HammyUK v First National/GE Money

[HammyUK]

Right struggling like a lot of people on here with not working since last september after my accident.

Took out a loan with First National in September 2004 through a conservatory provider. Had a few problems with the provider which were sorted eventually and they then released payment. The loan was for £10.5k over 180 months.

Now after going through all our paperork to see where we have PPI and who to call, etc have found we have PPI o the FN loan which runs out in this september.

Looking at the paperwork, we only have an application form which was signed with the sales rep in our house and an acceptance letter which came afterwards.

HOWEVER looking at the form there appear to b all the required terms, APR, etc BUT it looks like the PPI was added to the cost of the loan.

NOW isn't this not allowed?

Does this void the agreement if there actually is one?

 

[alanalana]

Right struggling like a lot of people on here with not working since last september after my accident.

Took out a loan with First National in September 2004 through a conservatory provider. Had a few problems with the provider which were sorted eventually and they then released payment. The loan was for £10.5k over 180 months.

Now after going through all our paperork to see where we have PPI and who to call, etc have found we have PPI o the FN loan which runs out in this september.

Looking at the paperwork, we only have an application form which was signed with the sales rep in our house and an acceptance letter which came afterwards.

HOWEVER looking at the form there appear to b all the required terms, APR, etc BUT it looks like the PPI was added to the cost of the loan.

NOW isn't this not allowed?

Does this void the agreement if there actually is one?

 

Your Consumer Credit Agreement is illegible in some areas so It would be inappropriate for me to comment. Can you post a copy which is much clearer so folks can see the full detail before committing.

 

Is the payment protection the £724.02 figure?

 

If it is and it is included in the CCA then there is a question mark over it

but you will need to look in this thread for more advice.....

 

Is My Agreement Enforceable - Useful

 

and also here....

 

Multiple agreements falling within section 18 CCA 1974

 

IMO the Insurance and the Loan should be separate issues and require two signatures. They should not be linked but you will need to get further advice from the links above.

 

aa

[enamae]

They don't seem to have complied with Section 68 of the Consumer Credit Act which gives a 5 day cooling-off period. You signed on 28/09/2004 and they signed on 30/09/2004.

 

Cooling-off period

 

68. The debtor or hirer may serve notice of cancellation of a cancellable agreement between his signing of the unexecuted agreement and—

 

(a) the end of the fifth day following the day on which he received a copy under section 63(2) or a notice under section 64(1)(b), or

 

(b) if (by virtue of regulations made under section 64(4)) section 64(1)(b) does not apply, the end of the fourteenth day following the day on which he signed the unexecuted agreement.

 

enamae

[caro]

Hammy, I've unapproved your post which includes your credit agreement as it includes personal details. Could you post it again without them please.

[HammyUK]

Interesting.........

With the PPI, they sent a seperate letter above with the details but it is included on both the app form and the acceptance letter in the total amount.

[enamae]

Hammy you need to remove your First National Account Number from the Schedule.

 

 

enamae

[HammyUK]

OOPS missed that one - edited;)

[beachcomber60]

Subscribing with interest.

 

In a similar situation.

 

'Had' to have PPI even though I was self employed or the loan wouldnt be 'approved', also told that OH would be covered (which she isnt) and the ppi only covers 5 years not duration of the agreement (which wasnt stated at the time).

 

Like OP comments, PPI added to the loan, no cooling off period (they signed two days after we did. Like OP only have a bad copy of the agreement.

 

Already started my own thread on this one.

 

Beachy

[HammyUK]

Its ridiculous that they have got away with it for so long - guess its that we have always believed that they "knew" what they were doing and would do it properly

[beachcomber60]

Hammy, dont know if your going after the ppi, I will be, but if you do be prepared for their 'we weren't regulated at the time so we reject your complaint'.

 

I have sent off for a true copy of the agreement, as the customer copy we have is of poor quality, I would like to see the agreement be a multi agreement and thus could be unenforceable as ppi has been added as a 'credit' which means that interest is payable also ( if that makes sense), still reading up on multi agreements.

 

Beachy

[HammyUK]

The PPI is definately what I'm after as I wasn't aware it was on there!

It def looks lik a multi agreement as it is showing total charge, etc although theres an awful lot of "small print" on the reverse which I'm still trawling through

[enamae]

First National/GE Money come under the Financial Services Authority, and will advise you to contact them.

 

enamae

[beachcomber60]

First National/GE Money come under the Financial Services Authority, and will advise you to contact them.

 

enamae

 

 

Slight correction - pre January 2005 agreements fall under the FLA, Finance & Leasing Association.

 

I know because GE wont entertain mis selling ppi And keep telling me to contact FLA which if you look around the forum is a complete waste of time

 

Beachy

[enamae]

Slight correction - pre January 2005 agreements fall under the FLA, Finance & Leasing Association.

 

I know because GE wont entertain mis selling ppi And keep telling me to contact FLA which if you look around the forum is a complete waste of time

 

Beachy

 

My mistake.

 

I should and did know this as I'm also having problems claiming back PPI from GE money who have pointed me in the direction of the FLA.

 

enamae

[kopstar1965]

Hi,

Don't know if it makes any difference but in small print at the bottom of First National's paperwork it declares:-

A member of the Abbey National Group

 

Pursuing similar claim myself & getting similar results.

Andrew

[beachcomber60]

Hi,

Don't know if it makes any difference but in small print at the bottom of First National's paperwork it declares:-

A member of the Abbey National Group

 

Pursuing similar claim myself & getting similar results.

Andrew

 

Strange that one, whats the date of your agreement as First National is part of GE Money Home Lending.

 

Beachy

[kopstar1965]

My claim stems from an agreement dated January 2002, pre Abbey selling FN off to GE Money in 2003, also found this from 2001 on wayback:-

 

"The Company

This Site is made available by First National Bank Plc, a company registered in England (Company Registration No: 592986) whose registered office is at First National House, College Road, Harrow, Middlesex, HA1 1FB, United Kingdom.

First National is an authorised institution under the Banking Act 1987 and is regulated by the Financial Services Authority."

[HammyUK]

I don't really care who owns who - they have mis-sold the policy, added it to the loan and charged fook loads of interest on it.

I want it back as they won't pay out on it - so its useless.

[kopstar1965]

I know, I know, but people should care.

In my case they were regulated by the FSA when I took it out, in yours the FLA, i don't know how much joy anyone will get from the FLA, sounds like a members association, self regulation etc.

Consumers need to be aware of these things, if the company is outside the FSA your options are limited.

Andrew

[HammyUK]

Well if they're outside of the FSA then how regulated is it then?

Can those of us who have this "problem" not treat them the way they have treated us? If they aren't regulated then how far can they push it?

[lilal]

before 2005 they were self regulated or some banks were members of gisc .ge weren,t members of gisc so when the fsa took over regulation anything ge done before 2005 was not covered.ge subscribe to the fla basically the fla blows ge ,s trumpet about what the fsa would like to do in various banking /lending rules.no different to you or i joining the rac ,they get paid for looking after you when you need it .

no doubt your insurance was provided by pinnacle

draught a letter to ge ,stating why your policy was missold and you want the premiums returned .you have to get their final response before filing at court .ge aren,t just going to roll over and give it back you have to push them all the way .make it clear that you will take them to court .

be strong ,look at it like this you have taken out an additional loan(extra funds) to buy a policy for five years whilst paying for it over the full term:mad:.you are right to be angry they knew what they were doing at the time , you ,i and many others trusted these to provide us with a product which was right for what was suitable at the time , only to find out when you claim that things aren,t what they seem,sadly apart from the help on here you,re on your own .do it

[beachcomber60]

Just an update with my situation with this lot, sent off cca request and received their response today - what they have supplied is a faxed copy of a credit agreement which is TOTALLY unreadable so this is now a formal dispute

 

Good luck with yours

 

Beachy