Reclaim PPI from GE Money[ loans.co.uk] ****WON Loans.co.uk coughed*****

[Poor-Credit Borrower]

Thanks, ims21. Should it be sent to loans.co.uk or direct to the lender? Or maybe to the broker with a copy also to GE.

[ims21]

Whoever has written to you with the offer

[ims21]

anney has their own thread now which can be found here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?355186-GE-Money-PPI-Claim(2-Viewing)-nbsp

[Poor-Credit Borrower]

ims21 or dx100 or anyone,

 

i have now had a reply from Loans.co.uk, and

 

they have offered me the premium £9136.31

plus the interest paid on the premium to date (£884.89).

 

They have also included interest of 8% on the payments made towards the PPI (£4848.58).

 

They have said the "the 8% interest is paid gross and is potentially taxable,

so you may need to inform Her Majesty's Revenue & Customs of this part of the payment".

 

Would you advise me to inform them,

even though in the letter it states the words "potentially and "may"?

The possible tax is only on the interest, anyway.

 

This doesn't take away from the fact that the offer is good news!!

As it is their final offer,

I shall of course inform them of my acceptance on their Settlement Form.

 

I knew I had another question - and now I remember it!

 

They state on the form

 

"The monetary value of our offer is subject to the information Loans.co.uk (as the broker) has received from your lender & insurer

and we therefore reserve the right to amend our offer should any further information arise".

 

The broker have had 2 months to contact the lender,

IGroup Mortgages (now GE Money), and the insurer,

so I would think they'd have accurate information by now,

especially as the account as been settled 6 years ago now?

 

Thanks, pcb

[ims21]

I would have thought that they would have received the data from the lender. Have you not got all the financial data to be able to check the offer?

 

Yes you must declare the 8% interest to HMRC so that if you are a tax payer you can be assessed for the income tax that could be payable on it.

 

This is still a result.

[anney63]

Brilliant Thread so much help with Mine Thank You

[Poor-Credit Borrower]

ims21, I don't have the financial data in front of me now, but I do happen to remember that £9136.31 (in their letter) is the exact amount of the single insurance premium in their loan schedule so assuming they have calculated the interest correctly, this is the correct amount due to me.

 

As you say this is still a result. I'm glad that my thread has been of assistance to anney63 too

 

By the way, although I don't normally answer my house phone in the daytime or early evening, I happened to answer the phone to someone who asked me if I was "the home owner" and I said yes. Then they said they said they were from PPI Advice Centre - the name sounds almost like a government funded company but they are actually a private claims co. I said I had an offer of over £14k that I had dealt with myself and don't have any other accounts i wish to claim for. Then they said they could get me an improved offer - some compensation too and I said how much is that likely to be and they said £2000 or £3000. Then I said there's their fee, which would be about 25% and they confirmed it was that. They must think I'm stupid because even if I do squeeze £3k more, then they would take more than £4k commission (as the percentage is presumably on the whole, not just the increased, amount) - so I said I wasn't interested but might call them if I changed their mind (which I won't!).

[Poor-Credit Borrower]

I would have thought that they would have received the data from the lender. Have you not got all the financial data to be able to check the offer?

 

Yes you must declare the 8% interest to HMRC so that if you are a tax payer you can be assessed for the income tax that could be payable on it.

 

This is still a result.

 

So, in the absence of any advice to the contrary, I'll post my acceptance of their final offer today. I can declare the 8% to HMRC once received, especially as we're nowhere near the end of the tax year yet. Thanks, PCB

[ims21]

If you are happy with their offer then yes accept it.

 

And yes the interest will need to be declared in the tax year in which it is actually paid to you so assuming they cough up before 5th April 2013 it will be declared for the 2012/2013 tax year.

[Poor-Credit Borrower]

Thanks ims. And if they don't cough up well before 5th April 2013, I'll be on to the FOS - and will be claiming further interest!!

[Poor-Credit Borrower]

Just a quick question for ims21, or anyone:

 

for the settlement of the PPI,

I need to sign a confidentiality clause saying

 

"I confirm that the details of this settlement, including any specific amounts or documentation are and will remain confidential to Loans.co.uk

and [myself] and that such details and documentation will not be published or disclosed to any third party".

 

But I assume they'll have to check with the lender (GE) & insurer too?

 

! Shall I just sign it?

 

I'll post it by 1st class RD today

 

I expect what they mean is that I shouldn't post the precise amount,

for example, on sites such as these!

 

Think I may have stated the approx amount already on CAG.

PCB

[ims21]

I think we have established that you are happy with the offer haven't we?

 

I normally am not a fan of confidentiality clauses and I don't see in this case what they hope to protect. Its all been out in the open before you have been asked to sign.

 

Just going to do some checking for you. Back shortly

[dx100uk]

IMHO i would not sign it

 

CAG has helped you get it back

 

the info from your thread will prove invaluable in helping others inc WHAT YOU GOT in settlement.

 

to be allowed to be gagged, is, in effect gagging CAG too.

 

and future people, like yourself, from getting 'help'

 

as the full story is not known.

 

it also points to the fact that they do not want people to know they can be reclamied against & they cough!!

 

there are numerous threads here on them.

 

dx

[Poor-Credit Borrower]

Naturally, one *hopes* for added compensation, but realistically I'm unlikely to get it from GE - so, yes, I'm happy with the offer and I think the interested they have calculated is very similar to the one on our FOS spreadsheet that has a calculation tool.

 

Yes, the CAG have certainly helped; I will go with dx and not sign it. I don't think I will need to write a note saying why I'm not signing the clause? They are not allowed to make the offer *conditional* on signing it, I take it?

[ims21]

Hold fire for a bit....we're getting some more input on this for you

[Poor-Credit Borrower]

Sorry, just one very small point: Under the word Confidientiality, I had already erased in black biro the word "we" from "I/we" so I can no longer claim I didn't see it (but I haven't actually signed it or printed my name or date).

[Poor-Credit Borrower]

Ok thanks, ims. I'm sure I can post it tomorrow or even Sat or Monday rather than today...

[ims21]

Hi

 

Ok the opinion is to encourage you not to sign it as there can be no confidentiality where there is inequity and the mis-sale of PPI is inequitable.

 

So you will accept the payout but no confidentiality

 

Out of curiosity, is the confidentiality bit part of the letter of offer or is it in a different document?

 

Having said that, if you feel that it would speed up the pay out then there is no harm in signing it.

 

All of the dealings in this matter are in the public domain now anyway so there is nothing for them to gain by having it. We know the process that has gone on, the offer amount and so all of the detail is there for the world to see anyway.

 

ims

[dx100uk]

Naturally, one *hopes* for added compensation, but realistically I'm unlikely to get it from GE - so, yes, I'm happy with the offer and I think the interested they have calculated is very similar to the one on our FOS spreadsheet that has a calculation tool.

 

Yes, the CAG have certainly helped; I will go with dx and not sign it. I don't think I will need to write a note saying why I'm not signing the clause? They are not allowed to make the offer *conditional* on signing it, I take it?

 

 

if you wish add a short but sweet letter outlining that there is no requirement or permission to dictate a confidentally clause in the FOS stuff.

 

dx

[Poor-Credit Borrower]

Thanks to both of you for your reply.

 

It is actually a very pertinent question that ims has just asked:

the confidentiality clause is part of the same letter/document offering the 'full and final settlement' of my complaint

- it is just on the back of the same sheet, and on the front of that sheet it clearly says Continued overleaf................

 

The problem is that if I don't sign the confidentiality thing,

I wouldn't have signed the whole thing saying I'm accepting the offer

- as there is only one signature asked for

- unless I purposely sign at the bottom of the first sheet,

and not where it asks me to sign, in which case they might not accept it...

 

(I could say that I have mentioned it in outline already without stating the precise amount, my real/actual name and account number etc...)

 

What do you think now?

[ims21]

dx makes a good point which hadn't crossed my mind to be honest.

 

So you could sign the confidentiality doc and put in a letter as indicated by dx.

 

If you wish you can then notify fos as to what Loans.co.uk are up to.

 

We can help you with the complaint to fos, that's not a problem.

 

The advantages are.

 

1 -> You get the saga over and done with and get your money.

2 -> You still have all of the process in the Public Domain which would not be affected by the confidentiality clause.

3 -> Others can see the progress of this claim from start to finish and the tricks that are being attempted against fos and FSA guidelines.

4 -> The amount of offer ( as near as makes no odds ) is in the public domain

5 -> It shows that loans.co.uk will accept mis-selling claims and pay out on them (that's a boost to others)

6 -> A formal complaint can still be raised with fos about the conduct and fos can then choose how best to deal with them.

[Poor-Credit Borrower]

I agree with both of you. In the morning, I think I'll draft a short letter on this site for dx or you (ims) to agree before finally sending it off...

[dx100uk]

nothing to stop you crossing out what you do not want to be bound by.

dx

[Poor-Credit Borrower]

if you wish add a short but sweet letter outlining that there is no requirement or permission to dictate a confidentally clause in the FOS stuff.

 

dx

 

dx and ims, thanks again. I could put a line (or couple of lines) through the clause to indicate I'm not signing the confidentiality bit, but feel happier if I do add a short but sweet letter. I was thinking of something along the following lines:

 

"Thank you for your letter dated 21 June 2012, offering me a full refund of the PPI premium plus the interested paid, and also interest of 8% on the payments made towards the PPI. I am now happy to accept the settlement as indicated on this form.

However, I do not believe there is any requirement to sign a confidientially clause, which I knew nothing about prior to your letter, in order to finalise my claim for settlement. Moreover, it is inappropriate as parts of my claim, although not my name, address or account details, or the precise amount, are already in the public domain. I look forward to the remittance of the agreed sum into my bank account.

Yours sincerely, etc. etc. "

 

As there is plenty of space under the Confidientiality bit on the reverse side of the form, I may as well write my above comments/letter there rather than on a separate sheet of paper. Also, they can't lose it if it's all on one form.

 

I don't need to say that the 'public domain' is actually an advice forum? Do I need to put that such 'confidientiality' clauses are not recognised by the FOS?

I think I should post the settlement form today, as it is some three weeks since their letter to me now. I have already stated the precise amount of the premium itself on CAG.

 

pcb

Edited July 13, 2012 by Poor-Credit Borrower
unnecessary pronoun

[dx100uk]

Thank you for your letter dated 21 June 2012, offering me a full refund of the PPI

I am now happy to accept the settlement as indicated on this form.

i am not aware of any guidelines/rules that allow you to dictate Confidientiality

so i have crossed this out as i believe in free speech.