Blemain Finance Possession Claim

[jumper999]

Re: Blemain Finance Possession Claim

Just wanted to add this to my thread although not directly related but very good info.....

http://www.mortgagestrategy.co.uk/la...053676.article

http://www.mortgagestrategy.co.uk/la...053676.article

[jumper999]

Re: Blemain Finance Possession Claim

I know that Blemain are part of Cheshire Mortgages...and CM gave an undertaking to the OFT http://www.fsa.gov.uk/static/pubs/ot...ndertaking.pdf

on their interest rates. Now my Blemain agreement also I believe comes under unfair terms regarding the interest rate which I will be adding to my defence.

Term 4: The Lender may vary the rate of interest per month (after any Fixed Rate period) from time to time to take account of actual or expected changes in market conditions after giving the borrower not less than seven days notice in writing.

If you read Term 29.7 you will see that even if the interest rates come down Blemain would never and never had any intention of lowering their interest rate in line with the BOE or any other rate they are linked to;

Term 29.7: "Rate" means (in the case of unregulated agreements) the higher of 5% above the base rate for the time being of the Bank of Scotland or the highest rate payable under the credit agreement and (in any other case) the highest rate of interest payable under the relevant credit agreement.

If you look at the payment history of payments made to Blemain you will see...well that is my understanding but may be wrong....that the interest rate is rising...and I never had any notice of interest rate rise from Blemain ever..as I am sure no one else did either.