G E Money and Secret Commissions

[frettful38]

Keep up the good work everyone. We have a right to know what is going on because at the end of the day it is us borrowers who are footing the bill.

When we fall in to arrears or get in to the slightest bit of financial difficulty they waste no time in issuing letter after letter.

These institutions have no trouble sleeping at night kicking the average man & family out on the streets if he gets in to money problems, just look at how bankruptcy has risen, and repossessions. These companies pay out secret commissions and no doubtedly they are added to the borrowers loan.

 

Now the shoes on the other foot and its our turn to demand. Lets see how far we get

[frettful38]

Oh I wish I sent that SAR you wrote down nevos, sounds brilliant and you have worded it perfectly. I should just send another one anyway, copy & paste what you have done.

 

 

The Underwriting sheet that I found was in my SAR that I received from the lender Blemain Finance.

[frettful38]

I believe there is a lot of confusion about who is regulated by who. I know that a loan for over £25,000.00 does not come under the CCA act and I know that Blemain Finance are un-regulated. So they do not come under the FOS. But I do know they are regulated by the FISA and in their booklet is a VERY INTERESTING paragraph relating to secret commissions.

 

Maybe anyone would like to have a read over a nice cup of coffee and biscuits , I have read a load of times and please don't ask me how many cups of coffees I've had ,. I've downloaded the information below.

 

http://www.refinanceuk.com/docs/fisa%20borrowers%20guide.pdf

 

These are the companies regulated by FISA

 

Lender Members - FISA

 

Hope you find this interesting,

[frettful38]

I am up to date with all my loan payments. I have only been in arrears once that was about 6 months ago but sorted it out quickly.

If people find out they have a secret commissions case (I know I have asked this before) and wanted to pursue a claim against the broker and lender because both parties are involved in giving and receiving this bribe. Then the lender would have the right to claim back the money they loaned to people, how would people pay it back as this money would have been spent.

Could the court order the borrower to pay back the loan if they bought a secret commissions claim against the lender or broker,

 

anyones ideas or thoughts?

[piggyw]

why are ge money allowed to get away with all this ?? they are about to take my home and the arrears are thousands of pounds of charges , PPI and interest on top of interest . who do I go to next ? I have until April the 8th to be out of my home . can you suggest anything ?

[Mark Wilson]

Fretfull, I would view the situations separately. If they have done wrong, breached regs and have to pay things over such as the commission they secretly received plus interest then that is something they would be ordered to do.

 

Are they allowed to call the loan in "on demand" is another issue. I don't think they can. If the whole enforceability was brought into question, then that is another can of worms.

 

I am not losing any sleep over what Fp may do and they know I will address their issues with me, once they have addressed my issues with them, it is a two way street.

[frettful38]

Fretfull, I would view the situations separately. If they have done wrong, breached regs and have to pay things over such as the commission they secretly received plus interest then that is something they would be ordered to do.

 

Are they allowed to call the loan in "on demand" is another issue. I don't think they can. If the whole enforceability was brought into question, then that is another can of worms.

 

I am not losing any sleep over what Fp may do and they know I will address their issues with me, once they have addressed my issues with them, it is a two way street.

 

 

Thanks Mark for your sound advice, I will just have to wait and see what they send through the post

[nevos]

why are ge money allowed to get away with all this ?? they are about to take my home and the arrears are thousands of pounds of charges , PPI and interest on top of interest . who do I go to next ? I have until April the 8th to be out of my home . can you suggest anything ?

 

Hi, sorry to hear your so far down the road.

 

I'm currently trying to counterclaim for the charges in answer to GE trying repossession. The idea was to slow the process down but, it looks like an unknown quantity though, the court has accepted the counterclaim.

 

I'm not certain but, it may be worth trying to ask the court if they would allow you to counterclaim and stay the repossession order pending you particularising your claim, assuming you do have a lot of charges for late payment, unwanted concilling etc? it cost me £75 to submit it. My interest in this thread raises the question if secret commissions can be added to the list, it would make the counterclaim stronger.

 

Hi fretful: Thanks for your comments, I didn't want to say secret commissions while we know they are just looked for alternatives

Edited March 18, 2009 by nevos

[frettful38]

Hi piggyw,

 

Sorry to hear about your situation. You could contact Ell-enn she is one of the site team members maybe she may be able to give you some good advice. If you pm her and mark it urgent then hopefully there me a few things you could do.

Also have you been to your local CAB? They usually have a duty solicitor and maybe you can get half an hours free advice. Try not to panic because this can cloud our sense of judgment. Stay calm and keep searching, I am sure you will find something positive out of this, its just a matter of seek and you shall find.

 

Good luck and have good read on these forums hopefully it will help you through this of a time.

 

Just for the record I ####### hate it when people get threatened with repossessions. I would suggest that if this government allows more and more people to be kicked out of their homes when they are genuinely in problem, then maybe everyone should set up tent and start camping outside NO 10 and outside the gates of The great Buckingham Palace.

 

I wonder whats next on the governments lists of do' and don'ts. They are slowly taking away so many rights of ours.

DON'T GIVE UP!

[amanda]

Hi

 

I'm just in the process of reclaiming PPI and charges from GE & this thread caught my attention as whilst going through all the paperwork GE sent me I remembered seeing brokers fees of ".00".

 

I've just gone back through the paperwork and I can't find anything relating to brokers fees, I do have a sheet with some unknown abbreviations with amounts next to them but I don't think this is the fees, is there anything specific it might be hidden under?

 

The other sheet I've found has these all on but no info next to them, "loan commission, insurance commission, acceptance fees .00 & brokers fees .00" it seems to be a sheet regarding the underwriter.

 

Therefore am I right in assuming if they have in fact paid the broker a fee, they have not only never disclosed this to me as well as hiding on the SAR they've sent me??

 

Is the next step to write to them and ask?

 

Thanks in advance for any help.

[piggyw]

Hi

Thanks for the advice , My agreement says 0.00 to broker , but the loan was for 29,120 and we actually only got 23,000 something . Don't know where the rest of the money went . One month we where charged 710.00 in interest and charges . the repayments are 523.00 . I just can't work out how they are allowed to do it and we have to fight .

How do I pm Ell-enn ?

Thanks

piggyw

[frettful38]

Did you go through a broker to get this loan?

[frettful38]

Hi

Thanks for the advice , My agreement says 0.00 to broker , but the loan was for 29,120 and we actually only got 23,000 something . Don't know where the rest of the money went . One month we where charged 710.00 in interest and charges . the repayments are 523.00 . I just can't work out how they are allowed to do it and we have to fight .

How do I pm Ell-enn ?

Thanks

piggyw

 

 

Your loan was for £29,120.00, you received £23,000.00. So there is a difference of £6,120.00.

 

This amount must have been deducted for something? Brokers Fess? Acceptance Fees? and all the other #### fees you had to pay in order to get this loan. If you can post up some more details about this loan e.g when you took it out and how long it was for e.t.c. Then maybe you will have a few options on what route to take.

[frettful38]

Hi

 

I'm just in the process of reclaiming PPI and charges from GE & this thread caught my attention as whilst going through all the paperwork GE sent me I remembered seeing brokers fees of ".00".

 

I've just gone back through the paperwork and I can't find anything relating to brokers fees, I do have a sheet with some unknown abbreviations with amounts next to them but I don't think this is the fees, is there anything specific it might be hidden under?

 

The other sheet I've found has these all on but no info next to them, "loan commission, insurance commission, acceptance fees .00 & brokers fees .00" it seems to be a sheet regarding the underwriter.

 

Therefore am I right in assuming if they have in fact paid the broker a fee, they have not only never disclosed this to me as well as hiding on the SAR they've sent me??

 

Is the next step to write to them and ask?

 

Thanks in advance for any help.

 

 

Hi amanda,

 

If you took out a loan through a broker would you not have remembered how much broker fee you paid, unless it was some time ago? How much was your loan for and have you paid it off or is it still live?

[piggyw]

yes ! am I allowed to say which broker ??

[amanda]

Hi amanda,

 

If you took out a loan through a broker would you not have remembered how much broker fee you paid, unless it was some time ago? How much was your loan for and have you paid it off or is it still live?

 

Hi

 

We did take the loan out through a broker as far as I'm aware we didn't pay the broker but should they not have told us if they were receiving a fee from GE? I'm assuming they would have received something. Our loan was for £10k and we have repaid it now via a remortgage.

 

Thanks for your help.

[piggyw]

We took out the loan in september 2005 , over 10 years .we took out the loan for 25,000 , the actual loan was for 29,120 but we only receivced 23,000 something , we actually owe almost 44,000 now because we fell into arrears and just can't catch up because of all the charges and interest on interest !!!! It's just a whopper !!!!

[elizabeth1]

Piggyw - I just PM'd you a message.

[bigboykarl]

this thread is astonishing........

i myself re mortgaged back in 2005 i went through a broker named red mortgages in sheffield....i was looking to borrow 65k and was interested in a chelsea building society 10% cashback but was pushed into a ge money 73k re mortgage by the broker and it's all making sense as to why:mad:

think i'll be sending a sar letter to ge ...p.s red mortgages seem to have disappeared how would this affect me??

[lollypop89]

Hi,

 

Having read all of the comments re: GE Money, I wonder if anyone can help me shed some light on my circumstances.?

 

I took out a Secured Load with GE in 2001, for £5,000.00. This was not my choice, but I used a Mortgage Broker, who charged me £75.00 for his admin fee, He didn't offer me any other loans, & I had to take out the PPI which was only applicable for the first couple of years. The PPI was £500.00 paid monthly incorporated with the loan amount per month. This loan was over 12 years also.

 

I recently paid off in full & final settlement in December 2008, as I remortgaged. The fees where astronomical, to repay this loan. I was charged nearly £2,500.00 alone in Early Settlement Charges, the loan was still £3,600.00 owing after 8 years.!

 

I am in the process of hunting out all my papers in relation to this, but do I stand any chance at relaiming any money back from GE, considering when I asked the MOrtgage Broker to find me a loan, I asked for a 5-7 year Max term & Unsecured. I didn't even sign any of the papers, the Mortgage Broker done that on my behalf, without me knowing, & kindly told me after. The only problem, is that I can't contact the Mortgage Broker, as I do believe he is in prison at the moment for fraud.! Can any please help.?

 

A rather "sour" tasting lollypop89.

[frettful38]

Gone a bit quiet on the secret commissions hey,

 

Anyways I received my reply from Ocean Finance when I asked them if they had received a secret commission from Blemain Finance and they wrote that the information I required is with my lender, so I will have to ask them.

 

Basically they have fobbed me off. So do you think if I wrote to Blemain and asked them did they pay a secret commission to Ocean who arranged my loan with them, that they would just turn around and say ummmm yes we did and if you ask for it back we'll ask for all the money back we've lended you. So I am in damned if you do and damned if you don'ts situation hey?

 

Next step would be to write to blemain and ask them and see what they really have to say. I will be polite as possible, promise:D

[hellhasnofury]

Ok I give up, I have read and read and read and I don't know if I read this info, but not absorbed it, if you have a company who owns up to paying secret commission to a broker, but will not disclose the amount and tell you ha ho it is standard industry practice, so get lost.

 

What legislation can you throw at them, I have asked under the dpa and also cpr 31 for this information and they won't give it. I know I can apply to the court to have them disclose this, but I would like to attempt one more letter giving them the general impression that I know what I am talking about.

 

I did ask a friend of mine who is a barrister, stated that they were not allowed to do this, but could not quote why??????????????????????????????

 

Any ideas folks:-D

Edited March 28, 2009 by hellhasnofury

[the main man]

The only thing I have seen is the Non Status Guidelines that only seem to call into question their fitness to hold a credit license......?

 

http://www.oft.gov.uk/shared_oft/reports/consumer_credit/oft192v2.pdf

[frettful38]

That was excellent bit of advice there main man, mostly appreciated. I have had a read, but will read in more detail later. I think maybe we could contact the OFT and ask them for advice on what we should do next.

 

I will write to Blemain and ask them did they pay Ocean a secret commission, just to see what they say,

 

good luck hellhasnofury I am sure you too will find the above very interesting reading

[magiciansgirl]

Hi Frettful, if you address your letter to Anais Waiz the legal director at BF, you ought to get a reply. I too thank the Main Man very much for that helpful information.