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G E Money and Secret Commissions


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Well regardless of Blemain say there still has been a breach of something been committed, obviously they are not going to admit they have done anything wrong nor will Ocean, but the final decision will be up to the court to decide if it reaches that stage as to who is in the wrong!

 

I'm just loading up ammunition in case I do end up with a big fight on my hands and I want to be well prepared :D

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Bizzimum, Bet they didnt wait 3 years to start collecting their payments!:)

 

who is your loan with?

 

Suzie

 

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.

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Guest suziedarkness

Bizzimum, that sounds about right for GE. May I ask what they did actually send you? did they send you copies of the tabs (screens) on their computer system? If so, on the last page, did it have commission and broker fees blanked out?

 

GE have missed off all the important docs that are needed in my SAR, even though the ICO have said that they need to send these things. I have sent them a letter before action and will file a claim at the end of the 14 days I have given them. Not that I think they will cough up then, they really are a shower!!

 

Have a look at this thread, it is interesting reading and an inspiration for us all th keep at it http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/192721-court-morrow-2pm-ge.html

 

Think Micko19 may have posted on this thread and has done so well digging up the dirt.

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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:.

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Guest suziedarkness

Bizzimum,

 

GE are obviously doing it to be annying or they honestly think we are idiots!! What they obviously dont bank on is anyone actually having the original docs or copies from the start like I have!!!! I will keep digging and keep sharing I think time is running ut for them.

 

suzie

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VERY interesting reading.......

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

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  • 3 months later...

I have a copy of the GE branded Broker underwriting criteria/flowchart etc. detailing the whole 2nd charge process from start to finish. This is on a PDF which I am happy to email to anyone who thinks it will help them. The document details how much commission is to be paid on completion for each level of 2nd charge loan shifted by the broker (worked out by the creditworthiness of the borrower, higher payments for the more uncreditworthy of course!!). It also details the commission paid to the broker for selling PPI. Please PM me with an email address. The file is too big and probably a bit too sensitive to be openly posted. Methinks GE should secure their broker-only website a bit better!!!

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The commission is not paid by us(the customers), it is paid by the company. I dont care if my broker got paid by my mortgage company for finding me.

If i paid the money myself, then i would have something to say but as we dont, it really doesnt matter.

It just seems to be a case of trying to find fault for no reason in all thses companies. What agreements companies have between each other is between them, not us.

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The commission is not paid by us(the customers), it is paid by the company. I dont care if my broker got paid by my mortgage company for finding me.

If i paid the money myself, then i would have something to say but as we dont, it really doesnt matter.

It just seems to be a case of trying to find fault for no reason in all thses companies. What agreements companies have between each other is between them, not us.

 

But it would if they didn't necessarily act in your best interests, to earn themselves a higher commission. My broker has openly advertised having a "special arrangement" with GE.

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Hi - yes there is a large debate about broker commissions and whether they be secret or not - so - as in our case when a broker sits in your front room and tells you that this is the only company we are using - or in another case says this was the company but a new deal has been released today that is better for you - blah blah blah - I think it is obvious that that the brokers are going for the best deal for them not you.

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The commission is not paid by us(the customers), it is paid by the company

 

Don't be so sure....:cool: You'd be surprised what some have discovered when looking right into the details and financials sometimes. Don't just look at the face of the agreement and think thats it.

 

And you should care if it means that the broker acts out of their own self interest rather than his duty to you...which can end up costing you lots more. Thats why these rules are there as greed always crops up!

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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Also look into the permission status of the Broker. Were they independant and fully authorised or were they linked to the Lender in anyway ie and appointed representative maybe?

 

If they were linked in this was the Lender is fully responsible for their behaviour, actions, auditing them and regulating them so would not be able to claim its nothing to do with them.

 

Just in case!

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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If I found that the broker hadnt been entirely truthfull, then it would be him I went after.

Obviously, companies are going to have incentives for those who bring in business, that doesnt stop with mortgage companies.

Ultimately, we have the final say as we can see what we are signing up to and if the terms meet our needs. if we dont like it, we dont have to sign.

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Hi,

 

Interesting document:

 

3.11.2 Broker Fee

You are able to charge an optional broker fee of up to 10% of the net loan up to a maximum £3,000.

 

The fee will be added to the loan advance and will then be paid to you with the commission. All fees need to be included in LTV calculations.

 

I guess added to the loan advance means one will be paying interest on top of the £3K for the duration of the loan.

 

Looks like a double whammy for the everyone! :)

Edited by nevos

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If I found that the broker hadnt been entirely truthfull, then it would be him I went after.

Obviously, companies are going to have incentives for those who bring in business, that doesnt stop with mortgage companies.

Ultimately, we have the final say as we can see what we are signing up to and if the terms meet our needs. if we dont like it, we dont have to sign.

 

I beg to differ. In the sub-prime market a lot of things have been deliberately hidden from the consumer. I knew the broker would be getting a commission of £**** added to my loan; fair enough, I asked them to find me one. However I did NOT know that they were additionally receiving a further amount of £**** two months after the commencement of the loan. This has definitely been added to my loan and I shall be challenging this at redemption.

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I beg to differ. In the sub-prime market a lot of things have been deliberately hidden from the consumer. I knew the broker would be getting a commission of £**** added to my loan; fair enough, I asked them to find me one. However I did NOT know that they were additionally receiving a further amount of £**** two months after the commencement of the loan. This has definitely been added to my loan and I shall be challenging this at redemption.

 

Exactly. and the question then is...as its not a flat fee per introduction but a % of the loan amount....how do you know the broker got you the best deal and you did not end up with a larger laon so they could make more commission?

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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Hi,

 

Interesting document:

 

3.11.2 Broker Fee

You are able to charge an optional broker fee of up to 10% of the net loan up to a maximum £3,000.

 

The fee will be added to the loan advance and will then be paid to you with the commission. All fees need to be included in LTV calculations.

 

I guess added to the loan advance means one will be paying interest on top of the £3K for the duration of the loan.

 

Looks like a double whammy for the everyone! :)

 

Is that from Steveoram's document?

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Did I not read somewhere that they can't charge interest on a broker fee, or am I mistaken?

 

Well section 9 (4) of the CCA states that a fee shall not be treated as credit even though time may be allowed for its payment.

 

It ain't credit (or shouldn't be) so it should be added to the total charge for credit and no interest calculated on it...no? Back to the Wilson case again.

 

Am I way off?

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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yes, thats what happens, secret fees!! still no reply from GE on this one!!??

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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Hi - yes there is a large debate about broker commissions and whether they be secret or not - so - as in our case when a broker sits in your front room and tells you that this is the only company we are using - or in another case says this was the company but a new deal has been released today that is better for you - blah blah blah - I think it is obvious that that the brokers are going for the best deal for them not you.

 

ditto campari2, they are going for the winner! of course they will, and do, they are not saying oh take this deal knowing they wont earn any additional commission, how daft for anyone to expect us to believe that!

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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