G E Money and Secret Commissions

[frettful38]

I'm not saying that, I'm not qualified to do so, I was merely asking Pt to clarify for all those watching.

 

Right I get you, hopefully Pt will clarify this as I am sure there are many who would like to clearly know the answers:D

 

I think what we all need to do or have is a thread which tells people what makes loans over £25k Enforceable and what does not. What the loan agreements should contain and prescribed terms and conditions e.t.c.

 

We already have a thread which shows all the information in what a cca agreement should contain, we now need one and be able to debate about secured loans over £25k.

[michellej1]

after reading last few posts ,.. thats what I was saying and thinking regarding commissions and brokers fees ,.. carrots ,.. you will only get back what you have paid out anyway ,.. that is not justice , thats why I am going along the void lines ,.. void the agreement everything dissolved anyway ( all monies prepaid returned) so kill many birds with 1 stone ,.. they is no room to wriggle from a void contract due to lenders breach , if the breach is not looked upon as a mistake then it is totally illegal ,...

 

Void - a void contract is one that cannot be performed or completed at all. A void contract is void from the beginning (ab initio - see the Latin terms below) and the normal remedy, if possible, is to put things back to where they were before the contract. Contracts are void where one party lacks the capacity to perform the contracted task, it is based on a mistake, or it is illegal.

[frettful38]

after reading last few posts ,.. thats what I was saying and thinking regarding commissions and brokers fees ,.. carrots ,.. you will only get back what you have paid out anyway ,.. that is not justice , thats why I am going along the void lines ,.. void the agreement everything dissolved anyway ( all monies prepaid returned) so kill many birds with 1 stone ,.. they is no room to wriggle from a void contract due to lenders breach , if the breach is not looked upon as a mistake then it is totally illegal ,...

 

Void - a void contract is one that cannot be performed or completed at all. A void contract is void from the beginning (ab initio - see the Latin terms below) and the normal remedy, if possible, is to put things back to where they were before the contract. Contracts are void where one party lacks the capacity to perform the contracted task, it is based on a mistake, or it is illegal.

 

 

Excellent idea michellej1 and I would totally agree with you, but if this was that easy don't you think everyone would want to void their agreements. We need to be backed by the law and know this would be 100% fail proof if you get what I mean.

I would be the first to do trust me, but don't want to land on my behind and have nothing left and get clobbered with costs. We would have to prove for 100% that the lenders were in breach of the contract before taking any further steps, don't you think.

Love the thought of it though:D

[frettful38]

Total Charge for Credit

 

Total Charge for credit shows you how much it will cost you to borrow the amount you want. If any extra charges apply they will always be detailed in the Other Charges section of an advert.

Edited February 14, 2010 by frettful38

[michellej1]

Total Charge for Credit

 

Total Charge for credit shows you how much it will cost you to borrow the amount you want. If any extra charges apply they will always be detailed in the Other Charges section of an advert.

 

well surprise surprise , my agreement does not show the above at all ,.. and if interst rate changes then no definate figure on total amount payable

[michellej1]

Excellent idea michellej1 and I would totally agree with you, but if this was that easy don't you think everyone would want to void their agreements. We need to be backed by the law and know this would be 100% fail proof if you get what I mean.

I would be the first to do trust me, but don't want to land on my behind and have nothing left and get clobbered with costs. We would have to prove for 100% that the lenders were in breach of the contract before taking any further steps, don't you think.

Love the thought of it though:D

 

The red quote is law ,.. and you need your account statements from day one to see if your lenders are in breach ,... the interest charge what was placed before agreed first payment would be a mistake ,.. and that mistake continues to this day as a monthly interest charge which is now double the contractually monthly agreeded payments ,.. this makes it void ,.. and also is this fair???? would the total amount of interest added not be unlawful charges as made by a mistake which puts lenders in breach of contract ,.. the red quote is contract law

Edited February 14, 2010 by michellej1

[frettful38]

I think you may be on to something big here michellej1, it is very fascinating finding new ways to get round this and get something going properly, just need more input from others, before pouncing on anyone.

 

IMPORTANT – READ THIS CAREFULLY TO

FIND OUT ABOUT YOUR RIGHTS

 

The Consumer Credit Act 1974 lays down certain

requirements for your protection which should have

been complied with when this agreement was made. If

they were not, the creditor cannot enforce this

agreement without getting a court order.

 

My agreement clearly states that

 

"The Borrower has no right of cancellation under the Consumer Credit Act 1974, the Timeshare Act 1992 or the Financial Services (Distancing Marketing Regulations 2004)."

 

Even though my loan was over £25k is this a fact that I have no right to have cancelled, the more I look in to my loan agreement the more things I am finding disturbing.

 

My property has a charge on by my secured loan lender, and all I signed was a paper which read at the "LEGAL CHARGE" in fact it should have this statement on that Legal Charge

 

Where the credit is being secured on land the words “secured on” followed by the address of the land shall be inserted at the end of the heading.”.

 

Nowhere does it say secured on, on the legal charge

 

Very good reading for all below:

 

http://www.opsi.gov.uk/si/si2004/uksi_20041482_en.pdf

Edited February 14, 2010 by frettful38

[michellej1]

I hope so Frettful , but after weeks of going over everything , it all points back to same arguments ,.. commissions & PPI , prove it , then only small % refunded ,..then agreements clean up and enforceable , nore thats not what i wish to follow , as the amount of time left on agreement they will recoup this ,.. they are not daft , thats why thosands are on this forum scratching they heads,.. make it simple and attack , as everything paid will be returned ,.. ppi ,commissions , late charges etc ,... it has to be worth a shot ,..and as law backs this point up , then it should be plain sailing

[michellej1]

a contract must offer both parties the same benefits which I believe is called "balanced" so if says can not cancel then this is wrong ,.. as if you are in breach they can ask for full amount ,.. no way is that fair , totally unfair ,..

 

And even more so if they are in breach ,...

[AA99]

Still subbing;-)

[enslaved]

You are quite correct about the title Indemnity Insurance....and the broker fee ....that is a charge for credit and must be shown in a separate box as a stated charge for credit and then all the charges shpuld be added together plus interest to state clearly a total charge for credit....legal arguments can be built around these points.

 

BUT please remember I'm not a legal person in any way and these are only my personal views. I only give my views as bullets for your solicitor.....and bullets can be DUFF at times:grin::grin:

 

 

sparkie

 

 

sparkie

Hi Sparkie

 

So, if I understand correctly;

Broker fees

Commissions

Overrider payments

Other fees, etc

 

Must be shown in a seperate box in the contract (charge for credit)?

So secret commissions, broker fees, overrider payments, etc.......

Not being shown anywhere, renders the contract unenforceable?

Many Thanks

[enslaved]

hi pt/ sparkie/anyone

 

does anyone one have a copy or link for the Total Charge for Credit Regulations 1980. I can only find ammendments.

 

Many Thanks

p.s.

Section 55.

Disclosure of information.

— (1) Regulations may require specified information to be disclosed in the prescribed manner to the debtor or hirer before a regulated agreement is made.

 

(2) A regulated agreement is not properly executed unless regulations under subsection (1) were complied with before the making of the agreement.

 

Any Use?

[Sparkie1723]

hi pt/ sparkie/anyone

 

does anyone one have a copy or link for the Total Charge for Credit Regulations 1980. I can only find ammendments.

 

Many Thanks

p.s.

Section 55.

Disclosure of information.

— (1) Regulations may require specified information to be disclosed in the prescribed manner to the debtor or hirer before a regulated agreement is made.

 

(2) A regulated agreement is not properly executed unless regulations under subsection (1) were complied with before the making of the agreement.

 

Any Use?

 

 

Send me your e-mail address and I'll send you the complete 1983 Regs ..

before they were amended

 

sparkie

[enslaved]

Hi Sparkie

 

pm sent

 

Thanks

[johannab]

Hi, I haven't posted on here for a while. My mortgage with GE was redeemed many years ago and I recently started enquiring about commissions (in 2009). GE last wrote to me a few months ago saying I was 'on a fishing expedition' and ' 6 years have passed' etc ,so I gave up.

 

Is there any point in me continuing? The sar came back with commissions tab blacked out,so I am pretty sure something underhand went on. The Broker is no longer working ,I can't even track him,he would have been close to retirement at the time of the mortgage application.

 

They scared me off with their threats but I am ready to continue ,there was talk about sending a sar to GE's solicitors...

Should I go ahead with this? is there any other course of action for me? Has anyone had success getting to the bottom of the commssions?

 

Johanna

[pt2537]

lmfao

 

yeah, there is a point

 

Limitation only arises at the point where you were aware of the secret commission, by definition, if its secret then you didnt know about it did you?

 

Otherwise it cant be secret

[johannab]

thanks,

 

I will continue then and Sar the solicitors that are named in the paperwork as acting on GE's behalf. I will post back on here once I have an update.

 

They may refuse to give me info though as they were not my solicitors. I will cross that bridge when I come to it.

[pt2537]

then an application under CPR rule 31.16 would be applicable if they refuse disclosure

[johannab]

Right ,thanks pt2537,

 

I will sort this before monday and get it sent off to them.

[landy_alert]

Apologies for hijacking here, but would this still be worth attempting if the sols were known to be 'in-house'?

 

Many thanks,

 

Landy x

[iconoclash]

Johanna - I think Im right in saying that you have six years foward of when you first knew you had cause to make a claim against GE - Ive had several letters from GE saying that my claim for mis-sold PPI is out of time as it is also from years ago - however I do have the papers and it is very clear that the PPI was added as a large single lump sum premium. This is intend to claim back in court if necessary - especially now the FSA have made that statement about PPI - Im only dealing with GE as they seem to have taken over the First National Bank stuff. I would ignore their rude and dismissive letters and stick with it. Good Luck/:)

[Pinky69]

You would need clear evidence of the secret commission for court proceedings and being - being "pretty sure something underhand went on" isn't concete proof of a secret commission. I took legal advice about this once and was told to forget it.

[johannab]

Hi, Thanks for advice,

 

Pinky69 - I wouldn't dream of going to court unless I had some sort of proof,I hope to get the underwriting sheet then view my options. I will definitely be posting back here with my progress.

 

Campari2- That was the last letter I got from them,they said it was statute barred as I redeemed the mortgage more than 6 years ago. No doubt they will try that one again down the line but I am ready for them this time. I only became aware of all this in the 10 months.

 

Landy - thats a good question,I actualy think the ones I am about to Sar are in-house.Can't remember their name at mo coz I don't have paperwork in front of me.

 

Thanks for all you advice, Jo

[jetli]

They have told me that I it is not secret commision coz it was on the original agreement??? interest still added sice 2005??

[landy_alert]

Hi, Thanks for advice,

 

Pinky69 - I wouldn't dream of going to court unless I had some sort of proof,I hope to get the underwriting sheet then view my options. I will definitely be posting back here with my progress.

 

Campari2- That was the last letter I got from them,they said it was statute barred as I redeemed the mortgage more than 6 years ago. No doubt they will try that one again down the line but I am ready for them this time. I only became aware of all this in the 10 months.

 

Landy - thats a good question,I actualy think the ones I am about to Sar are in-house.Can't remember their name at mo coz I don't have paperwork in front of me.

 

Thanks for all you advice, Jo

 

Hi Jo:)

 

Will be following your progress with interest.........good luck!

 

Landy x