Re: Blemain Finance
Info received, thanks, Grimbell. As it was a secured loan, I assumed it was not CCA-regulated, but I now see that it is. In that case, the settlement will be covered by the Consumer Credit (Early Settlement) Regulations 2004 as Blemain have pointed out, and the Rule of 78 method is replaced by the Regulation 4 method:-
http://www.legislation.gov.uk/uksi/2...ulation/4/made
With worked examples here:
http://www.legislation.gov.uk/uksi/2.../schedule/made
This appears to be known as the 'Actuarial Method' used in DavyB's link above, so presumably we just have to make sure we are punching in the correct figures to start with.
I note that there is over £3K in 'Additional Interest' and 'Costs and Charges' added to the settlement figure. According to Blemain's explanations, a large portion of the costs & charges is made up of amounts charged for telephone calls and letters.This "represents work undertaken by staff in monitoring your account, checking for late or missed payments and contacting you to make payment arrangements going forwards." At £30 to £35 a pop, I'm not sure this is a genuine reflection of the true costs !!!
A large part of the 'Additional Interest' is account interest charged on these 'Costs and Charges,' which were presumably just debited to the account 'as and when.' If these Costs & Charges can be ruled as excessive, then so can the portion of account interest charged on them.
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Re: Blemain Finance
Hi DavyB----(do I know you---pmsl)---nice to see you (again-lol)
I & Marshy used Stewart for Rule of 78--espec for Pompeyfaith
http://brian-stewart.orpheusweb.co.u...ualr78-prr.htm
When I get the figures--I'll use both sites & reconcile
Originally posted by davyb View PostLeave a comment:
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Re: Blemain Finance
Hi turbo thanks
I will scan in all docs I have and send them to you tomorrow
Thanks againLeave a comment:
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Guest repliedRe: Blemain Finance
Hi this uses the early settlements regs from the 1442 amendments but it is close enough to the current EU ones so that you couldn't tell the difference, unless you were talking about very large sums.
http://www.financecalcs.co.uk/Calcs/Settlement.phpLeave a comment:
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Re: Blemain Finance
Hi there
Cheers turbo
What year was you sold the finance from BF?
The FOS are able to adjudicate a business if they were regulated by the Financial service association (FSA) or prior to these GISC, otherwise the FOS usually suggest another avenue like the Underwriter/Insurer of the policy.
The lender BF should send you details of the PPI (Policy document) in the post free of charge, details of the underwriter/insurer are enclosed on that document, and it's quite possible they were FSA regulated.
If you have any paperwork, check if they were regulated by any of the above, if not the FOS will suggest the other as stated.
Hope this makes sense.
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Re: Blemain Finance
Grimbell - you now have da main man on your case !!! Thanks, Turbo.Leave a comment:
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Re: Blemain Finance
Right Grimbell
I will read thro this whole thread late tonight
But Bill has asked me to look at the figures---as I have worked on Settlements & Rule of 78 a lot
To save a bit of time----can you summarise in one post all the issues and all the sums & calculations within the thread
Also - any Consumer Credit Agreements / Mortgage agreements
Also- any arrears / Penalty Charges Summaries
Also---can you post up any detailed Settlement Letters (or offers)
& Latest Statements
If you require complete confidentiality--send them to Simiantics@gmail.com where both Bill & I can both view them simultaneously
re your query in post 302--i have asked Di30 to comment re your query as to whether FOS cover issues with BF
TurbsLeave a comment:
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Re: Blemain Finance
Hi grimbell
bill has asked me to help
be on your case later
TURBSLeave a comment:
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Re: Blemain Finance
As there is over £1300 in charges and over £1700 in interest on these what would be my chances of getting these removed?Leave a comment:
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Re: Blemain Finance
Hi Tutsi
They only sent me a letter stating that I would be added to their block insurance and what cost would be added to my account.
Will pm billk
ThanksLeave a comment:
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Guest repliedRe: Blemain Finance
PM Billk he is good with these sort of calculations on settlement interest to see if they are correct or not - he may be able to give you some guidance hun. But well done for getting this far.
As for the FOS I thought they did help with the charges but maybe only on inflated charges.
If you already had insurance on your property and can prove that you did and send them all the documents proving this surely they must refund insurance as you cannot be insured twice for same thing. Also did they ever send you proof that you were insured and what cover you had? this could be important. x
Originally posted by grimbell View PostLeave a comment:
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Re: Blemain Finance
Hi all
well have finally had a reply from bf. with regard to the early settlement rebate they say it is calculated according to the oft calculation as shown on their website. Does anyone know what this calculation is? I have looked but can only find the rules of cca but not how to calculate a rebate.
The insurance they insist that I have failed to name them so therefore they have to add to their block insurance. They have never done this before though.
The additional interest is what has been charged on the charges added to the account and they have very kindly given me a list of the charges.
They have offered to remove 3charges and associated interest but as the charges are the usual £35 for missed payment and £30 per phone all I would like them all removed.
now I tried once before to go to the fos about bf and was told they didn't cover them but has this changed?Leave a comment:
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