Loan Information Figures not right??????????

[frettful38]

I am currently in communications with GE Money with whom we had a loan of £25,000.00 last year. We paid this off early and were charged the Early Redemption fees e.t.c.

 

I was sent back the information that I had requested from them and what I would like to know is how do I find out if I was charged commission for this loan. They have written in their letter that this info does not form a part of the data protection act. I have sent them a S.A.R. on the 17th Dec 08 no reply yet.

 

Are they allowed to charge a commission figure and if so how can I find out how much? Letter is attached as to what they sent. Any advise would be magnificent, thanks in advance.

 

http://i450.photobucket.com/albums/qq223/sophiak_bucket/gemoney.jpg

[cerberusalert]

They have 40 days to comply to your Subject Access Request. Any commission paid should be among the forest of paper you'll get back.

[frettful38]

Thanks cerberusalert,

 

The 40 days will be up on the 27th Jan 09, then I will be able to see what they are. Can they charge a commissions figure?

[cerberusalert]

It depends what is written into the contracts.

[frettful38]

Ok thanks, will and see what arrives, they sent me a letter on the 5th Jan 09 saying that they have received my S.A.R and will supply me with the information I have requested. Also I will have a good read of their terms & conditions to see if I can find anything about commission being charged in there too.

 

Thanks again, will keep you posted with response I get.

[frettful38]

Are there any experts on here who can understand and read loan agreements. I have a loan agreement and would like someone to see please

[frettful38]

I know there are a lot of companies out there who say they can check your laons and agreements but they also charge a lot of money, also how can I be sure that someone from my loan company is not reading in?

[frettful38]

I received a letter from Monarch Recoveries headed

 

CONFIRMATION OF REPOSSESSION PROCEEDINGS

 

I am in 2 months arrears with them and they have asked me start making payments towards the arrears, now what makes me laugh is that I have evidence that they have paid a secret commissions fee to the broker and have charged me £35 x 9 letters for arrears reminders (letters).

I believe they must be monitoring my thread and they are one step ahead of every move I make, but nevertheless I would like to come to some sort of compromise.

I am in £700 arrears and they owe me £700 so I was thinking do I have a right to demand they take this money they owe me and set it off against my arrears?

 

Any ideas from anyone please?

[frettful38]

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[frettful38]

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[frettful38]

I have a secured loan with Blemain Finance and they have charged to my account 9 X £35 =£315 for letters that they sent me for arrears reminders. I have however since cleared all the arrears so my account is up to date.

I have asked them to refund me this amount that they have charged me as penalties but they wrote saying that they are un-regulated and I cannot complain to the FOS or anywhere else, and I am not entitled to re-claim this money back.

Is this true or do I have a right to reclaim this amount?

Would appreciate any help, thanks. I have a lot of other bills to pay at the mo and it would come in handy.

 

[frettful38]

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[frettful38]

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[cerberusalert]

Any Credit Agreement between £1,000 and £25,000 that is governed by the Consumer Credit Act of 1974. The original agreement must have been signed before 6th April 2007. Eligible agreements include:

 

 

* Credit Cards and Store Cards

 

 

* Unsecured Personal Loans

 

 

* Consolidation Loans

 

* Car Loans / Finance Agreements

 

* Secured Loans

 

* Hire Purchase

[frettful38]

Thanks cerb, my secured loan is over the £25k mark. So I don't really know where I stand. Any idea's what I should do please about getting a refund of these charges please?

[magiciansgirl]

Same question from me Frettful. I requested a breakdown of charges incurred in 2007 from B and have just had it; over £1400, and that's without the interest they charge over 28 days. My loan is also more than £25,000 so unregulated, and I just can't work out who has the power to penalise them.

[frettful38]

With the decrease in interest rates, is it not true that this should also be applied to secured loans. I have not had a single penny reduced on my loan with Blemain Finance

[groovycaz]

I have a secured loan with Blemain Finance and they have charged to my account 9 X £35 =£315 for letters that they sent me for arrears reminders. I have however since cleared all the arrears so my account is up to date.

I have asked them to refund me this amount that they have charged me as penalties but they wrote saying that they are un-regulated and I cannot complain to the FOS or anywhere else, and I am not entitled to re-claim this money back.

Is this true or do I have a right to reclaim this amount?

Would appreciate any help, thanks. I have a lot of other bills to pay at the mo and it would come in handy.

 

 

That is true frettful, i know because i have been down the FOS route, however alls not lost, if your credit agreement is covered bt the consumer credt act of 1974 as is mine, they must by law follow that act and even if the FOS dont want to know blemain would have had to follow the guidelines set out by the finance and leasing act, these are the people u need to take your complaint about blemain finance to as they were at that time the relevant governing body, hope this is of some help...there are quite a few on hee with complaints about BF...Gc

[groovycaz]

Thanks cerb, my secured loan is over the £25k mark. So I don't really know where I stand. Any idea's what I should do please about getting a refund of these charges please?

 

I have a letter from blemain that states only loans under £25,000 are unregulated so if yours is over £25,000 it should be regulated..Gc

[frettful38]

Thanks groovycaz, and good luck sorting out your problem, please let us know how you get on

[groovycaz]

Hey fretful, just found this

 

http://www.mcsforintroducers.com/pdfs/customer1.pdf

 

makes interesting reading and very similar complaints Gc

[frettful38]

Thanks groovycaz, that was quite interesting, where did you get this from if you don't mind me asking please?

[groovycaz]

Googled "Blemain Finance" and started skipping through pages, I've done this a few times previously to find information about BF, this application is fairly new so just found it...Gc

[postggj]

If You Have Undeclared Commission Payments To A Broker, Be It For Setting Up The Loan, Ppi, Whatever,

 

And It Has Not Been Dislosed On The Agreement, It Invalidates The Agreement

 

Wilson V Hurstanger

 

Getting That Info Would Prob Need An Enforcement Order Through The Court

 

Keep That In Your Back Pocket If They Issue An N1 Claim

[frettful38]

Thanks postggj,

 

The secret commission Blemain (lender) paid to my broker (Ocean Finance) was not in the loan agreement. I did not know anything about this until I received my subject access request back from Blemain, in which the underwriting sheet was enclosed.

 

I contacted Blemain about this and they said that I should read their terms and conditions in which it states that the lender may pay the broker an extra commission on top.

 

Even though it may state this in the terms and conditions I never knew anything about this extra commission neither is it stated in my loan agreement with them.

 

The claims company I have dealing with my claim have advised me that I should be able to get back this commission plus the broker fee that I paid with interest. What they should I believe be doing is try and wipe of all the interest on my loan and then spread the payments out throughout of the loan term.

 

Blemain could pay off this claims company with a few thousands and get them to try and convince me to take the broker and secret commisson fee with interest back, but I believe that my whole loan agreement should be changed in front of the judge.