Blemain Finance

[welshperson]

Re: Blemain Finance

Here is a link to a interest rate calculator

online SIMPLE INTEREST calculator - calculate S.I., principal, sum, rate, time, formula.

[funkyphantom]

Re: Blemain Finance

thank you
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I know I'm probably clutching at straws here, but, in light of my financial advisors track record, do you think i would have any chance of claiming the loan was mis-sold?

[welshperson]

Re: Blemain Finance

thank you
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I know I'm probably clutching at straws here, but, in light of my financial advisors track record, do you think i would have any chance of claiming the loan was mis-sold?

I don’t know

What rules have they broken, have they forged any documents?

What you have asked is quite a complex area of law, but what you will have to do first is check all the documents you signed are correct, with your broker’s record check that he didn’t inflate your income on the application he sent to blemain.

wp

[funkyphantom]

Re: Blemain Finance

Ignore my last post WP it was late and wasn't thinking correctly of course you can't tell me if my loan was mis sold with the info i have provided! lol. Sorry
FP

[funkyphantom]

Re: Blemain Finance

Blemain have sent me my information from the section 77. You were right WP I am shocked as to how much they have charged me! over £1200 in charges over the the course of 7 years, including one charge of £150 back in 2007 for a 'collections instruction' whatever that is.
Another thing is that the interest seems to fluctuate between £130 and £182 surely, on a fixed rate loan surely the amount of interest should be the same per month?
FP

[welshperson]

Re: Blemain Finance

Blemain have sent me my information from the section 77. You were right WP I am shocked as to how much they have charged me! over £1200 in charges over the the course of 7 years, including one charge of £150 back in 2007 for a 'collections instruction' whatever that is.
Another thing is that the interest seems to fluctuate between £130 and £182 surely, on a fixed rate loan surely the amount of interest should be the same per month?
FP

Hi FP

There is something bothering me about what blemain have sent you.

Firstly if you are shocked by £1200 in charges added over 7 years then believe me when I say this is the lowest amount of charges over this period that I have ever seen,

Now I don’t know what is going on but before I can give any advice on this I would need to see the agreement and a list of charges added to the account.

If you remove all identifying information from the documents and post them up here, or PM me if you like then I can take a look and see what is going on.

As for the interest going between £130 and £182 a month then how about this for something to look into.

The difference between 130 and 182 = 52

£5000 at your interest rate of 12% = £52

If there was an extra £5000 of charges that would account for the interest difference

This is just a wild assumption at the moment I would need to see the documents.

WP

[welshperson]

Re: Blemain Finance

Just thought of something else do you know how much this loan is costing you?

300 months at £145.33 = £43,599 this if they don’t add any charges or interest on the charges.

I don’t think your broker was looking out for your interests when he set you up with this agreement.


wp

[funkyphantom]

Re: Blemain Finance

Hi FP

There is something bothering me about what blemain have sent you.

Firstly if you are shocked by £1200 in charges added over 7 years then believe me when I say this is the lowest amount of charges over this period that I have ever seen,

Now I don’t know what is going on but before I can give any advice on this I would need to see the agreement and a list of charges added to the account.

If you remove all identifying information from the documents and post them up here, or PM me if you like then I can take a look and see what is going on.

As for the interest going between £130 and £182 a month then how about this for something to look into.

The difference between 130 and 182 = 52

£5000 at your interest rate of 12% = £52

This is just a wild assumption at the moment I would need to see the documents.

WP

WP ill get this sorted over the weekend sir.

As for the total amount paid back, i have, unfortunately added that up myself it put a tear in my eye. How could i have been so stupid?

[welshperson]

Re: Blemain Finance

Its not how could i have been so stupid?


It is why did I trust that broker and why was I so gullible and trusting.

And I think there are a lot of people on here asking themselves the same question, myself included.

WP

[funkyphantom]

Re: Blemain Finance

I've never really used my scanner, would a photograph of each page suffice?

[welshperson]

Re: Blemain Finance

I've never really used my scanner, would a photograph of each page suffice?

Yep any thing that you can use,

I just need to see a copy, because at the moment I can only guess as to what is going on.

Wp

[funkyphantom]

Re: Blemain Finance

Hope this works



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[welshperson]

Re: Blemain Finance

Hi FP

Ok had a quick look and one thing is that the interest rate is 9.99. in an earlier post you said it was 12.07%,so I put that figure in to an online calculator and I was showing that the payments should have been over £170 a month. But anyway that point is cleared up now.

Now as for the charges then I think you should complain to blemain, and ask for them back, you have to complain to blemain first and then when they say no way hosay, you can then complain to the FOS.


Your biggest problem is that out of your monthly payment of £145 only £10 is going to pay off your initial loan, if you up your payments by £10 to £155 a month then this would knock years of the time it takes to pay this loan and save you thousands in interest all for an extra £10 a month.

If this were my loan then I would be looking in to the miss selling of this loan.


Was your broker just selling this to get more commission?

Did your broker alter any documents after you signed them?

Are you sure you couldn’t get the mortgage you wanted?

Were your wages high enough for a mortgage and this loan?

If your wages were high enough to cover a mortgage and a loan then why couldn’t you just get one mortgage for the amount you wanted?

Were blemain equity lending, knowing you couldn’t afford this, but willing to give you the money knowing that they will eventually get possession of your house?


To get answers to the above questions you would need to send blemain a SAR

So two letters to blemain,a SAR and a letter requesting they refund all your charges, and then it’s a bit of a waiting game, but it will give you time to research irresponsible lending.


I haven’t had time to go thro your statements properly, but I will, and in the meantime you can look at some template letters for claiming back charges, and also some SAR templates, by looking at templates this will help you understand why you can claim back charges.

WP

[funkyphantom]

Re: Blemain Finance

Thats fantastic WP and thank you very much for taking the time out to help me. I said the interest rate was 12.07% because thats what was on my agreement (see last picture), then my statements came and they say 9.99%. I have no idea why?

Was your broker just selling this to get more commission?

I have no idea if my broker was selling just to get me commission (although i know he made £1000 out of me!)

Did your broker alter any documents after you signed them?
Hmmm judging by his track record, who knows?...would the SAR show this?

Are you sure you couldn’t get the mortgage you wanted?

I can definitely remember asking the halifax for £15000 on top of what we needed to buy the house. After looking into what we earned per year, they told us that they couldn't lend us that much. However i had picked up a financial advisors card in the local estate agents, when we bought the house and decided to give him a ring. He came over to our house and said that it wouldn't be a problem to get the money. The next minute we were signing forms etc etc and we got the loan.

If your wages were high enough to cover a mortgage and a loan then why couldn’t you just get one mortgage for the amount you wanted?

Thats a mighty fine question, and one that i keep asking myself over and over

If your wages were high enough to cover a mortgage and a loan then why couldn’t you just get one mortgage for the amount you wanted?

no wonder I'm on a DMP with the CCS!

Were blemain equity lending, knowing you couldn’t afford this, but willing to give you the money knowing that they will eventually get possession of your house?

Damn good question as the house is worth a lot more money than what my mortgage/mortgages are.

I'll research some templates.
Thanks
FP

[welshperson]

Re: Blemain Finance

Did your broker get you a mortgage and this loan?

Or did you get a mortgage and then contact a broker for a loan after you had the house

WP