G E Money and Secret Commissions

[michellej1]

Well just because a fee on the agreement is shown , does not for one minute suggest that a secret commission was not paid to your broker ,

 

the internal is date 2008 , so if your agreement was befor 08 , you can bet your bottom dollar you will have a case , you might just be able to put the clock back

[ro284]

Thanks. michellej1, mine is dated early in that year, However i am of the opinion, If the adder appears to be dead, do not disturb! These firms have a lot to answer for regarding peoples health,IMHO. if you are S/E and fall ill, have an accident,whatever, they are ready to pounce and ensure they penalize you and cause even more stress, distress and illness, i am new to this amasing site, i fully intend to attack my cc,s to get all the money illegally taken from me back, with interest! i am amased that it is still left to people, to try and get money 'effectively stolen' by a once trusted industry back themselves. any money taken should be given back to its rightfull owner automatically by law! where else would any organisation get away with taking money? but it appears there is no such law. individuals have to go through stress again in an attemt to get thier own money returned. As for this particular firm,i do not have the strength to risk shooting myself in the foot, as i really do not have the confidence or knowledge as yet to do so. perhaps if i were to be given the tools and information of successes, i may do so at some future time, for the time being i am best doing things i do understand. regards Ro

[andrew1]

Thanks. michellej1, mine is dated early in that year, However i am of the opinion, If the adder appears to be dead, do not disturb! These firms have a lot to answer for regarding peoples health,IMHO. if you are S/E and fall ill, have an accident,whatever, they are ready to pounce and ensure they penalize you and cause even more stress, distress and illness, i am new to this amasing site, i fully intend to attack my cc,s to get all the money illegally taken from me back, with interest! i am amased that it is still left to people, to try and get money 'effectively stolen' by a once trusted industry back themselves. any money taken should be given back to its rightfull owner automatically by law! where else would any organisation get away with taking money? but it appears there is no such law. individuals have to go through stress again in an attemt to get thier own money returned. As for this particular firm,i do not have the strength to risk shooting myself in the foot, as i really do not have the confidence or knowledge as yet to do so. perhaps if i were to be given the tools and information of successes, i may do so at some future time, for the time being i am best doing things i do understand. regards Ro

 

 

You hit the nail on the head ro, I always championed for wrongdoings to be put right by the perpetrators to everyone involved automatically, not wait until someone complains then pay them only. It may be very difficult when people have closed accounts or moved home, but the finance industry is vast and they are quick enough to use tracing agents when they are looking for an absconder so they should put those tracers to good use to make refunds automatically to everyone. Not just the few who complain or ask for it. Many thousands of people do not have the access to the internet or have the time to go looking for this information and acting upon it. This takes a considerable amount of time to research, put together as a claim and then answer all the daft questions that come back, the denials and everything else. Too many hurdles to jump for many people to be bothered with. That's why the banks get away with so much.

 

Don't give up, but you are very wise not to do anything before learning exactly what is involved.

[michellej1]

Thanks. michellej1, mine is dated early in that year, However i am of the opinion, If the adder appears to be dead, do not disturb! These firms have a lot to answer for regarding peoples health,IMHO. if you are S/E and fall ill, have an accident,whatever, they are ready to pounce and ensure they penalize you and cause even more stress, distress and illness, i am new to this amasing site, i fully intend to attack my cc,s to get all the money illegally taken from me back, with interest! i am amased that it is still left to people, to try and get money 'effectively stolen' by a once trusted industry back themselves. any money taken should be given back to its rightfull owner automatically by law! where else would any organisation get away with taking money? but it appears there is no such law. individuals have to go through stress again in an attemt to get thier own money returned. As for this particular firm,i do not have the strength to risk shooting myself in the foot, as i really do not have the confidence or knowledge as yet to do so. perhaps if i were to be given the tools and information of successes, i may do so at some future time, for the time being i am best doing things i do understand. regards Ro

 

well that a shame , but have another copy from a friend dated 2009 , just for the record should you need a copy

 

whoooops , direct link above , I advise all to save to computer for future ref , its an important document

have fun with it , eye opening

[frettful38]

Hi michellej can you clear your inbox as I need to send you a pm please.

[iconoclash]

.....the internal is date 2008 , so if your agreement was befor 08 , you can bet your bottom dollar you will have a case , you might just be able to put the clock back

 

hi - I have a letter from GE specifically stating that there is no secret commission with regard to my claim against them - an old loan with ppi that they refuse to refund - the loan states the amount borrowed plus a further single sum premium for upfront ppi which the broker said we needed in order to have the loan - so the broker did get a commission after all - since this loan was settled a while ago I assume the figures were all fraudulent by the very nature of the deal - yes?

[wfspayback]

well done michelle, what is a notice to rescind? Never heard of one of those....Point me...

 

Is this what you are looking for ?

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?252514-Welcome-Finance-Secret-Commission-No-liability-For-Interest-Breach-of-Complaint-Handling-Rules&p=2838586&viewfull=1#post2838586

[wfspayback]

This thread has gone very quiet

[maybelline]

i agree, it had gone quiet!!??? any movement out there, for anyone? -

 

my question is, i have all my statements and a calculation of the hideous 'admin charges' at £40 monthly, and the interest total on their screen print, however, first thought is - can i trust that figure as correct, copy of info they hold, as i can work it out from the other info.

 

AND - how do i reach the 8% statutory interest on these charges. which spreadsheet do i use, simple or compound (thats right no good with figures which is how this bunch got me and thousands of others to take their products)

 

thanks, quite urgent please:)

[newto]

Another interesting document. See paragraph 7

 

[maybelline]

cannot see this as so small

[newto]

It wont let me drag the documents to attach them. Will keep trying

[michellej1]

Must agree the thread is very quiet , seems like everyone disappeared or have given up the fight , we rarely get notification to our email that someone had replied to the thread , this is what GE do best , wear you down , they is many ways to attack them its just getting it right , I have mentioned in many posts our line of attack , been told a few times it was the wrong way to go about things , I beg to differ , but not here to argue ,

I have seen advice given that would bar your legal right to terminate your agreement , I am not a laywer , but certainly believe we played our cards right , agreement is terminated , just a case of getting the 9 years worth of repayments back with interest , plus huge balance wiped out which removes the charge on the family home ,

 

it would be a simple money claim , to reclaim back the unjust enrichment GE have gained over the loan term ,

 

It would be great to hear how others are doing , where they are at , or how GE give in or fought on .

[maybelline]

GE are still fighting as hard as they can to repossess people who have lost their jobs, become ill, etc etc. and who will never benefit from the various schemes due to their exhorbitant rates to start with and their wholly unfair charging regime - they are a global business and as such are seen by the eyes of the world.

[michellej1]

Yes very global , they strike like a hurricane and leave devastation , they seems to be problems in every corner of the world , then once a bad name , they switch under a number of company names they use , they always end up with other companies customers , name changes or whatever excuse you want to call it ,

here is a good one that sticks in my mind , has anyone heard of a company called ocwen, I believe and documents/information in the domain state that a company that had major problems regarding they business methods and actions , disappeared and surfaced with the above name , read it backwards ,

I was told about this also from a trading standard officer, part of the i*roup, and our good friends are part this group also , they are a law within themselves ,

 

how can an American operation source business in forigen fields then treat the said customers the way they do breaching many of our regulations and still the courts find it hard to go against them , and goverment who rubber stamp the legislations/regulations stand back and let our financial interests be wiped out by none uk interest , is it not time the goverment stood up and lay the law of our land to be welcome to operate in our country ,

 

Why do these operations feel they can operate this way , if they knew they could not get away with it , do you think they would still be doing this with thouands of uk consumers????????????

 

the law is they to protect you against these type of set ups , use it , before its too late ,

 

do you honestly blame them for doing as they do ?

[maybelline]

yes Ocwen, have a class action against them in US, who bought them up, as my mortgage was with them and somehow or other GE got hold of it, and I think a UK bank is involved, let me see?

yes RBS bought out Ocwen

[michellej1]

yeah ocwen now in trouble , but they replaced a old company , and to rub salt into the wound , ocwen was born , put into a mirror we have NEWCO , new company , this group of bankers hold some magical powers , if thats not an insult then I am cinderella ,

 

and GE got hold of it because they are part the set up , look into the history of First National Bank , this is how it all started ,

 

the history is amazing ,

[michellej1]

March 19, 2007: GE Money, now in 54 countries

 

http://www.innercitypress.org/ge.html

 

Money is power and GE have plenty of that , in fact lets call ourselves Money

[greedfighter]

Have you seen the decision in Sealey and Winfield v (1) Loans.co.uk (2) GE Money Home Lending on 15 August 11. It appears to bring Hurstanger and Wilson to an end and

effectively indicates that a secret commission can be paid unless the broker is specifically stated as the borrowers agent.

[iconoclash]

Have you seen the decision in Sealey and Winfield v (1) Loans.co.uk (2) GE Money Home Lending on 15 August 11. It appears to bring Hurstanger and Wilson to an end and

effectively indicates that a secret commission can be paid unless the broker is specifically stated as the borrowers agent.

 

ok- so what if the borrower used a broker but his details do not appear anywhere on the papers supplied in the SAR but is/was acting as agent for the customer?

[dadofholly]

If you approach the broker - or lender - then they are acting as your agent?

 

When we took out a mortgage we used a broker, and we was informed upfront about how much commission he would receive from the lender, so nothing was hidden or secret. But when i purchased a car via a broker i found out later that he recieved nearly £900 in commissions and most of this was for the missold PPI.

[greedfighter]

I dont know, Im not an expert on these things but I have been monitoring the whole secret commission thing since GE money tried to repo my house. Michelle is the whizz, but from my reading of the judgement it seems to say that you know 'a' commission will be paid and unless the broker is 'specifically' stated as 'your' fiduciary it is immaterial what if any other commission he receives from the lender.

[andrew1]

I dont know, Im not an expert on these things but I have been monitoring the whole secret commission thing since GE money tried to repo my house. Michelle is the whizz, but from my reading of the judgement it seems to say that you know 'a' commission will be paid and unless the broker is 'specifically' stated as 'your' fiduciary it is immaterial what if any other commission he receives from the lender.

 

I've not read the judgement yet, but will. I've just picked up on the website of the barristers who did this Hendersons I think.

 

What appears to be the distinction (as apposed to difference) between Hurstanger and this one is quite how the relationship transpired as stated in their website:

 

.....it had stated that the question of informed consent was a matter of fact in each case and the Judge noted that, unlike the statements in this case as to payment of commission, those in Hurstanger had been unclear and ambiguous.

 

Personally, having been the victim myself of a broker who told me nothing whilst sitting in my living room about any further commission he'd received and ducking and diving some time later when I did eventually confront him, then to find the lender had paid a further £3200 + to the broker ON TOP of the £3500 I paid him for acting ' in my best interests' then I find the whole business of 'secret commission appalling.

 

As stated by dadofholly, if the broker is willingly upfront about what they receive then one can make an informed choice and question the broker as to how much they might receive given the various choices they may present you with as to available products they feel might suit your needs. All transparent. But when they come in, offer only one product or maybe two and they do not tell you how much they might receive from each finance company (which could differ considerably) then you are not making an informed choice and have to pay the money for the term of the loan back to the lender through higher interest rates (which in my case never came down, despite the fall in Libor and B of E rates ) and only ever went up.

 

I believe (and who am I?) that these brokers do have a fiduciary duty to ensure they have provided borrowers with the most suitable loan or product to individual needs, a decision and pitch which is not geared by how much they will pick up in addition to their fee we are paying. And let's face it, if you are paying a sizeable fee for an introduction you wouldn't think they'd be picking up another as well.

 

I think there's still room to argue Hurstanger if you've had the kind of treatment I had although this ruling is just yet another hurdle put in to stop the tirade of claims being made by the public looking for justice - ain't gonna happen is it?

 

A1

[maybelline]

not read it but fairly typical in this financial climate, politics and the rest, while the ex govt admits to not having tight enough control over the finance induatry the current also rides on that wave while also doing nothing to bring natural justice to the public who by the way have the vote.

 

actually, i am old enough to remember my dad bringing his wage packet home in brown envelope with the cash inside it!! he never had a bank account - ever - my god i think that was the right way to go!!

 

when did the banks with much help form govt get so much of our lives in their pockets -

Edited September 28, 2011 by maybelline
addition

[andrew1]

As a comparison, I spent my life as a recrutiment consultant and it was against the law for us as a business to charge anyone for finding them a job. Our fees were set fees and only charged to the employing company upon the success in finding a person for their job.

 

One fee, one fee only. Estate Agents are the same. Why is it that a broker can charge £3500 to me for finding a suitable product and they can double that by picking up an incentive bonus fee from the lender as well?

 

If I was able to have done that I would not have needed a loan. Maybe legislation couldbe changed to apply the same rules to brokers - one fee from the lender and it would stop all this.