Blemain Finance 'Is My Contract Legal?'

[funkyphantom]

Hi guys,
Following on from this thread........http://www.legalbeagles.info/forums/...hlight=blemain

As we were all 'chewing the fat' on my personal dealings with this two bob bit company, please have a read through it to find out what my position is. Something was pointed out to me when i posted some photos of my agreement and it didn't really click home, well i guess it did, but for some reason i forgot about it, and would like some others opinion on this matter. If you look at my agreement, you can see that the APR is written down as 0.83%.




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As you can see, for some unknown reason (and believe me I really don't know why i signed up for this) but i have and its completely my fault. i have signed up to pay £145.33 for 300months which works out at £43599 ouch . Is this payment right with an APR of 0.83%? And if it isn't which i believe it isn't. What should I do about it?
Kind regards.
FP

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Or, should I word it another way? How much should I be paying per month for 300 months for a loan of 15000 at 0.83% APR? RegardsFP

[IanM]

Re: Blemain Finance 'Is My Contract Legal?'

I'm not sure if i worked it out the right way but £15,000 @0.83% = £12450 + £15000 = £27450 divide by 300 months = £91.50per month.

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Ok thanks Ian. Looks like I've been overpaying for a number of years then I'd love to know if this contract is still legally binding. I personally think its a tribe misleading?
Regards
FP

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

I hate to keep bumping, but this is really depressing me at the moment. Would anyone have any idea if this contract is legally binding?

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Anyone?

[brian77]

Re: Blemain Finance 'Is My Contract Legal?'

I get £15,000 + loan extra of £1000 at 0.83% over 300 months, means your APR is 1.3697%
Payment £59.08
Total Payment £17,722.88
Total Interest £ 2,722.88
I worked that out on www.efunda

Cheers Brian

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Thanks brian, as you can see on the contract, it says 'rate of interest per month' is 12% but the APR is 0.83% does this make sense?
Kind regards
FP

[Guest]

Re: Blemain Finance 'Is My Contract Legal?'

Hi
I can't make out what it says in the APR section,

D

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Hi, Sorry ill find out what it says once ive got the little rascals in bed.

[Guest]

Re: Blemain Finance 'Is My Contract Legal?'

The APR on a fixed sum loan is not a prescribed term, so in itself cannot be used to claim the agreement is unenforceable.
However it is a major factor when the lender accesses the value of the credit bargain, the court will usually consider sanctions under section 127(1) if the APR is seriously misquoted. Thee could include rescheduling the loan.(s135)

D

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

Thanks Davyb,
Would this be worth seeing a solicitor about for some advise, or at least having a chat with a duty solicitor at my local CAB?
This whole loan for me looks incredibly suspect because the 'financial advisor' who got us the loan has been put in prison for fraud. To read more view this thread:
http://www.legalbeagles.info/forums/...hlight=blemain I come into the conversation on Pg 9 post 224. I would at least like to claim some of the damn charges back they have charged me over the years.
Thanks again
FP

[Guest]

Re: Blemain Finance 'Is My Contract Legal?'

Thanks Davyb,
Would this be worth seeing a solicitor about for some advise, or at least having a chat with a duty solicitor at my local CAB?
This whole loan for me looks incredibly suspect because the 'financial advisor' who got us the loan has been put in prison for fraud. To read more view this thread:
http://www.legalbeagles.info/forums/...hlight=blemain I come into the conversation on Pg 9 post 224. I would at least like to claim some of the damn charges back they have charged me over the years.
Thanks again
FP

Yes i wold have to see a closer look at the contract, also if you hired a broker their mayh be an issue of secret commission.
It would SAR the creditor i the first instance to get all the detais

D

[funkyphantom]

Re: Blemain Finance 'Is My Contract Legal?'

I've already SAR'd them, and felt sick by how much i have been charged in extra charges. So much so i felt depressed looking into it. Will it say amount of commission payed etc in there? (can't remember if it did or not.)
Thanks

[Guest]

Re: Blemain Finance 'Is My Contract Legal?'

I've already SAR'd them, and felt sick by how much i have been charged in extra charges. So much so i felt depressed looking into it. Will it say amount of commission payed etc in there? (can't remember if it did or not.)
Thanks

That entirely depends on whether you can find it.