Blemain Finance

[lindybee]

Re: Blemain Finance

Hi Lindy, seems like the usual blemain strategy. I believe taht if your loan is over £25 k it cannot be regulated.
Regars
G

Thanks G,
Mine is not.
L

[lindybee]

Re: Blemain Finance

Hi lindybee,
Once they have cashed the cheque They have 40 days from the day of receipt of the SDAR not from the date of cashing the cheque....if they do not comply bwith the 40days they will be in breach of the Data Protection Act 1998.

What some lenders try is to bluff you and say ...we never cashed the cheue untill so and so date so the timescale starst from then......WWWWRRONGGGGG!!! starts from the day they received it...the cashing of the cheque is the start of the instruction to comply.

Sparkie
------------------------------- merged -------------------------------



HIya G,

I think the loan was for £16000...BUT it was a secured reguated one is that correct lindybee??
Sparkie

I just wanted to borrow £14,000 but with the additional cots it grew like Topsy!
Yes its a secured, regulated loan.
My bank who are also my 1st mortgage lender are most unhappy about the so called "debt advisory service" not suggesting that I contact them first. I took it on trust that a "Govermnent debt reduction initiative" would be acting in my best interests. Blemain was the only loan for debt consolidation offered to me, The only loan term offered was over 240 months, and also at a time when I was due to retire in the next 3 years.

[CleverClogs]

Re: Blemain Finance

I believe taht if your loan is over £25 k it cannot be regulated.

Really?

Then how do you suppose section 75 of the Consumer Credit Act 1974 (as amended) - link - might apply to credit, loans and so on for single items costing between £100 and £30,000?

[Amy]

Re: Blemain Finance

You might like to have a read here, post#2 for details on what s.75 actually relates to New Member Advice - Legal Beagles Consumer Forum

[CleverClogs]

Re: Blemain Finance

Thank you, Amy; I already knew to what section 75 refers.

Perhaps you could find something in the Consumer Credit Act 1974 which might place an upper limit on regulated credit agreements, so that agreements over that limit would not be regulated. I doubt that such a limit exists, but it's possible that it might.

[Garlok]

Re: Blemain Finance

It certainly used to have an upper limit of £25000 CC, but that was changed in one of the various amendments or amendments to SI regulations I believe. I can't say where as it does not apply in our cases and I have not followed it up in detail. Hence I don't know about the upper limit at this time.

regards
Garlok

[Amy]

Re: Blemain Finance

Thank you, Amy; I already knew to what section 75 refers.

Really? I don't think so or why would you have posted what you did.

[CleverClogs]

Re: Blemain Finance

I don't think...

why would you have posted what you did.

Citing the upper limit of £30,000 per single item in section 75 seemed an effective argument against the idea that:

if your loan is over £25 k it cannot be regulated.

... as it becomes immediately obvious that, if there is any upper limit for a regulated agreement, it must exceed £30,000.

[Sparkie1723]

Re: Blemain Finance

It certainly used to have an upper limit of £25000 CC, but that was changed in one of the various amendments or amendments to SI regulations I believe. I can't say where as it does not apply in our cases and I have not followed it up in detail. Hence I don't know about the upper limit at this time.

regards
Garlok

As of April 6th 2008 under the new amendments to the 1974 Act the limit of £25.000 hs been lifted...for ALL NEW LOANS ....there is now no limit all Consumer credit loans made after that date are regulated by the New Act.

How ever all old agreements made before that date are subject to the limit of £25.000 and remain unregulated....... the only section that applies to all agreements is Section 140 The Unfair Relationship and has done since April 2006 ........ and as from 8th October 2008 the necessity for the lender to supply a full and proper statement of account

Failure to do that and the lender cannot take enforcement action until he does supply that statement.


Sparkie

Hope this helps

[Amy]

Re: Blemain Finance

Section 75 has nothing to do with whether or not the credit is regulated.

[CleverClogs]

Re: Blemain Finance

Boring

[Guest]

Re: Blemain Finance

Boring

Hi

Yes facts often are. As an asside section 75 does only apply to regulated agreements, i think.

Peter

[killerschick]

Re: Blemain Finance

Hi All,

I'm not normally one to post on this forum although I've been registered for a while, so please be kind I have a little knowledge of the Consumer Credit Act 1974 (CCA) & the revisions brought in by the Consumer Credit Act 2006 (CCA 2006) and have researched the issue of the upper limit for regulated credit agreements in the past so here goes.

When the CCA was passed section 8 read as follows:

8 Consumer credit agreements
(1)A personal credit agreement is an agreement between an individual (" the debtor") and any other person (" the creditor ") by which the creditor provides the debtor with credit of any amount.
(2)A consumer credit agreement is a personal credit agreement by which the creditor provides the debtor with credit not exceeding £5,000.
(3)A consumer credit agreement is a regulated agreement within the meaning of this Act if it is not an agreement (an " exempt agreement ") specified in or under section 16.

So when the CCA first came into force agreements of more than £5000 were not regulated - logical when considered in relation to the cost of a house etc at the time. In time inflation devalued the pound and the limit of £5000 became outdated with the number of agreements falling outside of CCA regulation increasing so the limit was revised. The Consumer Credit (Increase of Monetary Limits) Order 1983 was made on 16th December 1983, and increased the upper limit for regulated agreements to £15,000 with effect from 20th May 1985. Obviously inflation continued and in time a further revision of the limit was required, The Consumer Credit (Increase of Monetary Limits) (Amendment) Order 1998 was made on 31st March 1998 and came into force on 1st May 1998, it increased the upper limit for regulated agreements to £25,000.

The £25,000 upper limit remained in force until the Consumer Credit Act 2006 (CCA 2006) was brought into force. Section 2 of the CCA 2006 read as follows:-

2 Removal of financial limits etc.
(1)In section 8 of the 1974 Act (which defines consumer credit agreements)—
(a)in subsection (1) for “personal” substitute “ consumer ”;
(b)subsection (2) shall cease to have effect.
(2)In section 15(1) of that Act (which defines consumer hire agreements) paragraph (c) and the “and” immediately preceding it shall cease to have effect.
(3)In section 43(3) of that Act (financial and other limits relating to regulation of advertisements) paragraph (a) and the “or” immediately after it shall cease to have effect.

This section of the Act was brought into force on 6th April 2008 by way of The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) Order 2008 which was made on 20th March 2008. Therefore, since 6th April 2008 consumer credit agreements of any size have been regulated. There are still some exemptions which may be applied in certain circumstances such as agreements of over £25,000 for business purposes and those involving high net worth individuals. I won't go into any more detail on the exemptions as it seems most of the problems raised in relation to second charge mortgages involve agreements of over £25,000 taken out prior to 6th April 2008. As Sparkie rightly points out, the removal of the limit was not retrospective and it is only loans of over £25,000 taken out since 6th April 2008 that are regulated and S140 applies to consumer credit agreements which were unregulated due to their size and is therefore particularly useful in relation to secured loans as they are likely to be larger than unsecured.

I'm looking into the point about the circumstances of when a lender is required to supply statements of account and what those statements must contain.


KC

[lindybee]

Re: Blemain Finance

Hi All,

I'm not normally one to post on this forum although I've been registered for a while, so please be kind I have a little knowledge of the Consumer Credit Act 1974 (CCA) & the revisions brought in by the Consumer Credit Act 2006 (CCA 2006) and have researched the issue of the upper limit for regulated credit agreements in the past so here goes.

When the CCA was passed section 8 read as follows:

8 Consumer credit agreements
(1)A personal credit agreement is an agreement between an individual (" the debtor") and any other person (" the creditor ") by which the creditor provides the debtor with credit of any amount.
(2)A consumer credit agreement is a personal credit agreement by which the creditor provides the debtor with credit not exceeding £5,000.
(3)A consumer credit agreement is a regulated agreement within the meaning of this Act if it is not an agreement (an " exempt agreement ") specified in or under section 16.

So when the CCA first came into force agreements of more than £5000 were not regulated - logical when considered in relation to the cost of a house etc at the time. In time inflation devalued the pound and the limit of £5000 became outdated with the number of agreements falling outside of CCA regulation increasing so the limit was revised. The Consumer Credit (Increase of Monetary Limits) Order 1983 was made on 16th December 1983, and increased the upper limit for regulated agreements to £15,000 with effect from 20th May 1985. Obviously inflation continued and in time a further revision of the limit was required, The Consumer Credit (Increase of Monetary Limits) (Amendment) Order 1998 was made on 31st March 1998 and came into force on 1st May 1998, it increased the upper limit for regulated agreements to £25,000.

The £25,000 upper limit remained in force until the Consumer Credit Act 2006 (CCA 2006) was brought into force. Section 2 of the CCA 2006 read as follows:-

2 Removal of financial limits etc.
(1)In section 8 of the 1974 Act (which defines consumer credit agreements)—
(a)in subsection (1) for “personal” substitute “ consumer ”;
(b)subsection (2) shall cease to have effect.
(2)In section 15(1) of that Act (which defines consumer hire agreements) paragraph (c) and the “and” immediately preceding it shall cease to have effect.
(3)In section 43(3) of that Act (financial and other limits relating to regulation of advertisements) paragraph (a) and the “or” immediately after it shall cease to have effect.

This section of the Act was brought into force on 6th April 2008 by way of The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) Order 2008 which was made on 20th March 2008. Therefore, since 6th April 2008 consumer credit agreements of any size have been regulated. There are still some exemptions which may be applied in certain circumstances such as agreements of over £25,000 for business purposes and those involving high net worth individuals. I won't go into any more detail on the exemptions as it seems most of the problems raised in relation to second charge mortgages involve agreements of over £25,000 taken out prior to 6th April 2008. As Sparkie rightly points out, the removal of the limit was not retrospective and it is only loans of over £25,000 taken out since 6th April 2008 that are regulated and S140 applies to consumer credit agreements which were unregulated due to their size and is therefore particularly useful in relation to secured loans as they are likely to be larger than unsecured.

I'm looking into the point about the circumstances of when a lender is required to supply statements of account and what those statements must contain.


KC

Apologies for the time in responding to this, for some reason I didn't get an e-mail notification of this post, grrrr!
Ah well!!!.... that will be why Blemain were so quick to point out that the FOS may be unable to help me. I fall slap bang in the middle of all these regulations!
I took out my £14000 secured loan in March 2008. It only comes under the CCA but nothing else. However things are moving slowly on, now my (VERY UNHAPPY) 1st lender has stepped in and handed it over to their solicitors to act for me. (My 1st lender is also my bank and I have legal costs cover as part of the benefits for holding my account)
Blemain have finally responded to my complaint re buildings insurance and associated charges and made an offer of a part refund. I still have had no response to the SDAR request and will not make any decisions until I receive this.
Up-date to follow: I'll post my response to their reply to my complaint.
L

[lindybee]

Re: Blemain Finance

Boring

Things are often boring when you're a Clever clogs! he he he!
But for blonde, senile old bags like me any information is welcomed!:tung:
L