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Secret Commission GE money/Igroup

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Hi, I wonder if anyone could offer some advice?

 

I received a letter from a firm of solicitors stating that a small secured loan I took out in 1997 was possibly subject to a secret commission.

 

 

They included a copy of the mortgage deed but nothing else.

They wanted me to sign a contract for their fee of 35% of monies they claimed back + contribution towards legal costs from GE Money.

 

 

I wrote to them stating that I thought 35% a bit much

- they replied saying that they weren't even sure that there was a claim to be had,

but their initial investigations would be free and if a claim was pursuable,

their fees could be less depending on the amount claimable.

 

I have now received an offer from GE Money via the solicitors to pay:-

 

the secret commission

+ contractural interest from the date I entered the loan to the date it was redeemed

+ 6% interest from the date the loan was redeemed ("delay interest")

less 20% of daily interest paid to HMRC

+ the fee I paid to the broker

+ contribution towards legal costs.

 

SO out of approx £1500 I get approx £800.

This deal is on the table until the end of January and includes a confidentiality clause.

 

Does this sound about right?

 

 

I have spent many hours looking into this, and researching Hurstanger

- unlike HUrstanger, this is a proper secret commission (in that I knew nothing about it at all - I thought the only commission being paid was the one I made).

 

Whilst I am grateful for the heads up re; secret commission (I had never heard of it),

I have no idea where these solicitors have got my details from,

where they got a copy of my mortgage deed from, or if this is worth pursuing.....

 

Obviously £800 is an unexpected bonus after all of these years, am I being greedy thinking that there should be more?

Should interest be paid on the whole amount of commission + contractural interest that I paid, not just on the secret commission?

 

 

If I were taking them to court myself the rate would be 8%?...

 

In the meantime the solicitors are pressing me to sign the agreement and send it back to them before the end of the month when it expires.

 

Thanks in advance

 

This loan was 18 years ago, is there no time limit on making a claim?

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I will try and find someone who can help with this.


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Uploading documents to CAG ** Instructions **

 

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thankyou, much appreciated! I am still chewing through some 31 page threads from 2009 on here, I hope when I get to the end there are some happy outcomes!!

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Sounds like a shady company that prob got info from the lender as a matter of course, then took it on themselves to do a reclaim. Hoping yould fall for it and get their 35%.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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I tried to look into the solicitors relationship with GE a few months ago when this all kicked off and I found that they were on their panel of approved conveyancers, so I would have thought there would be a conflict of interest acting for me AND the company I have a potential claim against? I checked again today to get more info and there is nothing.... turns out that GE Money have sold off their money lending sector and are sticking to other branches of their business.

 

 

The solicitors reduced their fee to 25% + whatever legal costs they could claim - which turns out to be £480.

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Its beginning to sound like GE have some kind of investment in them. So they give the reclaim but take most of it back themselves. Especially if theyve done it of their own accord. I wouldnt put it past them to do it whatsoever.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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ambulance chasers ignore

 

 

 

 

ge money wer fined by the FSA [now the FCA]

regarding this

but I don't know of any cases whereby anyone actually got anything back.

 

 

prob find you've gor PPI/MIF/unwanted insurance to reclaim mind.

 

 

sar time if every want to go anywhere with it girst


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

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spreadsheets 

 

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On the other hand, it is £800 you weren't expecting and have not had to invest any time in reclaiming. Apparently this is a specialised area so it might be worth considering accepting :)

 

I guess you could point out the conflict of interest to them !


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Any more news on this please, really interested in this as I took out my mortgage in 2006 with GE through Igroup and payed brokers fees added to the lenth of the mortgage.

 

Hadituptohere


I'm far from an expert, but learning all the time!!!!!

 

If i've been at all helpful please click my star.

 

Hadituptohere OH V Capital One, **WON**

Hadituptohere V Cabot, (providian/Monument/Barclaycard cc) - ** claim struck out ** due to non complaince of CPR, Wasted Costs applied for, Default Cost Certificate issued by Court, Warrant of excecution and CC Baliffs instructed...lol 8)

Hadituptohere V Cabot, (morgan stanley dean witter/barclays cc) - account in dispute, LBA sent to barclays, awaiting responce, no responce.

Hadituptohere V RBS, default removal x 2, case dismissed, judge used Balance of Probabilities against hard Evidence.

Hadituptohere OH v Santander, Santander issue claim in court, settled out of court via Tomlin, less solicitors fees and interest.

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They dont do anything you cant do yourself, and you get to keep the money of you do it yourself.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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