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good old blemain, where do i begin?
we requested a settlement figure from blemain on the 28.12.12 we eventually got one on the 5.4.12.
were somewhat surprised to see the figures involved.
we originally borrowed £287,000 in Nov 2006, over the last year and a half we have managed to reduce this to £54,553.56.
this was achieved through selling some of the properties on the one site which blemain has first charge over. previously they have only taken some of the sale proceeds, leaving us with the surplus.
they now however want to redeem the loan in full (are they legally entitled to insist upon this to release their charge, or must we agree? the remaining properties that we have, still have a greater value than the first survey value in 2006 due to some development that we have carried out).
their charges seem (as everyone on here points out) ludicrous.
on the outstanding balance there fees are as follows:
legal and doc fee £2,500.00
early repayment £15,502.81
costs and charges £4,515.00
redemption admin £295.00
The early repayment charge believe it or not was originally derived from using Rule of 78, and came to £15,502.81. we pointed out that since may 2005 this method should not be used. so they recalculated using an accurial method surprisingly the charge is still £15,502.81. which they now say is based on 6 months of the original monthly interest payment. it is actually 6 months of our original capital and interest payment. can this be right after 5 1/2 years. the original offer of loan states "Redemption penalty Rule of 78".
we have asked for (and not received) explanations to the charges, our solicitor has asked for these. they even ignore him.
we would personally be delighted to call blemain to court to justify their charges and antics, but as with most people we are not in the financial position to do it.
any help would be greatly appreciated, even if we have to suffer the charges it may serve as a warning to others considering blemain.
i could have bored everybody to death with stories of their conduct but most of it seems to be on here already.
tried the FSA but don't come under their remit.
we requested a settlement figure from blemain on the 28.12.12 we eventually got one on the 5.4.12.
were somewhat surprised to see the figures involved.
we originally borrowed £287,000 in Nov 2006, over the last year and a half we have managed to reduce this to £54,553.56.
this was achieved through selling some of the properties on the one site which blemain has first charge over. previously they have only taken some of the sale proceeds, leaving us with the surplus.
they now however want to redeem the loan in full (are they legally entitled to insist upon this to release their charge, or must we agree? the remaining properties that we have, still have a greater value than the first survey value in 2006 due to some development that we have carried out).
their charges seem (as everyone on here points out) ludicrous.
on the outstanding balance there fees are as follows:
legal and doc fee £2,500.00
early repayment £15,502.81
costs and charges £4,515.00
redemption admin £295.00
The early repayment charge believe it or not was originally derived from using Rule of 78, and came to £15,502.81. we pointed out that since may 2005 this method should not be used. so they recalculated using an accurial method surprisingly the charge is still £15,502.81. which they now say is based on 6 months of the original monthly interest payment. it is actually 6 months of our original capital and interest payment. can this be right after 5 1/2 years. the original offer of loan states "Redemption penalty Rule of 78".
we have asked for (and not received) explanations to the charges, our solicitor has asked for these. they even ignore him.
we would personally be delighted to call blemain to court to justify their charges and antics, but as with most people we are not in the financial position to do it.
any help would be greatly appreciated, even if we have to suffer the charges it may serve as a warning to others considering blemain.
i could have bored everybody to death with stories of their conduct but most of it seems to be on here already.
tried the FSA but don't come under their remit.
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