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G E Money and Secret Commissions


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Blimey I can't remember the last time I read this post, and have just caught up. There is a lot of interesting comments from everyone on here about the secret commissions.

 

Correct me if I am wrong but if we could take these institutions on like we have the banks, then we would really get somewhere. The bottom line is we all know whats going on and how its been going on but to pluck up the courage and take them head on like we have the banks is another story.

At least with the banks we all know one way or the other how things will turn out, but if we started challenging our loans with secret commissions they would not haste for one second before kicking us out on our ears and slamming the door shut behind us.

 

What we need is some proper legislation or law fact that we have the right to demand these fees back without the threat of these institutions calling in their loans. I think that is the number one biggest worry. If we were allowed to do this and the law could guarantee us protection then I would be the first putting in a claim.

 

Anyways, there is always hope maybe one day hey:D we need our own pied piper to start something then the rest of us can follow.

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Blimey I can't remember the last time I read this post, and have just caught up. There is a lot of interesting comments from everyone on here about the secret commissions.

 

Correct me if I am wrong but if we could take these institutions on like we have the banks, then we would really get somewhere. The bottom line is we all know whats going on and how its been going on but to pluck up the courage and take them head on like we have the banks is another story.

At least with the banks we all know one way or the other how things will turn out, but if we started challenging our loans with secret commissions they would not haste for one second before kicking us out on our ears and slamming the door shut behind us.

 

What we need is some proper legislation or law fact that we have the right to demand these fees back without the threat of these institutions calling in their loans. I think that is the number one biggest worry. If we were allowed to do this and the law could guarantee us protection then I would be the first putting in a claim.

 

Anyways, there is always hope maybe one day hey:D we need our own pied piper to start something then the rest of us can follow.

 

It's not just secret commissions that needs considering - try this thread for bed time readings :D

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/171037-multiple-agreements-falling-within-19.html#post1910346

 

 

there are a few arguments to raise with these companies :D

My CCA skeleton argument to use in court -

http://www.consumeractiongroup.co.uk/forum/cabot/115280-useful-information.html

 

Useful Letters (CCA request is letter N)

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

 

CAG A-Z list of useful places in CAG -

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/69359-cant-find-what-youre.html

 

Introduction to Consumer Litigation -

http://www.consumeractiongroup.co.uk/forum/general-debt/108467-basic-introduction-consumer-credit.html

CABOT THREADS -

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/131321-cabot-threads.html

 

ALWAYS SEEK A PROFESSIONAL OPINION FROM QUALIFIED ADVISORS - any advice offered is from my own experience and knowledge - I am NOT qualified.

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Blimey I can't remember the last time I read this post, and have just caught up. There is a lot of interesting comments from everyone on here about the secret commissions.

 

Correct me if I am wrong but if we could take these institutions on like we have the banks, then we would really get somewhere. The bottom line is we all know whats going on and how its been going on but to pluck up the courage and take them head on like we have the banks is another story.

At least with the banks we all know one way or the other how things will turn out, but if we started challenging our loans with secret commissions they would not haste for one second before kicking us out on our ears and slamming the door shut behind us.

 

What we need is some proper legislation or law fact that we have the right to demand these fees back without the threat of these institutions calling in their loans. I think that is the number one biggest worry. If we were allowed to do this and the law could guarantee us protection then I would be the first putting in a claim.

 

Anyways, there is always hope maybe one day hey:D we need our own pied piper to start something then the rest of us can follow.

 

Hi, the problem is IMO: The government and the bankers are all in the same life boat, we the consumers are the ones in the water.

 

I mean you have to laugh at Alistair Darling, he will meet with the banks to encourage them to lend money to ailing small business, is it not the case that the taxpayer us, now own a chunk of the banks and, was it not Northern Rock who had/has the most aggressive policy on repossession. You ask yourself these questions: 1) Can you trust a politician..2) Can you trust a bank..answer a catagoric no. Can you trust a politician answer?

 

The country has slipped down hill so far, it will be almost impossible to pull it back..so, I'm going to Poland to open a hand car wash :)

Donate to keep this site open

 

Any help or advice is offered as just that, help and advice without any liability. If in doubt consult a legal expert or CAB.

 

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Check this out, I took out a loan with Blemain Finance in Sept 07 for £35k, loan fees e.t.c added on made a total of £37k'ish. Did not have to pay anything for 1st three months.

 

Jan-Dec 08 paid £285 a month

Jan 09 installments went up to £335 a month

 

I got in to arrears in Jan 09 for two months, which came up to £700'ish including arrears penalties. I sent BF a SAR which I could make neither heads or tails. When I found out that I had paid a secret commission I wrote to them and their reply was it was clearly set out in the terms and conditions that the lender can pay the broker an extra fee and all that crap.

 

I wrote again to BF some time ago because I wanted a complete breakdown of the penalties that they had charged me for going in to arrears. I believe I received a total of 9 letters at £35 each. BF's wrote back and I don't know if they done this on purpose but they thought I wanted to pay my loan off in full and sent me a redemption statement. In their letter they have said that I needed to pay them £41,876.88.

 

Now how the hell did they work that out. I have not replied to that letter yet. Even though I have been paying nearly 18 months, I know that to call in a loan early you sometimes get hit with a penalty but this is an outrage don't you think. I am keeping quite at the mo because of other important issues, but when I do pay my loan off I am going to put up a battle, they must be joking if they think I am going to pay that kind of payment.

 

Anyways that's my rant for the day over, over to you guys now:D

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Hi, is the limitation period for breach of 'fiducary duty' (secret commission) 6 years from the date that the credit agreement was entered into, as there appears to be no limitation period in the statute book.

 

Or is the limitation period extended to 15 years for concealment ( the banks never thought we would find out) or 15 years for a special category of fraud where it is unnecssary to prove motive.

 

Or, does the limitation period run from the date that the concelment or fraud was discovered. Very confusing.

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Guest suziedarkness

How about this one?

 

A certain well discussed money lender makes up a fake insurance policy to cover up a secret commission when a SAR is requested?

 

This really is a potential can of worms. I am appalled at the lengths these people go to to rip off the vunerable.

 

I also have gone through my redemption statements with a fine toothed comb, only to find that they "doctored" the figures by adding extra to the interest figures and reducing what was actually paid to them.

 

Aswell as all the secret commissions and the extortiante repo fees etc etc, they owe me tens of thousands.

 

I just dont know how I am going to get it!!

 

Suzie

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This week I had a letter from a claims company and they have said that they believe I have a case against my lender. I completely forgot I contacted them and was happily surprised when I received this letter.

 

They believe that I have a case and I did not have to pay anything it's a no win no fee. They checked my loan agreement and said that there were some things that were not right, so lets see what happens.

 

If anyone wants to know more I will be more than happy to help

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Hi - yes cna u let me have the info - Ive got a few that Ive been struggling with and cant seem to get them to budge on my own. Also, re post above, I had lengthy correspondence with GE about the insurance and brokers fees etc on a secured loan - I thought secured loans involved property and therefore were treated as mortgages and therefore were 12 yrs not 6 for the limit to claim - I also thought that from the date of discovery of these feees would apply but still they refuse to pay me - so cross.

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A secured loan is so defined as is it so as not to be a mortgage. Mortgages have set and specific regulations and those are not applied directly to secured loans. this is why many secured loan companies are not mortgage lenders. The secured loan market is comparison is poorly regualted which is why we are finding so many hurdles with complaints over rates, PPI, commissions etc.

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Hi, is the limitation period for breach of 'fiducary duty' (secret commission) 6 years from the date that the credit agreement was entered into, as there appears to be no limitation period in the statute book.

 

Or is the limitation period extended to 15 years for concealment ( the banks never thought we would find out) or 15 years for a special category of fraud where it is unnecssary to prove motive.

 

Or, does the limitation period run from the date that the concelment or fraud was discovered. Very confusing.

 

Maybe a bit thick - can anyone tell me the difference between negligence and fraud in relation to section 32 of the limitation act.

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So, should the underwriting sheet form part of the documentation sent as part of the subject access request?

 

1970.

 

Yes it should, however as a Barrister told me if GE say they no longer have the document, there is not a lot you can do about it. amazin.

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Yes it should, however as a Barrister told me if GE say they no longer have the document, there is not a lot you can do about it. amazin.

 

If the said underwriting sheet contains details of the commission paid to the broker they should take better care of it in my opinion - it being "sensitive commercial information.";)

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If the said underwriting sheet contains details of the commission paid to the broker they should take better care of it in my opinion - it being "sensitive commercial information.";)

 

I wrote to the broker direct and asked them outright. That seemed to work.

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I wrote to the broker direct and asked them outright. That seemed to work.

 

I agree, sending a S.A.R.N to GE will result in there SendAny Rubbish Now policy.

 

In my case I sent in my S.A.R.N request (for an expired loan) and GE sent me a pile of usless informaton but NObroker /packer documentation, I wrote back explaining this and no reply was the answer, after 60 days (not 40) I asked a solicitor to follow up and write to GE, again no reply was the answer, I paid for counsels opinion who came up with the answer 'you are reliant on GE being honest and forthwright in providing the broker / packager documentation (ha ha fall off the chair) however if GE contend they no longer have the documentation there is not an awful lot we can do about it'.

 

Writing direct to the Broker appears to be the answer ( unfortunately in my case he went bust some time age.)

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No company is going to give you the Underwriting Sheet no matter how you ask for it. I beleive you have to go through a certain procedure by law to request this information. I was reading a very interesting thread last night and found a lot of answers that I was looking for.

 

It mentioned a lot about secret commissions too if you give me a sec I will find the link and post up. Have a read and trust me you will see that all is not what it seems to be;)

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I asked my broker if they were paid a commission. They begrudgingly told me and caveated that somewhere in the papers i got at teh time it stated "broker "may " recieve a commission" - they believe that covered them and all lenders hope it would. However, opinion is that they breach fiduciary duty by not disclosing. In my case the fee was £3500 on a £35k loan and that is HUGE, I was an A1 credit rating at the time and would never have committed knowing that.

 

The other angle to the commission is that received by the lender for selling the PPI. Remember the broker is acting as the lenders agent, the lender is acting as the insurers agent so ALL are complicit. I am with FP and they are refusing to acknowledge though we can now see the evidence in their accounts.

 

Legal opinion seems split as to where the secret commission argument will go. If you are reclaiming PPI and being refused, throw in secret commission and then you will win, ie it may be a means to an end in winning an argument but in its own right may not be a complaint that would be legally upheld.

 

I think it is a huge issue but remember it is industry wide, every PPI policy earned the lender a commission, imagine a ruling against that and the effects it would have...

 

In my case, FP receive between 40% and 70% of the premium from unofficial evidence we have. So my £6950 PPI premium earned them £2500 - £4000 but they then paid £3500 on to broker. SO esentially at least £6k in commission payments flowing around from the sale of a worthless insurance policy. The loans were a means to an end to provide a selling opp for PPI I am afraid. Look at loan and secured loan rates now, they are in the 15% plus on many occassions...reason being that is where they need to be in order to generate the same returns as an 8% loan sold with PPI.

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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?

 

 

 

;) Hello, this thread is very interesting.I too SAR'D ge/igroup and got a pile of paperwork that is fairly useless. I do have the blanked out tabs on the last page of the computer screen that you mention though...On my Agreement page it states BROKER FEE £680. So that's the one I knew about and paid myself. Presumably there may have been a secret one? after reading this thread £680 does not seem a lot for a loan of 97k .

 

I also have redemption/settlement fees totalling over 4k (on a 97k mortgage redeemed in 2004). I realise this is not much compared to some peoples but they have failed to provide a breakdown or to provide the initial offer statement that would explain any future fees .

 

Should I write back and ask for more info? The broker was based in southend and I have found their website.

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A broker fee of £680 could be right, but there is highly likely to be an additional commision. Mine was over £2000 on a £50,000 loan. It won't appear on any GE paperwork (which implies to me that it is secret). I'd SAR the broker and see what they have to say.

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Hello Bizzimum, Thanks for responding.

 

I will write to the address I have for the broker then.I have a feeling its way out of date though as I emailed a business website last night that I found and thought matched up to it and they responded that they didn't know him. Is there a way of tracking down a broker? say through some kind of register? I don't have the name of his company,only his own name and the company address.

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