GE Money - Secret Commissions

marshallka

Vonn wrote: »

marshallka

My CCA is on 'First Finance - A GE Company' headed paper, surely this is proof that GE provided the loan and the insurance?
Would this not explain why broker box is empty, no mention of Freedom Finance or Bespoke?

Hi Vonn, I had a CCA headed Firstplus and I really cannot remember using "any" broker as they stated and I made the complaint to FP who would not acknowledge it (they said we used a broker) and I actually submitted to FOS with my reasons for making the complaint against the lender. FOS then wrote to FP and came back to me saying that I had used a broker (all the evidence had been sent to them with myself stating we did not think we used a broker and there was no evidence to suggest we had) and they actually took Firstplus's word for it and dismissed the complaint. I don't know what you actually are thinking of doing with your complaint but I do know what FOS will only accept against any broker (even without first checking thoroughly that you DID actually use one) or in some cases the insurer/underwriter.

dunstonh

You may not have used a broker "in person" but the application form would have been processed through a broker agency. So, if it just turned up in the post at their end, they would have to allocate it to someone to process (if they dont do them themselves) and that could mean a broker you have never met or spoken to doing the work.

Vonn

So the crux of it all is, I have no claim, is that right? My dealings were all done with GE over the phone, GE sold me the PPI, GE collect payments for the PPI, GE insist I still continue making full premium payments, yet I cannot claim back what is owed from GE.

That is just so wrong. What then, about unfair relationships, I had no idea such deals were going on, and it would mean that my personal information was passed to a third party, without my knowledge or consent.
Surely, they should have asked my permission? I would have turned down the loan had I been furmished with the full information.

Vonn

marshallka

dunstonh wrote: »

You may not have used a broker "in person" but the application form would have been processed through a broker agency. So, if it just turned up in the post at their end, they would have to allocate it to someone to process (if they dont do them themselves) and that could mean a broker you have never met or spoken to doing the work.

So if you never speak to the broker then this would be classed as a non advised sale then I assume and you have no idea who is "coupling" this onto your loan either. I told Firstplus I rang them direct although Freedom Finance said I came through a teletext advert (which we have no recollection of at all) and I just assumed that Firstplus were who I took the loan out with and no broker involvement.

How can they get away with this. I was also annoyed at how Firstplus were allowed to just say to FOS, "we did not sell it" and FOS actually listened to it although there is nothing in my SAR to suggest ever using a broker for PPI and all calls of that time have been blanked out.

I definately remember it was Firstplus that sold the PPI as we did not want it but when the agreement came it actually was included conditional and it was then Firstplus we telephoned who told us it was like a savings scheme.

Vonn

marshallka

surely this has to come under 'unfair relationships'?

“Provided that it is disclosed to the client, there is nothing wrong in principle in an intermediary charging a broker’s fee. However, the commission must be disclosed and a general statement that “a commission may be paid in certain circumstances” is not adequate”.

Nothing was disclosed to me either about brokers or extra fees.

Vonn

I would NEVER agree to someone being paid any monies at my cost, and then have interest added to it. That is so unlawful, and to not disclose that information is surely violating one's rights.

marshallka

Vonn wrote: »

marshallka

surely this has to come under 'unfair relationships'?

“Provided that it is disclosed to the client, there is nothing wrong in principle in an intermediary charging a broker’s fee. However, the commission must be disclosed and a general statement that “a commission may be paid in certain circumstances” is not adequate”.

Nothing was disclosed to me either about brokers or extra fees.

I take it you are on about something like Wilson v Hurstanger.

http://www.out-law.com/page-8928

I really have no idea on that subject TBH but if you ask on the loans thread you may get some advice. This one is mainly PPI related.

Vonn

I've sent all my agreements to the FOS, so waiting on a reply from them at the moment.
As far as I am concerned whoever collects the payments is responsible for the refund.

marshallka

Vonn wrote: »

I've sent all my agreements to the FOS, so waiting on a reply from them at the moment.
As far as I am concerned whoever collects the payments is responsible for the refund.

I tried the same thing Vonn over 2 years ago and it went as far as two adjudicators and then they threw them out. Good luck though with yours and let us know how you get on. This should be interesting. I assume you are only asking for the PPI back with the FOS and not commissions as I have never heard of FOS helping in commission complaints.

Vonn

Hi Marshallka

Thanks and I will keep you updated, yes, it's just for the PPI.

Vonn