legal language translation required please ;)

[casbah]

What does this mean in laymans terms please

 

 

 

 

 

 

 

 

 

 

The non disclosure of commissions or feesA lender potentially breaches the non disclosure of commissions or fees part of the consumer credit act is when a lender: pays a commission to a third party such as a finance broker or another division of the lender in recognition of their assistance in the lender providing a credit card or loan agreement. This is because section 155 of the consumer credit act 1974 which states: “in the case of an individual desiring to obtain credit under a consumer credit agreement, any sum payable or paid by him to a credit- broker otherwise then as a fee or a commission for the credit-brokers services shall for the purposes of subsection (1) be treated as such a fee or commission if it enters, or would enter, into the total charge for credit"

[Monty2007]

What does this mean in laymans terms please

 

 

 

 

 

 

 

 

 

 

 

 

The non disclosure of commissions or feesA lender potentially breaches the non disclosure of commissions or fees part of the consumer credit act is when a lender: pays a commission to a third party such as a finance broker or another division of the lender in recognition of their assistance in the lender providing a credit card or loan agreement. This is because section 155 of the consumer credit act 1974 which states: “in the case of an individual desiring to obtain credit under a consumer credit agreement, any sum payable or paid by him to a credit- broker otherwise then as a fee or a commission for the credit-brokers services shall for the purposes of subsection (1) be treated as such a fee or commission if it enters, or would enter, into the total charge for credit"

 

 

They are a claims management company and you would be best advised to do it yourself. Plus that state on their site that they are not taking on any new cases and have been a bit naughty having had their license suspended. See:

 

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Dear Clients,

Great News, Kerobo's ministry of justice license suspension has been lifted.

 

Follow this link to verify on the MOJ's website. Following a lot of hard work alongside the Ministry of Justice we have had our license suspension lifted.

We have made an undertaking to the Ministry of Justice that we will process all existing claims to the standard that is expected of an authorised claims management company but that we will not take on any new business, so unfortunately if you have not already signed up we won't be able to help you.

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Not sure about the "Great News" bit though..........

[casbah]

Hi Monty

I thought I had managed to delete any reference to who the company were, but hey!

Yes I have just had a rather heated telephone conversation with them as they started my claim in july 09 and kept fobbing me off with excuses, three people have been "dealing" with my claim and all no longer work with the company anymore!

 

This reference I quoted is of interest as it may be significant to my claim against the company these were trying to sort out

 

Cas

[Monty2007]

Hi Monty

I thought I had managed to delete any reference to who the company were, but hey!

Yes I have just had a rather heated telephone conversation with them as they started my claim in july 09 and kept fobbing me off with excuses, three people have been "dealing" with my claim and all no longer work with the company anymore!

 

This reference I quoted is of interest as it may be significant to my claim against the company these were trying to sort out

 

Cas

 

No problem Cas. It is probably best to do it yourself, you then have control and it really is not that difficult. All the infomation, resources and help is available here on CAG!