GE Money - Secret Commissions

Vonn

Could you tell me your views on this please.

Took out a loan with GE Money through Freedom Finance in 2004.
Tried to claim back my PPI, but GE Money said I should be speaking with Bespoke? I'd never heard of Bespoke, anyway, to cut a long story short, I sent my CCA to fos.
A few weeks later the FOS said nothing could be done as it was pre- 2005.
Now I've looked over my credit agreement (I have the original) and the Broker box is empty, no signature, and no stamp. I have gone right through my agreements and there is no mention of Bespoke, anywhere!
If dealings were done with a company called Bespoke (Isn't that my business and shouldn't I have been told about this?) It looks as though deals have been done behind my back, without knowledge or consent. Now as it's my PPI and I'm paying interest on it, the fact nobody has bothered to disclose information of this to me i.e. Lender/Broker, surely that can be deemed as fraudulent?
What do you reckon, secret commisions going on or what? Also my PPI is quite clearly written on First National (GE Money) headed paper, not Freedom Finance or Bespoke.
Thanks

Vonn

I have now sent all documents concerning GE to FOS asking them to look at my case again, but Underwriter/Broker route this time instead..
Have also requested they check the legalities of my documents.

What should be my next move?
Any help as regards my situation, is very welcome.

Thanks
Vonn

di3004

Hi Vonn

Many of us are going the underwriter/insurer direction, also as suggested by the FOS, so you do as you did with the broker, if they do not accept liability, then you can complain to the FOS, as the underwriter would have been regulated.

Mine is still ongoing with the FOS, it can take some time, because the FOS are also trying to make these responsible, because when your loan was approved, the underwriter would have been part liable for approving it.

Good luck.;)

Vonn

Thanks Di
Appreciate it.

Vonn

di3004

Vonn wrote: »

Thanks Di
Appreciate it.

Vonn

Your very welcome Vonn, good luck.;)

dunstonh

What do you reckon, secret commisions going on or what?

If you were charged a fee and a commission was paid that was not disclosed then you have a case to request the commission be refunded to you. However, if you didnt pay a fee then you are unlikely to be successful.

Took out a loan with GE Money through Freedom Finance in 2004.

Freedom finance and bespoke are linked. Not an uncommon arrangement in financial services. I work on a similar basis with a compliance company.

Vonn

Thanks dunstonh

The situation is this:
Took out a loan with GE Money through Freedom Finance in 2004.
Tried to claim back my PPI, but GE Money said I should be speaking with Bespoke? I'd never heard of Bespoke, anyway, to cut a long story short, sent it to fos.
They said nothing could be done as it was pre- 2005.
I've gone over my credit agreement (I have the original) and the Broker box is empty, no signature, and no stamp. There is no mention of any broker in the small print, no mention of Bespoke, no mention of Freedom Finance even nor any commissions!
Now surely, if dealings were done with a company called Bespoke (Wasn't it my business to be informed about this?) It would seem that some sort of payment was made without my knowledge or consent, and that the payment would then be added to my APR, surely that can be deemed as fraudulent? Why would GE Money refer me to Bespoke, for what reason, I didn't deal with them.
Also my PPI is quite clearly written on First National (GE Money) headed paper, not Freedom Finance or Bespoke.

Thanks
__________________
Vonn

dunstonh

I've gone over my credit agreement (I have the original) and the Broker box is empty, no signature, and no stamp. There is no mention of any broker in the small print, no mention of Bespoke, no mention of Freedom Finance even nor any commissions! It would seem that some sort of payment was made without my knowledge or consent, and that the payment would then be added to my APR, surely that can be deemed as fraudulent?

your copy was rarely signed and didn't need to be. The commission didn't need to be disclosed on the credit agreement as its not an explicit charge. You dont pay commission directly.

Now surely, if dealings were done with a company called Bespoke (Wasn't it my business to be informed about this?)

Not really. Freedom Finance process loans on behalf of a Bespoke Finance.

Why would GE Money refer me to Bespoke, for what reason, I didn't deal with them.

because that is their relationship. As I said, its quite common. I am an IFA. I have my business trading name but many providers have my network as the business relationship with me as a sub agent. If you complain about me, I dont deal with it, the network does.

Freedom Finance say: We have partnerships with a number of well known organisations including Alliance & Leicester, GE Money, Sainsbury's Bank, The Co-operative Bank, AA and Direct Line – as well as processing thousands of loans for our main business provider, Bespoke Finance

So,the loan was processed through the Bespoke agency.

Vonn

OK thanks, but the way I see it is, if I bought a laptop from a company and it was defective, I wouldn't take it back to the manufacturer, I would take it back to the company from where I purchased it. They are the ones I did the business with, therefore, it would be down to them to refund me or fix the problem. So shouldn't it be GE Money to sort my problem out? My problem is with GE Money, who did not disclose to me the fact that they were doing business with Bespoke (a third party) and charging me the fee in my APR, had I known this I would not have had the loan. Therefore, any choice was taken away from me and thats wrong, whichever way it's glossed over.

Vonn

dunstonh

OK thanks, but the way I see it is, if I bought a laptop from a company and it was defective, I wouldn't take it back to the manufacturer, I would take it back to the company from where I purchased it. They are the ones I did the business with, therefore, it would be down to them to refund me or fix the problem. So shouldn't it be GE Money to sort my problem out?

That may be how it works with retail products but not with financial. However, many retail companies have different trading names and subsidiaries.

My problem is with GE Money, who did not disclose to me the fact that they were doing business with Bespoke (a third party) and charging me the fee in my APR, had I known this I would not have had the loan.

What difference does it make if its bespoke or freedom finance?

You dont pay the commission. You pay the interest on the loan. Dont mix up fees and commission as there are two different things.

I dont know how it works with that firm but it was probable that GE Money paid Bespoke the commissions and Bespoke paid freedom finance to process things on their behalf. There is no extra commission if its done like that and it doesnt cost you more. Its just the processing.

Something similar I am doing right now (whilst I am waiting for 30 odd pages to print). I am doing a pension for another IFA firm. I wont appear anywhere in the paperwork but I will be paid for my work but its the other IFA firm that is paying me. Its not costing their client any more. They just prefer to pay me to do the work as I have the required skills and software and they dont.

At the moment you seem to believe it has cost you more doing it that way but it hasnt.

-BA-

Do the FOS immediately dismiss pre-2005 complaints?