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Everything posted by Bizzimum

  1. If you want to take further action/make a complaint against Loans.co.uk they can now be found at Loans.co.uk Stansfield House Chester Business Park Wrexham Road Chester CH4 9FB One of the original directors of Loans.co.uk is a former CEO of First National, now GE Money.
  2. Yes, I had that letter, but I haven't been contacted by Cento yet. I had the typical spate of phone calls from all and sundry. Loans.co.uk no longer offer loans. They are owned by MBNA now and do introduce their new tame broker First Union. For anyone who needs to contact Loans.co.uk with a complaint, you can find them at Loans.co.uk Stansfield House Chester Business Park Wrexham Road Chester CH4 9FB It's part of an MBNA office, although much of MBNA denies their very existence;).
  3. It's a 2nd charge secured loan. I've had it 5 years. They changed the interest rate in 2006 and I had to sign new paperwork -still waiting for a copy:rolleyes:. I can't believe what they are doing is legal and started typing a letter to get confirmation. The more I summarised the conversation the more ridiculous it sounded. Especially when I started to request specific info, like how often the rates appear in the National Press and could they recommend a publication in particular. Fortunately I have a good credit rating, for now, and I'm looking to refinance. The interest rate has gone up 3% without payment change.
  4. I've been digging. This is just a bit of what I found http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/197826-ge-money-can-they.html.
  5. Just got off the phone to GE Money and I'm still shaking with shock at the situation I have found myself in. I have a variable rate loan with GE. I have just questioned why the payments haven't fluctuated with the interest rate. I am never notified when the interest rate changes. I asked why - as you would. Apparently I have only agreed to the payment on my loan agreement and thus they can't amend it. Apparently it is up to me to amend the payment when the interest rate changes. Obviously I pointed out that they don't inform me of interest rate changes, except on my annual statement (and it is in very small writing!), so how am I supposed to know when the interest rate has changed? GE's answer - THEIR INTEREST RATE IS PUBLISHED IN THE NATIONAL PRESS:eek:. Surely this is no way to operate a loan agreement? Any ideas?
  6. Hmm, a closer link than my broker. Mine was loans.co.uk, now owned by MBNA, but the original CEO of loans.co.uk, is an ex-First National man. My loan was with First National, but they were taken over by GE. What I'd like to know is what a major player in the credit card industry would want with a sub-prime loan broker? Mind you loans.co.uk no longer broker as loans.co.uk they only operate a complaints dept LOL. Except when they are introducing First Union (a sub-prime loan broker), also linked to MBNA. Apparently Capital One bought a sub-prime broker too.
  7. Do you mind me asking who the broker was? Did they have a different trading name from GE? You did better than me - I didn't get an underwriting sheet, and they can't possibly supply information about commissions:rolleyes:.
  8. I do hope BRW has forwarded his comments to Channel 4:D. Someone might pick them up and we could have a real programme about the banking crisis - well you can always hope.
  9. I reckon GE hope we know less than we do. I'm in a strange situation and trying to fill in the gaps. There is much to discover and I'm not letting it go. I will share as much as I can.
  10. Looks like it's all printouts from computer screens. All blank where broker fees/commission should be. Their assessment of my disposable income is interesting, to say the least. I'll go have a look at the other thread. I intend to keep digging around too. ETA Brilliant thread. Regarding missing info, there is actually a reference in my SAR to some paperwork I had to sign and return for action to be taken. The action was taken so they must have received it, but guess what isn't included with the SAR:roll:.
  11. Got my SAR. Interesting reading! Lovely covering letter explaining that they couldn't supply information regarding the commission. Anyone got any ideas why that might be:lol:?
  12. If it's any help, my loan account number remained has the same throughout the loan so far. IIRC GE took over the loan prior to the phone call which was mid 2006.
  13. No, they didn't:lol:. It was the broker that supplied the FISA book and application form. The loan is with GE. I was mystified as to why I didn't do anything with this correspondance as I only found it last weekend, 2 years after receipt. It slipped by apparently un-noticed as a rather large news item broke on or around the date it would have been received.
  14. I have a secured loan and I got my FISA booklet 3 years after taking out the loan. It arrived with my loan application form:confused:.
  15. Hi ssshooter. Your situation sounds very similar to mine. My loan was with First National who were subsequently taken over by GE Money. I had a similar "I can save you some money" phone call, but with no deferred payment period. They saved me a massive £7 per month:rolleyes:. However, although my interest rate has gone up my payment has never changed and I never receive notification of the interest rate rise, bar looking on the annual statement. I seem to have no copy of my agreement either. I do have the statement that shows the payment change and notice that the finterest rate appeared to be fixed before then - although my original agreement clearly states variable rate. I have SAR'd GE Money to see what exactly my loan is. I agree with you, there is something rather strange about all this. Did you actually borrow the money from Ocean Finance, or did they broker the loan for you - I thought they were just brokers?
  16. I happened to come across my Loans.co.uk application pack today - a pretty pink Fast Track one it is too. The stange thing is that it still contains my loan application form - unsigned, along with the envelope to return it with proof of income and my most recent mortgage statement. In the dark recesses of my memory I seem to recall scanning some stuff and emailing it to them, but it would appear they have never had a signed application form. Is this a good thing from my point of view? ETA Just looked at the covering letter and application form again, whilst showing OH. Curiouser and curiouser, the covering letter is dated 3 years after I made the actual application:eek:. I have never approached the broker since the loan was arranged, the figures all match that original agreement, but the letter is dated 3 years after the event. There is a copy of a FISA booklet dated 2006, so it's not a typo in the date. I think I might have to go and lie down in a darkened room to think this through. Do you think I might wake up and find this is all a dream:confused:?
  17. Found this rather interesting info on my broker on the FSA website 3. in the part of the Handbook entitled Dispute Resolution: Complaints (DISP) DISP 1.2.21R. By agreeing to settle at an early stage of the FSA's investigation, Loans.co.uk Ltd qualified for a 30% (stage 1) discount under the FSA's executive settlement procedures. Were it not for this discount the FSA would have imposed a penalty of £650,000 on Loans.co.uk Ltd. The failings relate to Loans.co.uk Ltd's failure to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems; failure to conduct its business with due skill, care and diligence; and failure to pay due regard to the interests of its customers and treat them fairly. Loans.co.uk Ltd's breaches are viewed as particularly serious because the failings exposed a large number of customers to the risk of the sale of PPI which was unsuitable for their needs In particular the following failings were identified: 1. Loans.co.uk Ltd's information gathering processes failed to ensure that sufficient information about personal circumstances was obtained prior to making a recommendation to the customer. This meant that Loans.co.uk Ltd could not ensure that any recommendation made was suitable; 2. Loans.co.uk Ltd failed to ensure that as part of the telephone call advisers would give adequate disclosure of the significant features, terms and exclusions to the customer; 3. Loans.co.uk Ltd failed to put sufficient controls in place to ensure that advisers followed the scripted process when on the telephone to customers and consistently recorded information gathered from the customer over the telephone; 4. Loans.co.uk Ltd failed to implement an adequate monitoring system to ensure the suitability of recommendations; 5. Loans.co.uk Ltd had insufficient record keeping procedures to maintain records of internal decisions; and 6. Loans.co.uk Ltd failed to implement adequate complaint identification and handling procedures. They were heavily fined over PPI, but I wonder if all this applies to their business in general?
  18. Presumably all their records are still held somewhere though:confused:? I understand they have been quite obstructive in the past re SARs (their DPA faux pas excepted of course:lol:).
  19. The 40 days are up tomorrow. Apparently I have SARed the Loan company to the wrong address (still part of the same company, but they seem unable to forward it to the right bit:rolleyes:). I have a different problem with the broker "Loans.co.uk" who, after a big fine for misselling PPI and and investigation by the ICO for breach of DPA, have ceased trading. The letter went to the last address I have for them and someone has signed for it, but no information has been forthcoming. Ironic that they can share it with the rest of the world, but not with me:lol:. Anyone got any ideas what I do now? I have a phone number that directs to an MBNA number that no-one ever seems to answer:confused:. Loans.co.uk seem to be trading as a new company First Union, who seem to want nothing to do with them
  20. Well they've both had a couple of weeks and I've received nothing. They were pretty quick to cash the cheques though:rolleyes:. I've been having a few thoughts in the meantime, particularly regarding the signing of a new agreement in 2007 to reduce the interest rate. I have a copy of the original agreement which clearly states that the interest rate is variable, which suggests to me that no new agreement would be required to reduce the rate. This leaves me wondering why they really wanted me to sign a new one and was I tricked/misled into signing an enforceable agreement? I am so confused as to what the original agreement was supposed to be - I thought it was a fixed rate. I also note that there is no APR or total amount payable on the original agreement. I'm hoping that I haven't shot myself in the foot by signing the new agreement. I wonder why it's taking both parties so long to supply the information? Perhaps they are a bit busy right now:p.
  21. When Abbey lost everyones debit cards in 2007 a lady from Five Live got us some publicity. Her name was Karen at [email protected] . It might be worth an email to the programme. The fact that so many people consider themselves to have been stitched up by First Plus isn't going to reflect too well on Ms Vorderman, who encouaged people to take out First Plus loans. Martin Lewis had much to say on that subject!
  22. Does this sound OK for my Subject Access Request to the broker? I've edited Godmother's template. I don't actually have an account number with the broker, so should I just refer to the loan arranged through them? TIA Dear Sir/Madam Data Protection Act 1998 Subject Access Request Arrangement of loan by yourselves with Nasty Bank Please send me the information which I am entitled to under section 7(1) of the Data Protection Act 1998 in relation to detailed occurrences relating to the above arrangement. The following is by no means an exhaustive list but in the main this is what I require. Please supply me with details of all records you hold on me relevant to this arrangement, including but not limited to: 1. Transcriptions of all telephone conversations recorded and any notes made in relation to telephone conversations by your company 2. Details of the type of loan requested and the product offered. 3. Documents relating to any insurance added to the account, including the insurance contract and terms and conditions, date it was added and deleted. 4. Specific details of the fees and commission received from the product vendor. 5. A genuine copy of any notice of fair use of my data as required by the Data Protection Act 1998 6. A list of third party agencies to whom you have disclosed my personal data and a summary of the nature of the information you have disclosed. 7. A True copy of the consumer credit agreement section 77-79 of the Consumer Credit Act of 1974. Any other information relating to this arrangement. I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties against me, then I shall be reclaiming them, and also reclaiming the enclosed £10 Data Protection Act subject access request fee. If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable. Yours faithfully
  23. Hi everyone. I have a secured loan and I'm concerned about how the interest is being charged. It appears to be a variable rate loan, but my payment has never gone up. Infact a couple of years ago my payment was reduced! My interest rate appears to be between 0.6 and 0.7% per month. The loan is over £50,000 and was taken out over 15 years. I asked for no penalty if I paid the loan off early. I was rather surprised when a settlement figure revealed that loads of interest would be added on. I have only just realised the implications of my variable rate and that it is attached to the LIBOR rate not the BoE rate. The worrying bit from my credit agreement is the ANTICIPATED number of payments:confused:. Persumably if my payment remains the same and the interest rate goes up, so does my number of payments? I'm asking for a Subject Access Request from the broker to try and find out what I actually agreed to. I'd apreciate any comments and will keep you posted on my progress. Do I need a Subject Access Request from the loan company? I'm reluctant to post the companies involved at the moment - they might be looking! I think the recent interest rate cuts may have opened a rather nasty can of worms as many people seem to be querying their interest rate. I will say that my loan isn't with First Plus - a fact I'm thankful for after reading this forum.
  24. This way of calaculating variable interest is not specific to First Plus. GE Money do it too, a fact I was totally unaware of until yesterday. I'm lucky, GE money actually reduced my payment a couple of years ago and it has remained unchanged. I have statements showing various amounts of interest charged throughout the year, but my payment always remains the same. If my payment remains the same and the interest rate rises, surely I won't repay the loan within the allotted time? I have never received correspondence telling me about changes to the interest rate. There seems to be growing unrest about these variable rate secured loans as people are only just becoming aware of how they actually work.
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