Blemain Finance

[lindybee]

Re: Blemain Finance

This is near enough what it should say

WARNING: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. LOANS ARE SECURED ON YOUR HOME.

Sparkie

I did find part of that ie. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT but I had to search for it, my agreement is 5 pages long and the first page is a maze of little boxes with various statements in them.
The agreement was sent out to me by the broker, but it does have Blemain's name on it as the lender.
I was contacted via a cold call, offering me a debt consolidation loan, in line with a government initiative!?? I'm still left wondering how they knew to target me?
I've been advised to make a claim against the Broker as a mis-sold policy, because I had needed a loan to temporarily consolidate a few debts and reduce outgoings until my income increased a few years later when I planned to repay the whole thing. Instead I was only offered one option, that with Blemain with a loan over 20 years (I was 57 at the time) The broker is FSIA registered.
The broker requested that I write a letter stating that I received additional income from my son (who lives with me), and a signed statement that if my son left home, I would either rent out his room or sell my property for a smaller one.
My credit history was A1, my only downfall was that my bank would not lend me the additional funds on my existing mortgage due the the income multiplication factor.
I'm also seeking a refund of unreasonable charges and associated interest from Blemain.

[Sparkie1723]

Re: Blemain Finance

This is near enough what it should say

WARNING: THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. LOANS ARE SECURED ON YOUR HOME.

Sparkie

[gallahad]

Re: Blemain Finance

Hopefully a black eye too:tinysmile_aha_t:
G

[Sparkie1723]

Re: Blemain Finance

Sorry mate i meant the failure is theirs
G

Blinkin''eck G
Even Swift Advances plc unsecured loan agreements carry this warning.
Must give them a "black star" for that!!!!

Sparkie

[gallahad]

Re: Blemain Finance

Sorry mate i meant the failure is theirs
G

[Sparkie1723]

Re: Blemain Finance

Hi Sparkie, mine certainly fails that test.
G

Worth a try G...... that's a pity mate, :tinysmile_cry_t:I've seen a couple without it being shown.

Sparkie

[gallahad]

Re: Blemain Finance

Hi Sparkie, mine certainly fails that test.
G

[lindybee]

Re: Blemain Finance

There is a question I would like to ask Blemain customers ....I have seen a couple of their agreements and it does not contain a warning on the agreement itself.......Words to the effect ...."Your home may be repossessed if you do not keep up the payments on this agreement or any other secured loan". or words to the same effect

This is a warning that they are obliged by law to be stated in a prominent position on the front of the agreement............merely putting this in another document is not suffice.....it must be on the agreement itself warning the borrower BEFORE they sign it.

Sparkie

I'll check mine now! Thank-you!

[Sparkie1723]

Re: Blemain Finance

There is a question I would like to ask Blemain customers ....I have seen a couple of their agreements and it does not contain a warning on the agreement itself.......Words to the effect ...."Your home may be repossessed if you do not keep up the payments on this agreement or any other secured loan". or words to the same effect

This is a warning that they are obliged by law to be stated in a prominent position on the front of the agreement............merely putting this in another document is not suffice.....it must be on the agreement itself warning the borrower BEFORE they sign it.

Sparkie

[lindybee]

Re: Blemain Finance

Sorry for the double post then lindybee.......I think a lot of the arguments used in that case can be used again in Defences and claims against Blemain. .......If that had gone all the way it would have affected every other sub prime lender and they would not have liked Blemain too much for that I'm sure.

Sparkie

not a problem at all Sparkie! We all welcome any help you can offer! All your posts on here have been very helpful! :beagle:

[Sparkie1723]

Re: Blemain Finance

Sorry for the double post then lindybee.......I think a lot of the arguments used in that case can be used again in Defences and claims against Blemain. .......If that had gone all the way it would have affected every other sub prime lender and they would not have liked Blemain too much for that I'm sure.

Sparkie

[lindybee]

Re: Blemain Finance

Are Blemain customers aware of this case?? If so sorry for posting it

Sparkie


Judge Milwyn Jarman's order of 28 October 2009

A carpenter from Bridgend has won a five-year stay on any repossession proceedings against him by his lender.

Peter Bentley challenged the right of Blemain Finance, who specialise in second loans secured on a home, to repossess him.
He claimed that his contract with them involved an unfair relationship that was illegal.
The lender also agreed to charge no further interest and cut his repayments from £550 to just £150 a month.
Financial problems
Mr Bentley's financial problems started when his mother died in 2007 and he was forced to work part-time to look after his father, who was suffering from Alzheimer's.

I was in a state of panic

Peter Bentley




He took out a secured loan in February 2007 for £40,000 to try to alleviate his financial problems.
But his caring responsibilities meant he had to slash his working hours from 48 hours a week to just 19, leading to a big drop in income, and he fell behind with his repayments.
Although his father moved to a care home for the last eight months of his life, and died in January 2009, Mr Bentley was unable to increase his loan re-payments significantly because the recession meant that by that time he could not work longer hours.
Mr Bentley said that Blemain then started chasing him for the repayment of his loan, which had ballooned to £47,000 by the time of this month's High Court hearing in Cardiff.
"Blemain were very aggressive and were not prepared to listen," he said.
"I was in a state of panic."
Legal challenge
Mr Bentley was represented in the proceedings by lawyers CCCL, employed by the claims management company Cartel Client Review.
"The relationship between the parties was an unfair one within the meaning of Section 140A of the 1974 Consumer Credit Act," argued Andrew Settle of the law firm.
Mr Bentley's lawyers claimed that Blemain had lent the money to him irresponsibly, taking advantage of his naivety, vulnerability and desperation.
The High Court order was made by Judge Milwyn Jarman.
The parties agreed that in exchange for Mr Bentley withdrawing his argument that there had been an unfair relationship under the Act, and in exchange for agreeing not to pursue that legal argument against Blemain again, the finance firm agreed:
• to re-write the secured loan account, cutting the repayments to £150 a month
• not to levy any interest, charges or legal costs "whatsoever."
Blemain's repossession claim was dismissed and it cannot enforce repayment of the loan by this method for five years.
After that, it can be enforced by repossession, but only if there are at least 12 months' arrears on the new level of payments, ie £1,800.
'Substantial financial settlement'
"Mr Bentley fell behind with his loan payments," said a Blemain spokesman.
"However, the matter was resolved before it went to court and we agreed to give him further time to repay what he owed.
"For the avoidance of doubt there has been no court decision on this case as a satisfactory arrangement was agreed," the spokesman added.
Carl Wright of Cartel Client Review put a different interpretation on the outcome.
"Peter Bentley was offered a substantial financial settlement, to ensure the case was not heard by the High Court," he said.
"It is believed to be the first time a mortgage and loan lender has offered a client a legal undertaking not to repossess the client's home.... for the sole purpose of preventing a judge in the High Court from setting a legal precedent against their lending practices."

Thanks Sparkie, I think a link to it was posted further up the thread, but it's good to remind every-one about it. It does seem that Blemain are very keen to avoid any precedents. I'm also aware that several people are making claims of mis-selling against the brokers who have arranged mortgages for them with Blemain, mainly due to unrealistic lengths of the loan term and also by asking the lender to self certify earnings.

[Sparkie1723]

Re: Blemain Finance

Are Blemain customers aware of this case?? If so sorry for posting it

Sparkie


Judge Milwyn Jarman's order of 28 October 2009

A carpenter from Bridgend has won a five-year stay on any repossession proceedings against him by his lender.

Peter Bentley challenged the right of Blemain Finance, who specialise in second loans secured on a home, to repossess him.
He claimed that his contract with them involved an unfair relationship that was illegal.
The lender also agreed to charge no further interest and cut his repayments from £550 to just £150 a month.
Financial problems
Mr Bentley's financial problems started when his mother died in 2007 and he was forced to work part-time to look after his father, who was suffering from Alzheimer's.

I was in a state of panic

Peter Bentley




He took out a secured loan in February 2007 for £40,000 to try to alleviate his financial problems.
But his caring responsibilities meant he had to slash his working hours from 48 hours a week to just 19, leading to a big drop in income, and he fell behind with his repayments.
Although his father moved to a care home for the last eight months of his life, and died in January 2009, Mr Bentley was unable to increase his loan re-payments significantly because the recession meant that by that time he could not work longer hours.
Mr Bentley said that Blemain then started chasing him for the repayment of his loan, which had ballooned to £47,000 by the time of this month's High Court hearing in Cardiff.
"Blemain were very aggressive and were not prepared to listen," he said.
"I was in a state of panic."
Legal challenge
Mr Bentley was represented in the proceedings by lawyers CCCL, employed by the claims management company Cartel Client Review.
"The relationship between the parties was an unfair one within the meaning of Section 140A of the 1974 Consumer Credit Act," argued Andrew Settle of the law firm.
Mr Bentley's lawyers claimed that Blemain had lent the money to him irresponsibly, taking advantage of his naivety, vulnerability and desperation.
The High Court order was made by Judge Milwyn Jarman.
The parties agreed that in exchange for Mr Bentley withdrawing his argument that there had been an unfair relationship under the Act, and in exchange for agreeing not to pursue that legal argument against Blemain again, the finance firm agreed:
• to re-write the secured loan account, cutting the repayments to £150 a month
• not to levy any interest, charges or legal costs "whatsoever."
Blemain's repossession claim was dismissed and it cannot enforce repayment of the loan by this method for five years.
After that, it can be enforced by repossession, but only if there are at least 12 months' arrears on the new level of payments, ie £1,800.
'Substantial financial settlement'
"Mr Bentley fell behind with his loan payments," said a Blemain spokesman.
"However, the matter was resolved before it went to court and we agreed to give him further time to repay what he owed.
"For the avoidance of doubt there has been no court decision on this case as a satisfactory arrangement was agreed," the spokesman added.
Carl Wright of Cartel Client Review put a different interpretation on the outcome.
"Peter Bentley was offered a substantial financial settlement, to ensure the case was not heard by the High Court," he said.
"It is believed to be the first time a mortgage and loan lender has offered a client a legal undertaking not to repossess the client's home.... for the sole purpose of preventing a judge in the High Court from setting a legal precedent against their lending practices."

[lindybee]

Re: Blemain Finance

this thread on here is very useful.

http://www.legalbeagles.info/forums/...t=18501&page=6

[Steveblazye]

Re: Blemain Finance

I have complained about my charges and am waiting for a response from them now. I will keep you posted. I may issue a money claim online against them and drag them to a county court to explain the charges to a district judge