GE Money - Secret Commissions

marshallka

dunstonh wrote: »

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.

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

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.

But you have to bear in mind that Bespoke are based in GIB and not here in the UK. Although the laws of "here" apply if you were to have a dispute with Bespoke and then win in a court of law here in the UK and Bespoke decide not to pay up then UK Baliffs have no jurisdiction in Gibraltar from what we gathered on here.

That is how it used to be so you really should be given a choice as to taking the loan from the non UK based company as surely your statutory rights are restricted somewhat.

Also the selling of finance is unregulated in GIB but insurance is a regulated activity I think so were Bespoke actually regulated to do this activitiy!!

marshallka

-BA- wrote: »

Do the FOS immediately dismiss pre-2005 complaints?

Not if the firm were a member of the General Insurance standards council which was a voluntary code OR they were a bank which would fall under rules of the Old Banking Ombudsman.

Vonn

Thank you Marshallka, I totally agree that my statutory rights may well have been breached!

Dunstonh
My gripe is with GE, because I have a PPI policy in place that I never wanted, never needed and cannot get out of it, or cancel it because they won't let me, despite the fact it expired last year. It is therefore, not an ounce of good to me as I can never claim on it, why should I be forced to pay it for an extended period?

dunstonh

I agree with your reasons about the PPI. No problems there. I was just referring to the company associations and your comments on secret commission.

Vonn

Yes, I can appreciate that dunstonh and I do take your point.
My argument is, I had PPI forced on me, I did not need it or want it, but was told it was part of the package so to speak.
That PPI expired last year, therefore, for PPI to continue, I would have thought I would be asked if I wanted to continue with it upon expiration.
Instead, it's been forced on me yet again, I do not want PPI (never have).
How can they insist that I have it and still have to pay it for another 5years, when I am saying "No, I don't want it"! Where is my right? How can they force this PPI on me?
I also have the right to claim back the PPI, along with the interest that it made, and upon making enquiries about getting a refund, I was then told to contact Bespoke - a company I'd never heard of.
I didn't deal with Bespoke, I dealt with GE, it's GE who are forcing me to have PPI, GE collecting my payments, yet I'm told to contact another company, who is bust, by the way for my refund.
This just doesn't seem fair or lawful.
My agreement is clearly on First National 'GE Company' headed paper, which broker box is empty, no mention of Freedom Finance or Bespoke or any third party involvement with any broker. Very strange.

marshallka

Hi Vonn, if PPI is a single premium then it is actually a "Loan" that you have put on top of your first loan to pay for the PPI all in one go. This is then paid over to the insurer and your Loan to pay the PPI is then treated in the same way as your original loan. This is how single premiums work. They usually only last for 5 years of whatever length your loan is taken out BUT you continue to pay for the loan to pay the PPI over the entire length of your original loan making it very costly. ALthough you say your PPI finished some time ago and you are still paying for it that is correct to some extent but you are actually paying for all the interest on the single premium and that is why it looks that way.

Where you say "you forced to contact another company who are bust...................." do you mean Bespoke????

Devils_Avocado

I know for a fact that GE Money paid very high commissions to companies and salesmen who sold their PPI. I sold Sharps bedrooms for years, the reps were offered huge incentives to sell GE's PPI - it could double their income -and the companies also got massive kick-backs.

I refused point-blank to sell it.

hadleigh47

I had a debenhams card with GE Money ( they adminisiter it on behalf of Debenhams. I also a DMP. This card was paid back in July 2008.
I find out much later they decided to add interest having told me in writing it had been halted. took out a CCJ against me before passing on the debt to CL finance who never contacted me despite having my correct address and them on to Aktiv Kapital.
I have referred it to FOS
Recently I contacted GE Money who are now Santander who said they did not have a copy of my agreement and furthermore stated that according to their records the money had been paid off!
It is about time the Regulators got tough with the financial services sector. They are a bunch of crooks

dunstonh

I know for a fact that GE Money paid very high commissions to companies and salesmen who sold their PPI.

They did but that is not a reason in itself for complaint. Its a reason that they pushed it of course but you cant complain that someone got paid for selling a product.

It is about time the Regulators got tough with the financial services sector. They are a bunch of crooks

Thanks for calling me a crook. I guess you that approach call all doctors mudererers too.

Vonn

My thanks to all for your replies. Much appreciated.

Marshallka, Yes, 'Bespoke', they have gone bust, my thinking is this, my loan was with GE Money as were my dealings.
They are the ones insisting I still pay full premiums, (despite the contract expiring last year). GE are the ones collecting my payments, so I believe they are the ones who should refund me my PPI.
What are your thoughts.

Thanks
Vonn