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Blemain & Cheshire Regulations

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  • #31
    Re: Blemain & Cheshire Regulations

    Originally posted by Sparkie1723 View Post
    No Lindybee,
    You are on the right track, Blemain work to the same business plan as near as damm it as Swift Advances plc .....calling their agreements "Unregulated" I have palced arguments on this issue on the Swift Thread.

    I believe that they are caught out by Section 8(1) of the CCA and their agreements are in fact MONEY lending agreements.......and as such must have the trading name of Blemain Finance on the CCA licence to conduct money lending activities.......carry on with your investigations and research..........you are getting there IMO.

    Sparkie

    I am not legally traied and have no qualifications all I post are my own interpretations
    So that would fit in nicely with the cold calling "so-called" government debt management company Clear Start, their introducing me to DFD Mortgages (same group of companies) and DFD arranging my loan as a secured debt on my house with Blemain ....I must have got a jigsaw piece for Christmas he he he!!!

    Comment


    • #32
      Re: Blemain & Cheshire Regulations

      Originally posted by lindybee View Post
      So that would fit in nicely with the cold calling "so-called" government debt management company Clear Start, their introducing me to DFD Mortgages (same group of companies) and DFD arranging my loan as a secured debt on my house with Blemain ....I must have got a jigsaw piece for Christmas he he he!!!
      Just out of interest, have you checked out the names of the directors listed as being with Cheshire?

      Comment


      • #33
        Re: Blemain & Cheshire Regulations

        Originally posted by lindybee View Post
        Just out of interest, have you checked out the names of the directors listed as being with Cheshire?

        No have not lindybee but will have a look thanks...just reading some weird stuff attached below

        Comment


        • #34
          Re: Blemain & Cheshire Regulations

          Originally posted by jumper999 View Post
          No have not lindybee but will have a look thanks...just reading some weird stuff attached below

          and something nice to read for the new year..not all is bad as Blemain are very very kind and considerate when they loan

          This the best part...Any income

          Employed, self-employed, DSS benefits or assisted mortgages, private pensions and self-declaration.

          Our criteria has been developed by taking a common sense view and, providing the client has suitable equity, land registry title and affordability, we have a solution to their situation.

          So don't matter if your working or not, up to eye balls in debt...as long as you have equity in your home.......then Blemain will use their common sense and give you as much as money as you need.

          mmmmmm......this just gets better and better............

          Comment


          • #35
            Re: Blemain & Cheshire Regulations

            Originally posted by jumper999 View Post
            NOTE FOR THE PUBLIC REGISTER UNDER SECTION 35 OF THE
            CONSUMER CREDIT ACT 1974 (THE ACT)
            LICENCE NO: 391 61 8
            LICENSEE: SWIFT ADVANCES PLC
            DETERMINATION OF MINDED TO IMPOSE REQUIREMENTS
            NOTICE



            Default charges

            The Licensee must

            a) use litigation as a last resort and only where a
            borrower is unable to meet his commitments in
            the long term or unwilling to engage with the
            Licensee;
            ensure that its communications with customers
            accurately reflect its authority and the correct
            legal position, in accordance with paragraphs
            2.3 and 2.4d of the OFT'S Debt Collection
            Guidance July 2003, updated December 2006.
            ensure that the tariff of charges gives a clear
            explanation of when charges will be applied to
            an account and what they are for;

            The Licensee's charges should be set out clearly
            and fully as part of the credit agreement and in
            periodic statements,



            Swift were fined about their default charges and the FSA did say The Licensee's charges should be set out clearly and fully as part of the credit agreement.

            Now would that apply to agreements after the this fine was made...or does this fine include agreements prior to this fine being made on swift?

            What you have to understand is that the fine on ' Swift' as you call it Jumper was on Swift 1st Limited and on their 1st mortgages company imposed upon them by their regulator the FSA and not on Swift Advances plc which caters for 2nd charge loans and is regulated by the OFT.

            What happened with the FSA although this is a sister company to Swift Advances plc and no doubt run on the same systems by the same people, actually has no influence (other than " gotcha, we've caught you doing it with your mortgages now we can look to the OFT to catch you on your 2nd charge loans)

            So whilst the FSA and people with mortgages may get their refunds, Swift Advances plc customers will have to wait and see what the OFT do in the future.

            HTH
            A1
            Seek your own legal advice, I am not trained in legal matters, just give my opinion from my own personal experience.

            I am an original Cabot Fan Club member and proud of it.

            Comment


            • #36
              Re: Blemain & Cheshire Regulations

              Thanks Andrew...but what I was looking at was that Swift are a sub prime lender and the OFT pointed out to them that they had to follow certain guidelines and pointed out the second charge lending guidelines, afforability checks etc etc...

              Second Charge Lending
              Guidance, particularly the General Principle as
              stated at paragraph 2.1 which states that all
              underwriting decisions should be subject to a
              proper assessment of the borrower's ability to
              repay the loan without undue hardship and
              without resort to the security. In so doing, the
              Licensee will take full account of all relevant
              circumstances and any reasonably foreseeable
              future circumstances.

              I do understand what your saying Andrew,......just digging away at what exactly they were fined for....and taking it from there.

              Comment


              • #37
                Re: Blemain & Cheshire Regulations

                It may be of interest that Blemain for the first time ever have sent out a yearly statement in the form required by the OFT. They have also declared their intention of repeating this yearly. All previous statements were useless as just gave a list of payments made and no other information at all.
                G

                Comment


                • #38
                  Re: Blemain & Cheshire Regulations

                  Incomplete agreements

                  If an agreement leaves undecided, and undeterminable, some important aspect of the contract, then the courts will not enforce it. This can arise where perfectly clear words are used, bout the meaning of which there is no dispute, but which do not settle some significant part of the contractual terms. In May and Butcher v R, for example, the agreement provided that the price, and the date of payment, under a contract of sale, was to be ‘agreed upon from time to time.’ The House of Lords held that there was no contract in this case. The parties had not left the price open, they had specifically stated that they would agree in the future. The contract contained an arbitration clause, but the House of Lords considered that this was only meant to be used in the event of disputes, and could not be the means of determining basic obligations.
                  The reluctance to allow for the kind of arrangement which the parties had put into their contract in May and Butcher v R can be seen as an example of the English courts’ refusal to take account of the ongoing, relational nature of many contracts. Instead they expect all facets of the contract to be determined at the outset, and very little scope is allowed for the modification and development of obligations over its existence. The practice of the courts thus becomes divorced from the commercial reality of the business relationship of the parties.

                  A complete contract is an important concept from contract theory.
                  If the parties to an agreement could specify their respective rights and duties for every possible future state of the world, their contract would be complete. There would be no gaps in the terms of the contract.
                  However, because it would be prohibitively expensive to write a complete contract, contracts in the real world are usually incomplete. When a dispute arises and the case falls into a gap in the contract, either the parties must engage in bargaining or the courts must step in and fill in the gap. The idea of a complete contract is closely related to the notion of default rules, e.g. legal rules that will fill the gap in a contract in the absence of an agreed upon provision.

                  Comment


                  • #39
                    Re: Blemain & Cheshire Regulations

                    Originally posted by jumper999 View Post
                    Thanks Andrew...but what I was looking at was that Swift are a sub prime lender and the OFT pointed out to them that they had to follow certain guidelines and pointed out the second charge lending guidelines, afforability checks etc etc...

                    Second Charge Lending
                    Guidance, particularly the General Principle as
                    stated at paragraph 2.1 which states that all
                    underwriting decisions should be subject to a
                    proper assessment of the borrower's ability to
                    repay the loan without undue hardship and
                    without resort to the security. In so doing, the
                    Licensee will take full account of all relevant
                    circumstances and any reasonably foreseeable
                    future circumstances.

                    I do understand what your saying Andrew,......just digging away at what exactly they were fined for....and taking it from there.
                    I hope you do, as they were not fined for their second charge lending practices, they were fined for their 1st Mortgage practices - different companies, different regulators.
                    Seek your own legal advice, I am not trained in legal matters, just give my opinion from my own personal experience.

                    I am an original Cabot Fan Club member and proud of it.

                    Comment


                    • #40
                      Re: Blemain & Cheshire Regulations

                      Originally posted by gallahad View Post
                      It may be of interest that Blemain for the first time ever have sent out a yearly statement in the form required by the OFT. They have also declared their intention of repeating this yearly. All previous statements were useless as just gave a list of payments made and no other information at all.
                      G
                      hi g

                      were can i find this information

                      wp

                      Comment


                      • #41
                        Re: Blemain & Cheshire Regulations

                        here it is WP

                        With any fixed sum credit, where the agreement lasts for more than one year, you now have to provide an, at least, annual statement of the amount due under the agreement. The consequence of the Act’s provisions, as so amended, will be that you have to give a statement covering a period of not more than one year from the start of the agreement and the statement has to be given within 30 days of the end of the period covered by the statement, and then it must be given at least annually thereafter.*

                        Where an agreement is already in existence at the commencement date under the regulations of 1 October 2008, the first statement must be given to cover a period of not more than one year from that commencement date, and again given within 30 days of the date when you end the information covered by the statement.
                        During any period while you are in default of providing a statement*which you should have provided,*you cannot enforce the agreement, the debtor is not due interest arising in respect of the default period nor is liable for any default sum arising during the default period.*

                        You must provide it free of charge. Both the statements in this paragraph apply to all the new notice forms explained under this heading 8.


                        One issue that must be considered in the content of these statements:-
                        What are called “Dispensing Notices”. Where you have joint hirers/borrowers, you can get a Dispensing Notice from one of them by which they agree that these fixed sum statements need only be sent to the other one.
                        Most banks do this as a matter of course at present with running account statements; whether you want to do so with fixed sum statements is a matter you need to think about. Note that the validity of a Dispensing Notice terminates when the person who has given it dies.
                        The regulations state that the following information will have to be included in each statement. The information is comprehensive. The list is as follows:-
                        show the dates explaining the period covered by the statement;
                        give the debtor’s name and address (so far as you know it);
                        give your name and address (which might be an internet address) and a telephone number. If the debtor has been given details of a particular employee or category of employees, the appropriate telephone number should be given;
                        the account name and number;
                        the principal amount of the borrowing provided or to be provided, shown as one figure (it is unclear at the moment in an hp agreement whether this will be the amount financed or the total amount of the credit, including the part-exchange allowance);
                        the applicable interest rate or rates during the period of the statement, and if they varied, when the variable rates applied. If the interest is pre-computed and rolled up with the principal at the beginning of the credit period (as it will be in hp), then you have to give the interest rate quoted in the original agreement along with a statement explaining how and when interest charges are calculated and applied;
                        the date the agreement took effect;
                        the date of the first movement on the account;
                        the duration or minimum duration of the agreement;
                        the opening balance at the start of the statement period;
                        payments made under the agreement during the period and debits to the account during the period;
                        interest or other charges payable by the debtor which become due on the account during the period, whether or not they relate to that period;
                        any movements on the account during the period not relating to payments, interest or charges;
                        the closing balance;
                        a notice telling the debtor he can settle his agreement early;
                        a notice warning the debtor that if he pays less than the agreed payment, the debt may take longer to clear and may cost him more;
                        in hire purchase agreements,*a repeat of the hirer’s right of early termination under the halves rule;
                        a statement about complaints and disputes and the possibility of using the Ombudsman;
                        where PPI is included with the agreement, they will allow the amount required in respect of the PPI funding to be amalgamated with the main funding (if that is how the agreement is set out) but the debtor is given notice that he can request separate settlement figures for any insurance funding element from the creditor in writing.

                        regards
                        G

                        Comment


                        • #42
                          Re: Blemain & Cheshire Regulations

                          Thanks g

                          What i was looking for was something specific about blemain saying they are going to comply with this rule, (it would make a nice change for me to find a rule were blemin have complied)

                          wp

                          Comment


                          • #43
                            Re: Blemain & Cheshire Regulations

                            Originally posted by welshperson View Post
                            Thanks g

                            What i was looking for was something specific about blemain saying they are going to comply with this rule, (it would make a nice change for me to find a rule were blemin have complied)

                            wp
                            Although they would never admit it i think they are complying with OFT guidelines to get their license renewed which is well overdue i think.
                            G

                            Comment


                            • #44
                              Re: Blemain & Cheshire Regulations

                              Originally posted by gallahad View Post
                              Although they would never admit it i think they are complying with OFT guidelines to get their license renewed which is well overdue i think.
                              G

                              YOUR RIGHT THERE G

                              i today had a letter about buildings insurance, it says £130 for insurance and £16 for admin, up until this year my admin charge has been£130 the same cost as the insurance, but it wont be long before we find out if Thea's charges are fair.


                              wp

                              Comment


                              • #45
                                Re: Blemain & Cheshire Regulations

                                I don't think it is legal to have 2 insurances's running on the same property?

                                Mind you do Blemain do anything legal?
                                ------------------------------- merged -------------------------------
                                Originally posted by andrew1 View Post
                                I hope you do, as they were not fined for their second charge lending practices, they were fined for their 1st Mortgage practices - different companies, different regulators.

                                Thanks Andrew1, different companies (i agree) different regulators (i agree) BUT fined for similar things if not EXACTLY the same things (do you agree?)
                                ------------------------------- merged -------------------------------
                                Originally posted by gallahad View Post
                                It may be of interest that Blemain for the first time ever have sent out a yearly statement in the form required by the OFT. They have also declared their intention of repeating this yearly. All previous statements were useless as just gave a list of payments made and no other information at all.
                                G

                                Well mine is an unreg G....but I have not received one of these letters or statements yet...... maybe its in the post?
                                Last edited by jumper999; 5th January 2012, 00:57:AM. Reason: Automerged Doublepost

                                Comment

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