Q: I have an interest free car loan 4 years with GE money since 2006. I have taken payment protection insurance with them under premium cover. Which covers me for redundancy.
I was made redundant in February 2009 this year and up to today no money has been paid, they GE Money still continue to take the loan payment and payment protection insurance premium under direct debit.
They now tell me that a condition of my payment protection insurance policy is that I should sign up for job seekers allowance. I cannot sign up due to my visa status (resident visa-limited leave to remain) I have explained same to them over 10times.
My questions are simple,
1)The above was never told to me at the time the payment protection insurance policy was sold.
2)If this is the criteria shouldn’t they check this before the payment protection insurance policy is sold?
3)Why continue to take the premiums off me?
4) They say they are investigating now almost 90days. when I requested them to stop taking money they say GE and Genworth are different companies. Yet GE is whom collects money from me both for the loan repayment and insurance premiums. And up to the time I made the claim I believed that I was dealing with one company which is GE Money.
This is daylight robbery, nothing short of criminal.
A: Signing on at the job centre is a standard requirement of these payment protection insurance policies.
I am unable to comment on if you were mis-sold a payment protection insurance by another company, however, if you feel this is the case you need to follow the company’s complaints procedure and request a refund of premiums as you were never eligible for the payment protection insurance policy and were unable to claim under the insurance.
If that is unsatisfactory you can write to the Financial Ombudsman and they will review your case.
If hope this is of help.