• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Help please Blemain Finance

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Help please Blemain Finance

    Firstly im so glad i found this site i was feeling extremely upset and could see no way out of my current situation ill try and explaine as best as possible

    Back in 2006 me and my partner took out a loan with Blemain to start our own bussiness they were highly recommended by a broker please dont judge i already know we made the biggest mistake of our lives and will regret this for ever they came and assesd our home as security and imediatly agreed to lend us 44,000 inculuding there fees and broker fee the total come to just over 48,000 we were both out of work and had no payslips to prove income i was told they (the broker) will deal with that
    i didnt need to worry cut a long story short 9 years later i asked for a redemtion figure to settle the account i am yet to recieve this but my latest statment says redemtiom figure is a staguring 54,000 we have already paid 53,000 into the account i qustioned why my loan is not decreasing once back in 2013 and recieved a refund of 1,169.00 back as unfair charges . i again complained last month for the same reason and was sent back an explanation saying charges accured on the account in 2007 when we were in extreme difficulty in reaching our monthly payments all those charges have been added on to the total loan amount in the regon of around 4000 and have been since accuring interest im at my wits end i sent them a settlement offer of 45,000 which they declined i was told on the phone when i took the loan out it was unregulated therefore they were not obliged to tell me me charges have been added and will incure interest and that the 480 a month payment will not even cover interest so my account has slowly risen and not decreased i feel sick to think they want 54,000 as settlement so if i did pay that i would have paid blemain 107,000 for a loan of 48,000
    even the broker fee should have been 1000 but on paperwork it says 2500 again we folishly signed without reading small print apr charged was as follows2006 9.10% july 2007 9.60% august 2007 11.60 and its been that rate up until now

    to sum up
    loan amout 48,297.00
    9 years payment made = 53,000 to date (roughly)
    redemtion figure from last statement 54,000

    sorry this is so long any advise will be highly appreciated
    x
    Tags: None

  • #2
    Re: Help please Blemain Finance

    Hi welcome to LB,

    It's sad to see someone else caught up in the web of Blemain's dodgy dealings.
    Were any other companies involved in your loan?

    My feeling is that you should start by making a Subject Access Request under the Data Protection Act 1998, this is to require Blemain to produce all the personal data held on you ( if the loan a joint contract you will need to make two requests) should produce the data on the way the charges have been applied as well.

    There is a £10 statutory fee for the SAR Use a cheque or Postal Order endorsed " For Statutory Fee Only" ( it's not unheard of for the fee to be allocated to the debt and no data to be provided.) Blemain has 40 Calendar Days to comply, address the SAR to the Data Controller at Blemain Finance , use signed for post.

    Nem

    Comment


    • #3
      Re: Help please Blemain Finance

      Without knowing the exact details it is difficult to know but what was the term in years of the loan. It sounds to me that what they could be asking for is the total sum that you would have paid had you carried on until the end of the term.

      At £480 per month a term of 15 years would seem about right.

      I am not saying I agree or that the way they deal with arrears and fees (i.e expecting you to recalculate the payments to cover these) is fair or ethical or even legal .

      Good luck

      Comment


      • #4
        Re: Help please Blemain Finance

        Hi it might be worth you taking a at Supreme Court judgement in Plevin - v - Paragon Finance , re commissions and non disclosure of them.
        nem

        Comment


        • #5
          Re: Help please Blemain Finance

          thankyou
          we took a 25year loan due to end 2031 they have provided me with a list of charges and where i should of been had no charges been added and when they were applied and a covering letter to say our loan has not decreaed because of these charges added and the interest on top
          what is a subject access request ?

          i read somewhere that the loan could be invalidated if we did not provide the usual payslips etc is this correct ?

          how do i take it to court where do i start i feel this is daylight robbery and very unfiar x

          Comment


          • #6
            Re: Help please Blemain Finance

            my latest statment says redemtiom figure is a staguring 54,000
            Have you been getting annual statements? Do these show the payments you have made and the interest / charges that have been added?

            i read somewhere that the loan could be invalidated if we did not provide the usual payslips etc is this correct ?
            Be wary of "reading something somewhere", especially about secured loans, where the loan could be wiped out but the lender would still have security.

            What is the current equity position with your house? Do you have other debts as well?

            Comment


            • #7
              Re: Help please Blemain Finance

              hi i have equity in my property and i have funds to settle my account i just thought the amount they are requsting as a settlement figure is high considering i had already paid so much in the last 9 years

              Comment


              • #8
                Re: Help please Blemain Finance

                Hi suzzzz you are right to question the charges the penalties the fees and the interest they then apply to the charges you need to work out what the actual pay back amount should have been( i.e 25 years of payments plus the initial fees) or the 11 yrs you have paid so far then ask them to justify the actual amount they are asking for in absolute detail
                With this company question everything then question their reply do not expect them to be honest and admit anything, they are as shady as they come

                Comment


                • #9
                  Re: Help please Blemain Finance

                  thankyou i have got no where with them after 2 letters of complaints and numerus phone calls they were adament with the amount due so just decided to pay and get rid of them for good .

                  Comment

                  View our Terms and Conditions

                  LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                  If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                  If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                  Working...
                  X