Blemain Redemption Figures - help please!

[magiciansgirl]

Hi, can anyone advise me?

Just got redemption figures for my Blemain loan and have one question.

On a loan of £37, 738 taken out in late 2006, is an early repayment charge of
£1954.96 accurate? No breakdown of how this was calculated is provided - though i will be asking.

My interest rate is 16%. There is no proper ERC clause in my contract and no key facts re early repayment. So I don't know how they've worked this out.
All help gratefully received.

Kind regards, MG:santa2:

[Angry Cat]

Re: Blemain Redemption Figures - help please!

Bump

[magiciansgirl]

Re: Blemain Redemption Figures - help please!

Bumping - any ideas anyone?

MG

[nicknick]

Re: Blemain Redemption Figures - help please!

If you had entered into your contract without the scale of charges having been agreed in advance and instead you merely agreed to be charged - the charges to be notfied by the lender later on, then you will probably be able to argue that it was implied into the contract that the charge should be reasonable.

You will then have look at what it was which the lender is charging for and try to form a judgment as to whether they might be said to be reasonable. If you still feel that the charges are excessive then you could start thinking of recovering them

If it was clear before the contract was made what the charges would be for the service which you received then it is extremely unlikely that you have any basis for any kind of claim

[jumper999]

Re: Blemain Redemption Figures - help please!

Hi MG,

Blemain are regulated by the FLA. I have attached a copy of the FLA Lending Code.

You should have a read of it as there is a lot of useful information in there which may help you.

The Lending Code - Finance Leasing Association

[magiciansgirl]

Re: Blemain Redemption Figures - help please!

Thanks Jumper999, will read that immediately.

Thanks also NickNick - I'm not in fact making a claim just wanting to check figures are right.

Kind regards, MG

[figaro123]

Re: Blemain Redemption Figures - help please!

It is vital you get breakdown of charges for any redemption figure. They make things up