Blemain Finance

[funkyphantom]

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

errrm, at first i believed he got us both loans, but my wife says we got the halifax loan and then called him when we couldn't get the extra money. So I'm really unsure now, is there anyway to find out?
Thanks
WP

[charitynjw]

Re: Blemain Finance

Scucliliory is just spam - I'll report it!

Hope you guys don't mind me subbing?

[funkyphantom]

Re: Blemain Finance

ahh thanks charity

[Sparkie1723]

Re: Blemain Finance

IMO your agreement is completely unenforceable it does not comply with the CCA or the CC Regulations 1983 amended 2004...the Apr is stated as a monthly rate of interest and APR stands for Anual Percentage Rate .........the cost of credit is not set out as per regulations.

Regina v Kettering Majestrates Court ruled this.
Regina -v- Kettering Magistrates' Court ex parte MRB Insurance Brokers Limited [2000] EWHC Admin 3204 Apr 2000
Admn
Schiemann LJ, Douglas Brown JConsumer, Crime, Financial ServicesCasemap
1 Cites
A statement of an APR in the sale of a financial services product remained a price indication, and, if it was miscalculated, that was a misleading price indication, and criminal, despite provisions in the Consumer Credit legislation. What was given was a price under the contract: "The total amount payable under the contract which can properly be described as the price, should be arrived at by reference to the APR. The APR given was very substantially below the true APR and Mr Pulford Junior was given a totally false indication as to how the aggregate of the sums required to be paid would be determined. In those circumstances clearly a misleading indication as to price was given. The question as to the enforceability of the agreement is quite irrelevant." As to the effect of the section: "Section 170(1) is not an obstacle to a prosecution under the Consumer Protection Act 1987, where the provisions of Section 20 are apt to cover a factual situation such as that which arose in this case."Consumer Protection Act 1987 20 - Consumer Credit Act 1974 170(1)

I think Your APR should be shown as 13.02% on your agreement....the tolerance for APR to be shown lower than it actually is ..........is 0.1% .

Sparkie
Just my opinion get it checked properly

[charitynjw]

Re: Blemain Finance

Hi,

I'm no expert on the CCA, so can someone describe the effect of HHJ Waksman's description re the difference between APR & stated monthly interest as the 'driver' in the Sternlight judgement?

http://www.lpc-law.co.uk/lpc_law_leg...e.php?lu=32838

[Sparkie1723]

Re: Blemain Finance

Hi,

I'm no expert on the CCA, so can someone describe the effect of HHJ Waksman's description re the difference between APR & stated monthly interest as the 'driver' in the Sternlight judgement?

http://www.lpc-law.co.uk/lpc_law_leg...e.php?lu=32838

I'm no expert on the CCA either but I think the answer is here in Waksman ruling.........
Apr is a prescribed term.......and in any event I think the Kettering ruling over comes the Waksman ruling anyway as it was ruled a criminal offence ...DESPITE consumer legislation.....and under the Proceeds of Crime Cat 2002 ...No-one should gain amd no-one should suffer loss from a criminal act

Waksman said
"In respect of regulated agreements signed before 6th April 2007, if the agreement fails to contain the prescribed terms required by s.61(1)(a) then, pursuant to s.127(3), the court is unable to grant an enforcement order in relation to the agreement, giving rise to the phrase "irredeemably unenforceable" (per Lord Hoffmann in Dimond v Lovell [2002] 1 AC 384)".

Just my ramblings as usual

[funkyphantom]

Re: Blemain Finance

IMO your agreement is completely unenforceable it does not comply with the CCA or the CC Regulations 1983 amended 2004...the Apr is stated as a monthly rate of interest and APR stands for Anual Percentage Rate .........the cost of credit is not set out as per regulations.

Regina v Kettering Majestrates Court ruled this.
Regina -v- Kettering Magistrates' Court ex parte MRB Insurance Brokers Limited [2000] EWHC Admin 3204 Apr 2000
Admn
Schiemann LJ, Douglas Brown JConsumer, Crime, Financial ServicesCasemap
1 Cites
A statement of an APR in the sale of a financial services product remained a price indication, and, if it was miscalculated, that was a misleading price indication, and criminal, despite provisions in the Consumer Credit legislation. What was given was a price under the contract: "The total amount payable under the contract which can properly be described as the price, should be arrived at by reference to the APR. The APR given was very substantially below the true APR and Mr Pulford Junior was given a totally false indication as to how the aggregate of the sums required to be paid would be determined. In those circumstances clearly a misleading indication as to price was given. The question as to the enforceability of the agreement is quite irrelevant." As to the effect of the section: "Section 170(1) is not an obstacle to a prosecution under the Consumer Protection Act 1987, where the provisions of Section 20 are apt to cover a factual situation such as that which arose in this case."Consumer Protection Act 1987 20 - Consumer Credit Act 1974 170(1)

I think Your APR should be shown as 13.02% on your agreement....the tolerance for APR to be shown lower than it actually is ..........is 0.1% .

Sparkie
Just my opinion get it checked properly

WOW, errm, now I'm in above my head! Where do i go from here?

[charitynjw]

Re: Blemain Finance

Sorry, funkyphantom,

Just some 'chewing the fat' - though often it's better to chuck something in at this stage & kick it around a bit!

[funkyphantom]

Re: Blemain Finance

ahh i see, if we're chewing the fat, a question if i may?
On a financial agreement such as this, shouldn't the second witness box also be signed? baring in mind the first witness box is signed by my very dodgy financial advisor. My thinking id this: Had my second witness been independent, then maybe they could have warned me what i was getting my family into?

[charitynjw]

Re: Blemain Finance

According to s8 of the CCA, a regulated consumer credit agreement is

a) an agreement between two parties
b) one of whom, 'the debtor', is an individual*
c) the other, the 'creditor', is 'any other person'**
d) by which the creditor provides the debtor with credit***
e) where the agreement is not an exempt agreement

& the agreement was made on or after 01/04/1977 (Consumer Credit Act 1974 (Commencement No. 2) Order 1977, art. 2 (1)

* can include partnerships & sole traders
** any legal entity, corporate or unincorporate
***credit limits have altered from time to time

A security, as defined by s189(!) of the Act, may be part of the regulated agreement.

However, I can't find any mention of any witness signatures requirement in order for an agreement to be a regulated agreement under the CCA.

[funkyphantom]

Re: Blemain Finance

Ok thanks charity

[charitynjw]

Re: Blemain Finance

For the sake of clarity in this case & others where 127(3) may apply (ie, irredeemably unenforceable), is the APR a 'prescribed term', or is it a term which is 'embodied' in the agreement (which is then up to the discretion of the court whether to enforce)?

My feeling is that the latter is correct.

[Sparkie1723]

Re: Blemain Finance

For the sake of clarity in this case & others where 127(3) may apply (ie, irredeemably unenforceable), is the APR a 'prescribed term', or is it a term which is 'embodied' in the agreement (which is then up to the discretion of the court whether to enforce)?

My feeling is that the latter is correct.

Think you are right on this one charitynjw................But then the case I quoted said it was a misrepresentaion despite Consumer law .....meaning this over ruled the CCA Regs because of the criminal aspect......worth pursuing deeper I think

But then like you I ain't a Lawyer ....... me...I'm just a "mumbler"

Sparkie

[funkyphantom]

Re: Blemain Finance

Im still confused is my next step getting a SAR?
Thanks

[charitynjw]

Re: Blemain Finance

Im still confused is my next step getting a SAR?
Thanks

Why not? - Shake the tree, you never know what might fall out!

Some info re SARs

http://www.ico.gov.uk/for_organisati...onal_data.aspx

& a template letter here

http://www.legalbeagles.info/forums/...ad.php?t=14196

(I would add that the £10 payment must be used for the SAR only, & for no other purpose)

& don't forget to obtain proof of postage.