Secret Commissions?

vivaladiva

Quick question - how long does a broker need to keep information on a deal arranged?

petermb_2

vivaladiva wrote: »

Quick question - how long does a broker need to keep information on a deal arranged?

I would guess the same rules apply as the lenders and it has been understood that they have 6years plus the current one for tax purposes.
As with all legislation regarding the lenders they have the law in their favour. If they want to pursue you they have a 12 year window but if you want to pursue them you only get 6 years. What comes of having friends in high places.

vivaladiva

petermb wrote: »

I would guess the same rules apply as the lenders and it has been understood that they have 6years plus the current one for tax purposes.
As with all legislation regarding the lenders they have the law in their favour. If they want to pursue you they have a 12 year window but if you want to pursue them you only get 6 years. What comes of having friends in high places.

So what if the broker has ceased trading? What happens to all the information then?
(I'm going somewhere with this - honest:D.)

recyclingbox

petermb wrote: »

There are plenty of them to have a go at so could be profitable. I would beware though, as the lenders from what I hear will be in competition to you.

I hear they have already decided that some of the issues that are being thrown at them cannot be defended so the best defence is attack. It appears they will be chasing after the claims companies that are breaking the rules and breaching law society regulations to overcome the vast majority of those companies that pose a threat.

For information Ambulance chasers are those that seek to make claims after accidents and the like.

What the institutions have done is systematically ripped off the British public.
I forget the exact quote from an MP but he stated that "Of all the muggings and break-ins and acts of robbery you are more likely to be turned over by the institutions. The difference is that a mugging or robbery will occur once, where the institutions repeat it month after month after month".

Left to you and your like, they will continue to do it.

Ah Ha, as the great Don Henley once said;
"... a man with a briefcase can steal a lot more money than a man with a gun..."

Recycler...

petermb_2

vivaladiva wrote: »

So what if the broker has ceased trading? What happens to all the information then?
(I'm going somewhere with this - honest:D.)

If the broker is no longer there your only hope is the lender. It usually gets destroyed if the broker ceases trading although the individual agent should keep the stuff for 6-7 years.

adtheblue

Ocean have to disclose the total amount of fees payable but there are not required to break the total down as to who gets what.

However, if they didn't disclose this total, then the credit agreement is unenforceable under the Consumer Credit Act, which in plain English means you don't have to repay them. :j

petermb_2

adtheblue wrote: »

Ocean have to disclose the total amount of fees payable but there are not required to break the total down as to who gets what.

However, if they didn't disclose this total, then the credit agreement is unenforceable under the Consumer Credit Act, which in plain English means you don't have to repay them. :j

You seem to be getting a little confused. Secret commissions has absolutely nothing to do with unenforceability. If a secret commission was paid then the loan could be voidable.

Unenforceable is all about the agreement and how it is written based on Consumer Credit regulations.

adtheblue

I may have got the terminology wrong but I'm sure that if the total amount of fees payable is not verbally disclosed at the point of sale (ie prior to the consideration period).

Does this not make the agreement invalid and if not what would be your right of redress?

sophiak

All gone quiet on the secret commissions hey

magiciansgirl

Well if it's all gone a bit quiet hope you don't mind if I ask a couple of questions?

I sent an SAR last September to the broker who sold me my sub-prime loan. Recorded delivery and tracked and they received it. No reply within 40 day timeframe ... so wrote again; they replied in February saying they had not received first letter (a lie) but do try again....

Sent copy on 18th February, recorded again and I know it was signed for on 5th March. Still no answer but they haven't cashed the £10 cheque. The 40 days' run out on 14th April, if they still haven't replied do I go to the FSA or the FOS to make a non-compliance complaint?