GE Money-how to get out of loan

[the big g]

Hi everyone,

 

It's been six months now but the wheels of the FOS are at last turning and i've heard from them with the view of a decision, so i'm expecting to hear within days of my mis sold PPI claim against GE Money and Loans.CO.UK.

What i need to be looking at now is, if the decision goes against me how do i get out of the loan? I'm thinking if i go back to GE Money i shall have to take out another loan with them without the PPI, this will cost me i think because,

I have spoken to my bank and they have offered me a good deal, with me arranging stand alone PPI if i'm not happy with thier rate.

What i need to know is, is this my best option, talk to GE get a new loan without PPI then transfer to my bank at what would be a much lower interest rate, but having to pay an early settlement fee.

Of course if the decision goes for me problem solved, i'm hopefull the decision will go in my favour but if not whats my best option.

 

All replies gratefully received.

 

The Big G

[pinadagolf]

Hi ,The Big G

S orry can't help with the problem about getting out of the loan, but without divulging too much what was your main reason for mis selling?

Best Wishes and GOOD LUCK ,am keeping my fingers crossed for a good outcome! Pinada Golf lady:D

[ncf355]

Best option seems to be to go for a Section 77 request (assuming its for a fixed sum) to get the original executed agreement and pick some holes in it

[the big g]

Best option seems to be to go for a Section 77 request (assuming its for a fixed sum) to get the original executed agreement and pick some holes in it

 

Thanks for the advice, i just await the outcome from the FOS,fingers crossed and just about everything else at this stage.

 

The Big G

[the big g]

Hi ,The Big G

S orry can't help with the problem about getting out of the loan, but without divulging too much what was your main reason for mis selling?

Best Wishes and GOOD LUCK ,am keeping my fingers crossed for a good outcome! Pinada Golf lady:D

 

Well after reviewing many threads on the CAG pages i knew i had been mis-sold, mainly for the following reasons;

1. I was never told at the time of loan application about other types of PPI insurance ie, stand alone policies and monthly payments, the PPI recommended was full premium up front as part of the loan. And the agent for Loans.co.uk filled out the form and ticked the box withot mt knowledge.

2. i was told that to ensure the loan was approved, by selecting their approved insurance provider the application would be approved.

3. I never have to this day received any policy documents and have since found out none exist.

4. And add the fact that both Loans.co.uk and GE Money have been fined around £600,0000 each for mis-selling PPI for the above reasons.

5. PPI does not pay out if sold when the person(s) are self-employed or unemployed at the time of applying, have a medical condition at the time of applying as well.

As i said by searching the PPI threads you will see that this type of insurance selling has been going on for sometime and now is coming to light just how many people have been caught out.

At present the Office of Fair trading is currently investigating this practice because they believe it's been a big money making [problem].

Hope this helps

 

The Big G

[Goldlady]

I would escape from GE asap. Depending on the terms of the early settlement fee (our GE loon has a 2.5k early settlement penalty which would apply even if we settled a day before the 15 year term ends!) you may be able to reclaim it, although I know it is a bit of grey area.

[the big g]

Hi,

 

I guess my claim is really with LOANS.CO.UK and not GE Money,i'm hoping the result goes my way,removing the PPI from the loan, i can then get a settlement figure from GE Money and re-finance with my bank at amuch better interest rate.

 

The Big G.

[Goldlady]

oops just spotted a typo in my last post - I said 'GE loon' instead of 'loan' but actually think that is a far more appropriate description. Only a loon takes out a loan with GE

[the big g]

Well Goldlady,

 

God does smile, even on fools like me, had a letter from the FO informing me that my mis-sold claim is up held, just now have to wait on Loans.co.uk for their response to FO recommendations.

 

The Big G

[Goldlady]

Good news Big G. I need to do a similar claim for my friend who just narrowly escaped having her house repossessed recently. Did you write to Loans.co.uk first or straight to the FO?

[the big g]

Good news Big G. I need to do a similar claim for my friend who just narrowly escaped having her house repossessed recently. Did you write to Loans.co.uk first or straight to the FO?

Hi,

Well i wrote to Loans.co.uk stating my reasons for a claim against them for mis-selling which of course they denied, but you have to show the FO that you have tried to communicate with them.

Next step was to find the list of reasons for mis-selling ie, self-employed or ill health or in my case as i believe to be many others, NOT being informed that there are other options such as stand alone policies.and you don't have to take their PPI or you don't get the loan. Plus also this type of policy is only for five years so if your loan period is for more than five it's basically useless after this period.

On Moneysavingexpert.com website there is a clear list of reasons for mis-selling, if you find any of these reasons relate to you then you have a claim.

I intend to post my letter up holding my claim once everything has been completed over the next couple of weeks, this should give everybody in the same boat a good idea of how the FO thinks and bases his decision on.

 

All the best

 

The Big G