this case I believe the fight would be with the store. Much the same with a lot of other organisations it is GE collecting the money but the organisation promoting the card and PPI are the ones providing the forms in store getting you to sign up with little or no advice from the person pushing the product.

 

aa

 

PS

but fall behind with payments and GE will come down hard. This is the type of issue causing problems on PPI reclaims. Who do I claim from??

Edited January 11, 2009 by alanalana
PS added

[chrisb333]

Hi - hope its ok to post this link - might be here already somewhere, its about the FSA action against GE

 

http://www.fsa.gov.uk/pubs/final/gemhl.pdf

 

 

What does all that mean to me?

The FSA are saying that GE were NOT covered by them when I took out this loan, so I can't see the relevence of this for me.

 

Am I missing something?

[chrisb333]

I have about £350 mortgage arrears with GE money.

This has created £40 per month charges so I also owe about £240 in charges which is a seperate account apparently.

 

Due to the recent rate decreases I have received a letter every time informing me of the new repayments.

For example in January they wrote

"We are writing to advise you that following a change in Barclays Bank PLC base rate from 2% to 1.5%, the interest rate pplicable to your loan as decreased from 4.5 to 4.

I accordance with the T & C's of your mortgage, your monthly instalment has changed to reflect the change in base rate. We will also be adding a further change to your monthly instalment to include repayment of £234 which has been added to your account. Your new monthly instalment will be £380 with effect from 28th Feb 09

The sentence in red is the part I dont understand as this £234 isn't showing in my statement and their is no mention of what it's for.

I have a charge of £40 per month for the 6 months I have been in arrears but it doesn't say that it's for that.

 

Anyone any ideas?

I have phoned them but they keep saying its the charges added to the mortgage, but I can't see how it can be as I have had one of these payments everytime the rate has decreased!

[midge61]

hi

 

I would write to them (recorded del) not phone and make a complaint that they have not explained these charges fully.

 

They will then have to respond.

 

If you do not get a satisfactory reply then file a complaint with the FOS.

 

Good luck

[theotherside]

That amount is the current balance of the fees & additional interest on your account. Its spread out over the term of your mortgage.

Once your payments are up to date, that amount will stop increasing as you wont be incurring anymore £40 charges.

 

Its not the best explained letter but its not as bad as it looks

[chrisb333]

Hi,

 

I was recently able to pay off my mortgage arrears.

There was only one months arrears but it took me 6 months to get them paid off.

 

Problem is GE have charged me £350 in charges 6 x £40 charges for every month and other interest etc charges.

 

Can I do anything to get these charges reversed?

Is there a letter template anywhere as I can't seem to find one?

[chrisb333]

anyone?

[diamondgirl]

bump

[theotherside]

You would have been advised of them when the arrangement was made and also in the letters.

[enamae]

Yes you can reclaim the charges.

 

You need to adapt the bank charges Prelim Letter to suit a mortgage account and send to GE Money together with a list of the charges that you are claiming. Give them 14 days (+2 for postage)to respond favourably/refund.

 

If they do not agree to the refund within the specified time, send an adapted Bank Charges Letter before Action (again with a list of the charges you are claiming).

 

Should they still refuse to comply with your request complain to the FOS enclosing copies of all correspondence between you & GE Money. They will then chase GE Money for you.

 

Preliminary Letter

 

Letter Before Action

 

enamae

[chrisb333]

They don't enter these charges on the statement.

It's a seperate account apparently, so I have no idea how they worked out the interest and charges, apart from the total amount that they tell me I owe?

[frettful38]

Hi chrisb333, I am in a similar situation as you. Blemain have charged me 9 X £35 for letters about my arrears. I have cleared all my arrears and I am currently up to date. I was looking to see if I was entitled to ask them to refund my charges. It is an uphill struggle and I can understand your frustration, and we need to know what our rights are about reclaiming these charges from these institutions.