GE Money is part of GE Capital, which is itself a subsidiary of General Electric. They are one of the major providers of financial products that have been fined by the FSA for “not treating customers fairly.”
GE Money provide mortgages, loans, credit cards, store cards and other forms of lending. Many customers have been unfairly charged for payment protection insurance (PPI) after taking out credit with GE Money.
If you have ever signed a credit agreement with GE Money, you may have been mis-sold PPI and paid for a product you didn’t need, understand, or even know you had at all.
There are a number of things that constitute mis-selling of PPI. If any of the following apply to you, you could reclaim your PPI charges:
- You already had payment protection cover in place when you borrowed with GE Money
- You were retired, unemployed, self-employed or studying when the policy began
- The fact that pre-existing medical conditions aren’t covered was not explained
- You took out a loan over a term of more than 5 years
- You didn’t know PPI was optional
- The full cost of PPI wasn’t explained
- You were never informed about the PPI policy at all
These are just some common examples of how PPI has been mis-sold by GE Money. If you feel you have been treated unfairly for a different reason, you may still be entitled to compensation.
Starting Your Claim Against GE Money
You could either claim directly against GE Money by getting in touch with them in writing stating your belief that you were mis-sold your policy, the grounds on which you believe so and requesting a full refund plus interest. GE Money is obliged to investigate your claim and respond in a timely manner. If you are unsatisfied with the response, you can appeal through the Financial Ombudsman.
Alternatively, if you really do not want to handle your claim on your own, there is the option of using a PPI claims management company. Bear in mind, this is most often a fee paying service and it could end up costing you up to 30% (plus VAT) of your total successful claim payout.